Total Revenue

–6% (from $11,865 M in Q1 2024 to $11,201 M in Q1 2025)

Overall revenue declined due to lower U.S. sales and the significant pullback in several legacy products (e.g., Sprycel fell by 53%, Revlimid by 30%, and Abraxane by 51%), which partially offset significant gains from new products (Breyanzi +145% and Camzyos +89%). " " "

U.S. Revenue

–7% (from $8,476 M to $7,873 M)

U.S. revenue decline reflects weaker demand driven by generic erosion and pricing pressures in legacy products, compounded by factors such as changes within the Medicare Part D program; this contrasts with previous periods when the product mix and pricing were more favorable. " " "

International Revenue

— (Reported at $3,110 M in Q1 2025)

While no explicit YoY percentage is provided, the international segment continues to face offsetting pressures—growth from strong performers like Breyanzi and Camzyos versus negative impacts from foreign exchange fluctuations and continued generic competition, as seen in the legacy portfolio. " " "

Breyanzi Revenue

+145% (from $107 M to $263 M)

The surge is driven by strong demand, expanded manufacturing capacity, and new indication launches that greatly enhanced market penetration relative to the previous period. " "

Camzyos Revenue

+89% (from $84 M to $159 M)

Camzyos experienced robust growth due to increased adoption in both the U.S. and international markets, driven by new patient starts and its recognition as a standard of care for obstructive hypertrophic cardiomyopathy (oHCM). " "

Sprycel Revenue

–53% (from $374 M to $175 M)

Sprycel suffered a steep decline primarily because of generic erosion and aggressive pricing pressures, which sharply reduced demand compared to the stronger performance seen in the previous period. " " "

Revlimid Revenue

–30% (from $1,339 M to $936 M)

Declines in Revlimid were driven by the entry of generics and lower average net selling prices, which eroded the branded product’s demand relative to Q1 2024. " " "

Abraxane Revenue

–51% (from $217 M to $105 M)

Abraxane revenue dropped significantly due to intensified generic competition and lower market demand, reflecting a shift away from its previous period’s performance. " " "

Net Earnings

Turned positive from a loss of $(11,908) M to $2,462 M

The turnaround in net earnings is largely due to the marked reduction in one-time and non-recurring charges (such as Acquired IPR&D and amortization expenses) combined with improved operating performance and better cost management versus Q1 2024. "

Basic EPS

Improved from –5.89 to +1.21

The EPS improvement mirrors the net earnings turnaround, reflecting lower non-recurring expenses and enhanced margins, which helped shift earnings per share from a deep loss to positive territory compared to the prior period. "

Operating Cash Flow

–31% (from $2,834 M to $1,954 M)

The decline is mainly due to higher U.S. gross-to-net (GTN) payments and less favorable working capital adjustments, indicating that despite steady operations, cash conversion was slower in Q1 2025 relative to Q1 2024. "

Cash and Cash Equivalents

Increased to $10,875 M

Improved liquidity was achieved by lower acquisition-related outflows and stronger financing outcomes in Q1 2025 compared to Q1 2024, resulting in a higher cash balance despite overall unit revenue declines. "

Total Equity

Increased from $16,548 M to $17,448 M

Total equity growth was driven by positive net earnings boosting retained earnings, partially offset by cash dividend payments; additional contributions from favorable stock compensation and a modest rise in noncontrolling interest further supported this improvement. "

Revenue

FY 2025

Approximately $45.5 billion " "

Expected to be in the range of $45.8 billion to $46.8 billion "

raised

Gross Margin

FY 2025

Approximately 72% "

Approximately 72% "

no change

Operating Expenses

FY 2025

Approximately $16 billion "

Approximately $16 billion with an additional impact of about $200 million due to FX "

no change

Operating Margin

FY 2025

Approximately 37% "

Approximately 37% "

no change

Other Income & Expense

FY 2025

Income of approximately $30 million "

Annual income of approximately $100 million "

raised

Tax Rate

FY 2025

Approximately 18% "

18% "

no change

Non-GAAP EPS

FY 2025

In the range of $6.55 to $6.85 "

Raised midpoint by $0.15; now in the range of $6.70 to $7.00 "

raised

Legacy Portfolio Decline

FY 2025

Expected to decline by 18% to 20% "

Projected to decline by approximately 16% to 18% "

lowered

Revlimid Full-Year Sales

FY 2025

no prior guidance

Expected to be at the top end of the previously guided range of $2 billion to $2.5 billion "

no prior guidance

Expense Timing

FY 2025

no prior guidance

Expenses anticipated to be higher in the second half of the year compared to the first half "

no prior guidance

Tariffs

FY 2025

no prior guidance

Includes the estimated impact of current tariffs on U.S. products shipped to China "

no prior guidance

Cost Savings

FY 2025

Incremental $2 billion in savings identified, with $1 billion expected in 2025 and the remainder by the end of 2027 " "

Expected to realize approximately $2 billion in annual cost savings by the end of 2027, with $1 billion delivered by the end of 2025 "

no change

Product Launches & Growth Portfolio

Q4 2024 emphasized strong initial launches with detailed commentary on Cobenfy, Camzyos (including label updates and patient uptake), Breyanzi, and Opdivo Qvantig driving double-digit revenue growth and strategic pipeline expansion. " " " "

Q1 2025 continued to highlight these products with robust sales numbers (e.g. Cobenfy’s $27M, Opdivo Qvantig’s $9M) and very positive patient/physician feedback, emphasizing early prescriptions and market adoption. " " "

Consistent emphasis with enhanced execution: The narrative remains positive with continued momentum; however, there is greater focus on early treatment adoption and operational excellence.

