Bristol-Myers Squibb (BMY) Earnings Date & Reports

Key Takeaways

• Bristol-Myers Squibb is scheduled to report its third-quarter 2026 results before the market opens on Thursday, October 29, 2026.
• Wall Street consensus points to revenue of roughly $12.7 billion, up about 4% year over year from $12.22 billion in the same period a year ago.
• Adjusted earnings per share (EPS) are expected to decline year over year, with consensus estimates generally ranging from about $1.10 to $1.28 versus the $1.63 reported in Q3 2025.
• The company has beaten consensus EPS estimates in seven of its last eight quarters, most recently posting $2.04 in Q2 2026 against a $1.60 forecast.
• Investors will closely watch the growth portfolio — including Eliquis, Reblozyl, Breyanzi, Camzyos, and Cobenfy — alongside the pace of erosion in legacy brands facing generic competition.
• For more details, explore BMY's Major News, Today's Price Move, Price Targets, and Forecast pages.
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Earnings Context and Why It Matters

Bristol-Myers Squibb (BMY) heads into its third-quarter report at a pivotal moment in its multi-year transition. The company is working to offset declining sales from older blockbusters such as Revlimid and Pomalyst, which face generic competition, by scaling up a newer "growth portfolio" led by Eliquis, Reblozyl, Breyanzi, Camzyos, and the recently launched Cobenfy. In the second quarter of 2026, the growth portfolio expanded 14% year over year and represented nearly 60% of total revenue, prompting management to raise full-year guidance. This quarter's results will show whether that momentum can continue while legacy-brand erosion stays manageable, making the report a key read on the company's long-term earnings trajectory.

Earnings Expectations

Analysts expect Bristol-Myers Squibb to report third-quarter revenue of approximately $12.7 billion, which would represent a year-over-year increase of roughly 4% from the $12.22 billion recorded in the same period of 2025. On the bottom line, the picture is more mixed. Consensus EPS estimates vary notably by data provider — generally ranging from about $1.10 to $1.28 — and all point to a meaningful year-over-year decline from the $1.63 in adjusted EPS reported in Q3 2025, reflecting ongoing patent-cliff pressure and shifting expense dynamics.

Investors will be watching several key metrics beyond the headline numbers. The growth portfolio's contribution to total revenue, Eliquis's trajectory (management has guided to 20%–25% growth for 2026), the early launch ramp of Cobenfy, and the rate of decline in legacy brands such as Revlimid, Pomalyst, and Opdivo will all factor into how the market interprets the report. Bristol-Myers Squibb's track record of beating consensus EPS estimates in seven of its last eight quarters also sets a high bar for expectations heading into the release.

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Market Reaction and Investor Sentiment

Sentiment heading into the report is measured. Bristol-Myers Squibb shares have pulled back modestly since the company's last earnings release, and analysts have trimmed some near-term EPS estimates over the past month, reflecting caution around the magnitude of the expected year-over-year profit decline. The stock has historically responded to upside surprises, and its pattern of beating consensus estimates adds a degree of optimism, but the wide dispersion in EPS forecasts signals genuine uncertainty about how one-time items, milestone payments, and expense timing will shape the quarter. Key risk factors include any acceleration in legacy-brand erosion, weaker-than-expected Eliquis growth, or disappointing early signals from newer launches.

Forward Outlook and Key Factors to Monitor

Looking beyond the third-quarter release, investors should focus on how management frames its full-year guidance and its expectations for the growth portfolio's trajectory. Any commentary on Eliquis demand, Cobenfy's commercial ramp, and the timing of pipeline milestones will be closely scrutinized.

On the pipeline front, upcoming catalysts include regulatory decisions and pivotal data readouts for assets such as milvexian and the company's next-generation cell therapy and protein-degradation programs, including iberdomide and mezigdomide. Delays in event-driven trials have previously been flagged as a risk, so updated timelines will matter.

Cost discipline and balance-sheet management are additional areas to watch. Bristol-Myers Squibb generated roughly $3.4 billion in operating cash flow in the second quarter and reduced debt, and investors will want to see whether that momentum continues while the company funds prelaunch activities for future products. The balance between reinvesting in growth and managing the ongoing patent cliff remains the central question for the stock.

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