Bristol-Myers Squibb Company (BMY) Earnings

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Sep 2026upcoming

Next quarter

Reports Oct 29, 2026.

Consensus is $1.68 EPS for Sep 2026 across 9 estimates, ranging $1.59 to $1.75.

BMY Jun 2026

Reported Jul 30, 2026

: 28.30%
: +0.69%

: $1.59
: $2.04
: —
: $12.97B

Reported results

: $12.97B; from $12.27B
: 71.28%; from 72.52%
: $3.32B; from $1.31B
: $1.62; from $0.64

Highlights

Earnings beat: Non-GAAP EPS was $2.04 versus the $1.59 consensus, a 28.3% surprise; GAAP EPS was $1.62 versus $0.64 a year ago.
Revenue growth: Second-quarter revenue increased 6% year over year to $12.97 billion, or 5% excluding foreign exchange, versus $12.27 billion a year ago and $11.49 billion in the prior quarter.
Growth Portfolio momentum: Growth Portfolio revenue rose 15% to $7.56 billion, led by Reblozyl at $735 million, Breyanzi at $484 million, Camzyos at $416 million and Opdualag at $349 million.
Eliquis strength: Eliquis revenue increased 22% to $4.48 billion, including 27% growth in the U.S.; full-year worldwide growth guidance was raised to 20%-25% from 10%-15%.
Guidance raised: 2026 revenue guidance increased to approximately $49.0-$50.0 billion from $46.0-$47.5 billion, while non-GAAP EPS guidance rose to $6.75-$7.00 from $6.05-$6.35.
Legacy erosion: Legacy Portfolio revenue declined 4% to $5.42 billion as Eliquis growth was more than offset by generic pressure on Revlimid, Pomalyst/Imnovid, Sprycel and Abraxane.
Pipeline progress: FDA accepted applications for mezigdomide, with a May 13, 2027 PDUFA date, and a Reblozyl expansion, with a March 11, 2027 PDUFA date; mezigdomide cut progression-or-death risk by 52% in SUCCESSOR-2.
Cash and debt: Operating cash flow was $4.50 billion in the first half, down from $5.87 billion a year ago, while net debt improved to $31.66 billion from $34.04 billion at year-end 2025.

Analysis

Bristol Myers Squibb's second quarter was a clear execution and outlook-raising print. Revenue of $12.97 billion grew 6% year over year and 13% sequentially from $11.49 billion, while net income rose to $3.32 billion from $1.31 billion a year ago and $2.68 billion in the prior quarter. Non-GAAP EPS of $2.04 beat the $1.59 consensus by 28.3%; GAAP EPS was $1.62, compared with $0.64 a year ago and $1.31 in the first quarter.

The defining feature was the Growth Portfolio, which expanded 15% to $7.56 billion and more than offset a 4% decline in the $5.42 billion Legacy Portfolio. Reblozyl, Breyanzi, Camzyos and Opdualag delivered particularly strong growth, while Eliquis revenue rose 22% to $4.48 billion despite ongoing pricing and patent exposure. BMS consequently raised full-year revenue guidance by roughly $2.75 billion at the midpoint and lifted EPS guidance by $0.675 at the midpoint. Earnings also benefited from the absence of the $1.5 billion BioNTech upfront charge recorded in the year-ago quarter and lower amortization, although gross margin compressed 120 basis points to 71.3% and operating investment increased.

Growth Portfolio momentum

Portfolio scale: Growth Portfolio revenue increased 15% year over year to $7.56 billion, or 14% excluding foreign exchange, and represented approximately 58% of total revenue.
Key growth brands: Reblozyl revenue rose 29% to $735 million, Breyanzi increased 41% to $484 million, Camzyos rose 60% to $416 million and Opdualag increased 23% to $349 million.
Newer launches: Opdivo Qvantig generated $261 million versus $30 million a year ago, while Cobenfy revenue increased 81% to $63 million. Opdivo itself declined 3% to $2.49 billion as U.S. demand shifted toward Opdivo Qvantig.
Geographic breadth: Growth Portfolio revenue increased 14% in the U.S. to $4.97 billion and 15% internationally to $2.59 billion.

Eliquis and legacy portfolio

Eliquis acceleration: Worldwide Eliquis revenue increased 22% to $4.48 billion, with U.S. revenue up 27% to $3.36 billion and international revenue up 9% to $1.12 billion. BMS said the U.S. list-price reduction lowered rebates and increased realized average net selling prices.
Raised outlook: Full-year Eliquis growth guidance was increased to 20%-25% from 10%-15%, despite the U.S. Medicare maximum fair price taking effect in January 2026 and European composition-of-matter patents expiring in November 2026.
Generic pressure: Legacy Portfolio revenue decreased 4% to $5.42 billion. Revlimid declined 49% to $425 million, Pomalyst/Imnovid fell 71% to $204 million, Sprycel dropped 27% to $88 million and Abraxane fell 47% to $55 million.
Offsetting mix: Eliquis growth exceeded the combined $251 million decline in the rest of the Legacy Portfolio, but the broader portfolio remains exposed to accelerating generic erosion.

Raised 2026 outlook

BMS raised its full-year outlook on what management described as broad-based momentum rather than a single product effect. Revenue guidance moved to approximately $49.0-$50.0 billion from $46.0-$47.5 billion, and non-GAAP diluted EPS guidance increased to $6.75-$7.00 from $6.05-$6.35. The company also raised expected operating expenses to approximately $16.5 billion from $16.3 billion, reflecting greater investment in pipeline programs and new product launches. Gross-margin guidance was unchanged at approximately 69%-70%, and the tax-rate assumption remained approximately 18%.

Earnings quality and investment

Underlying earnings: Non-GAAP net income rose 40% to $4.17 billion, or $2.04 per share, from $2.99 billion, or $1.46 per share. The comparison benefited from the $1.5 billion BioNTech upfront charge recorded in the second quarter of 2025.
GAAP drivers: GAAP net income increased to $3.32 billion from $1.31 billion, helped by the absence of the year-ago acquired IPRD charge, $437 million of lower amortization expense and lower other expense.
Cost pressure: Cost of products sold increased 11% to $3.73 billion, reducing gross margin to 71.3% from 72.5%. SG&A rose 7% to $1.83 billion, while R&D increased 15% to $2.96 billion, including a $220 million priority review voucher and $420 million of IPRD impairments.
Cash generation: First-half operating cash flow declined to $4.50 billion from $5.87 billion, primarily because of lower customer receipts following the Eliquis price reduction. BMS paid $2.57 billion in dividends and repaid $1.72 billion of debt.

Pipeline and capital position

Mezigdomide: The FDA accepted BMS's application for mezigdomide plus carfilzomib and dexamethasone in relapsed or refractory multiple myeloma, assigning a May 13, 2027 PDUFA date. In SUCCESSOR-2, the combination reduced the risk of progression or death by 52% versus carfilzomib and dexamethasone alone.
Reblozyl expansion: The FDA accepted a supplemental application for Reblozyl in myelofibrosis-associated anemia for patients receiving transfusions and a concomitant JAK inhibitor, with a March 11, 2027 PDUFA date.
Business development: The Hengrui collaboration covers 13 early-stage oncology, hematology and immunology programs. BMS will pay a $600 million upfront payment in the third quarter, plus potential milestone payments of up to $14.3 billion.
Balance sheet: Cash, cash equivalents and marketable securities totaled $11.46 billion at June 30, while total debt was $43.12 billion, leaving net debt of $31.66 billion versus $34.04 billion at December 31, 2025.

Bristol-Myers Squibb Company

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