Bristol-Myers Squibb Company

Growth Portfolio revenue rose 12% to $7.66 billion, with growth across multiple newer medicines. Breyanzi increased 46% to $526 million, Camzyos rose 42% to $420 million, Reblozyl gained 22% to $750 million and Opdualag increased 23% to $367 million. Opdivo revenue declined 6% to $2.37 billion, primarily reflecting lower U.S. demand and greater use of subcutaneous Opdivo Qvantig; Qvantig revenue rose to $334 million from $67 million as its launch continued. The breadth of growth helped support the overall 7% increase in revenue.

Legacy Portfolio revenue was $5.42 billion, up 1%, but the headline masks sharply diverging products. Eliquis grew 25% to $4.69 billion, including 39% growth in the U.S. BMS attributed the U.S. increase to higher demand and higher realized net prices after reducing the list price and lowering rebates; worldwide growth guidance for Eliquis remains 20%–25% for 2026. Elsewhere, generic erosion drove Revlimid down 47% to $303 million and Pomalyst/Imnovid down 81% to $130 million; Sprycel fell 38% to $73 million. Eliquis strength currently cushions the mature portfolio, while ongoing erosion in these brands remains evident.

Non-GAAP EPS was $1.35, above the $1.21 consensus, but down 17% from $1.63 a year ago. GAAP diluted EPS of $1.05 was down from $1.08; net income attributable to BMS was $2.16 billion versus $2.20 billion. Both EPS measures included a $0.58-per-share net impact from acquired IPRD charges and licensing income. Acquired IPRD expense was $1.56 billion, compared with $633 million a year ago, primarily reflecting recent license agreements and ongoing collaborations. Non-GAAP gross margin declined to 68.4% from 72.9%, reflecting product mix and a one-time contract-termination charge; SG&A fell 5% to $1.70 billion and R&D fell 3% to $2.36 billion.

BMS raised its 2026 revenue range to $49.75–$50.25 billion, from $49.0–$50.0 billion, and revised expected other expense to approximately $650 million from $700 million. It lowered non-GAAP EPS guidance to $6.35–$6.55 from $6.75–$7.00, with the acquired IPRD and licensing impact moving to $0.60 per share from $0.02. The company left its gross-margin, operating-expense and tax-rate ranges unchanged.

The quarter and subsequent October updates added commercial and development milestones. The FDA approved Zenbexus for relapsed/refractory multiple myeloma, and the Phase 3 EXCALIBER-RRMM study later showed a statistically significant progression-free-survival improvement, with a 51% reduction in risk of progression or death. The FDA also expanded Camzyos to eligible pediatric patients; Q3 Camzyos revenue was $420 million, up 42%. In an interim Phase 3 analysis, iza-bren reduced the risk of progression or death by 59% in a breast-cancer study, with median progression-free survival of 8.2 months versus 4.0 months for chemotherapy; its lung-cancer study reported median progression-free survival of 11.1 months versus 5.7 months for chemotherapy. BMS also reported positive topline Phase 3 results for RYZ101 in previously treated neuroendocrine tumors and for admilparant at the 60 mg dose in idiopathic pulmonary fibrosis.

Operating cash flow was $8.68 billion for the first nine months, down from $12.18 billion a year earlier, primarily because of lower customer receipts. BMS attributed the receipt decline to generic erosion across much of the Legacy Portfolio and the Eliquis list-price reduction, partly offset by lower rebate payments. Net debt improved to $29.92 billion at September 30 from $34.04 billion at year-end, supported by operating cash flow and partly offset by $3.86 billion of dividends. The company also recorded $1.56 billion of Q3 acquired IPRD charges, including $775 million associated with Hengrui and $500 million for a BioNTech anniversary payment.