Robust Pipeline & R&D Productivity

In Q4 2024, the discussion was focused on accelerated Phase III trials (e.g. ODYSSEY, ADEPT 2) and a “laser-like focus” on shortening timelines, with a broad pipeline of advanced candidates and diversified approvals. " " "

Q1 2025 reinforced the importance of Phase III trials and diversified approvals while also emphasizing upcoming catalysts and addressing some setbacks without shifting long‐term strategy. " " "

Steady commitment with nuanced shifts: While the overall focus on pipeline strength is consistent, Q1 2025 introduces acknowledgment of specific setbacks yet reaffirms a strong strategic position.

Cost-saving Initiatives & Operational Efficiency

Q4 2024 stressed an expanded cost-saving program targeting an additional $2 billion in incremental run-rate savings, with detailed focus on organizational re-engineering, improved operating margins, strong cash flow from operations ($4.4B), and aggressive debt reduction. " " "

Q1 2025 continued this narrative with highlights on operational efficiency through lower operating expenses ($500M lower YoY), achievement of $1B in savings by 2025, $2B annual savings by 2027, and robust cash flows ($2B), reinforcing balance sheet strength. " "

Consistent focus and execution: The cost-saving and efficiency measures remain a core pillar, with Q1 2025 reinforcing financial discipline and operational improvements.

Regulatory & Policy Uncertainty

Q4 2024 focused mainly on drug pricing rules (e.g. IRA-related pricing issues) and touched on novel endpoint acceptance (e.g. MRD inclusion) with no explicit discussion of tariffs or transfer pricing. " "

Q1 2025 broadened the discussion to include concerns over tariffs, transfer pricing, and detailed engagement with policy makers on complex drug pricing challenges, while also reiterating U.S. innovation support. " " " "

Expanded scope: While pricing and endpoints remained key, Q1 2025 expanded the focus to include further regulatory dimensions (tariffs and transfer pricing), showing a more comprehensive risk management approach.

Clinical Trial Performance Challenges

Q4 2024 did not mention any significant trial setbacks or delays; the discussion was centered on the acceleration of multiple Phase III studies and positive trial timelines. " " " "

Q1 2025 acknowledged weak signals including setbacks in the Camzyos ODYSSEY and Cobenfy ARISE studies, and delays in readouts, though these were downplayed as not impacting overall growth strategy. " " "

Shift from optimism to cautious realism: Whereas earlier calls emphasized acceleration, Q1 2025 introduces acknowledged challenges in trial performance, representing a more balanced reporting of risks.

Business Development & External Innovation Challenges

Q4 2024 emphasized BD as a strategic priority with disciplined acquisitions (e.g. the Karuna example) and alignment to high-potential therapeutic areas, without detailed mention of macro risks. " " "

Q1 2025 maintained BD as a top priority but also addressed broader macro condition risks, reaffirming strong financial positioning and a proactive approach to external innovation while mitigating exogenous risks. " " "

Consistent strategic priority with deeper risk acknowledgment: The fundamental BD approach remains unchanged, but there is a more explicit discussion of macro and external challenges in the current period.

LOE Impacts & Generic Competition

Q4 2024 detailed significant revenue risks for legacy products such as Revlimid and POMALYST due to generic competition and LOE, forecasting a steep portfolio decline and market share erosion. " " "

Q1 2025 acknowledged LOE impacts on legacy portfolios, but described a more moderate decline (16%-18%) with Revlimid performing at the top end of guidance and growth portfolio offsets mitigating the challenges. " "

Evolving sentiment: The narrative shifted from stressing steep revenue declines to a more balanced view where strong growth products help soften the impact of legacy portfolio losses.

Pipeline Diversification with Emerging Assets

Q4 2024 provided significant focus on emerging pipeline assets, highlighting innovative programs like CELMoD initiatives, LPA1, and CD19 XT as part of the next wave of transformational opportunities. "

Q1 2025 did not specifically mention LPA1 and CD19 XT and only broadly referenced new pivotal studies including CELMoD-related developments, indicating less detailed focus on emerging assets. "

Reduced emphasis: There is a notable drop in discussion of specific emerging programs (LPA1 and CD19 XT) in Q1 2025, suggesting a potential shift in focus or a temporary deprioritization in public commentary.