Bristol-Myers Squibb (BMY) Earnings Date & Reports

Key Takeaways

• Bristol Myers Squibb reported second quarter 2026 total revenue of approximately $13.0 billion, up 6% year over year (5% excluding foreign exchange).
• Non-GAAP earnings per share (EPS) reached $2.04, up 40% from $1.46 a year earlier and well above consensus estimates of roughly $1.59 to $1.61.
• The Growth Portfolio generated $7.6 billion, up 15%, driven by Opdivo Qvantig, Reblozyl, Camzyos, Breyanzi, and Opdualag.
• Management raised full-year 2026 guidance, now expecting revenue of $49.0–$50.0 billion and non-GAAP EPS of $6.75–$7.00.
• Legacy Portfolio revenue declined 4% to $5.4 billion, though demand for Eliquis remained strong amid ongoing generic erosion elsewhere.

Earnings Context and Why It Matters

Bristol Myers Squibb's quarterly earnings matter because the company is navigating a pivotal transition: offsetting patent expirations on older blockbusters with a newer slate of high-growth medicines. The second quarter of 2026 offered investors a clearer view of whether that strategy is working. With the Growth Portfolio now approaching 60% of total revenue, the results carry outsized significance for assessing the durability of Bristol Myers Squibb's top line. Strong execution against a backdrop of generic competition for legacy products such as Revlimid and Pomalyst would reinforce confidence in the company's long-term trajectory and its ability to sustain growth through 2030 and beyond.

Reported Results

For the second quarter ended June 30, 2026, Bristol Myers Squibb posted total revenues of $12.97 billion, an increase of 6% versus the prior-year period, or 5% excluding currency effects. GAAP (Generally Accepted Accounting Principles) EPS was $1.62, compared with $0.64 a year earlier, while non-GAAP EPS climbed 40% to $2.04.

The results comfortably exceeded Wall Street expectations. Consensus estimates had called for revenue near $11.7 billion and adjusted EPS of approximately $1.59 to $1.61, making the report a clear upside surprise on both the top and bottom lines. The outperformance was concentrated in the Growth Portfolio, which rose 15% to $7.6 billion on the strength of Opdivo Qvantig, Reblozyl (up 29%), Camzyos (up 60%), Breyanzi (up 41%), and Opdualag (up 23%). The Legacy Portfolio declined 4% to $5.4 billion, as continued generic pressure on products such as Revlimid and Pomalyst outweighed a 22% increase in Eliquis sales to $4.48 billion. Adjusted gross margin slipped to roughly 71.4% from 72.6%, reflecting product mix.

AI Screener

Tickeron's AI Screener is an AI-powered stock and ETF discovery tool that helps traders and investors filter the market based on technical patterns, fundamentals, trends, volatility, and AI-driven signals. Users can scan thousands of stocks and ETFs using customizable filters such as industry, market capitalization, technical indicators, price patterns, and performance metrics. The screener is designed to help identify trade ideas, trending stocks, breakout candidates, and market opportunities more efficiently than manual screening. For investors tracking healthcare names like Bristol Myers Squibb, it offers a structured way to surface comparable opportunities across the broader pharmaceutical landscape. Explore the AI Screener to refine your own watchlist.

Market Reaction and Investor Sentiment

Bristol Myers Squibb shares rose more than 1% in premarket trading immediately after the report, reflecting investor approval of the earnings beat and the raised outlook. The stock has gained roughly 17% year to date, outpacing the broader pharmaceuticals industry, as sentiment has shifted toward the company's newer products. Investors interpreted the results as evidence that the Growth Portfolio can compensate for legacy declines, a narrative that has supported the stock throughout 2026. The raised full-year guidance, particularly the increase in Eliquis growth expectations to 20%–25%, was a key driver of the positive reaction, easing concerns about the pace of generic erosion across the rest of the portfolio.

Forward Outlook and Key Factors to Monitor

Following the second quarter report, the key item to watch is whether Bristol Myers Squibb can sustain the momentum of its Growth Portfolio into the second half of 2026. Management's raised guidance implies continued double-digit growth from newer medicines, and investors will monitor quarterly sales of Opdivo Qvantig, which is now annualizing above $1 billion, along with Reblozyl, Camzyos, and Breyanzi.

The early launch of Cobenfy, the company's newly approved schizophrenia treatment, is another important catalyst. Cobenfy revenue grew 81% sequentially to $63 million, and any label expansions or prescription acceleration could add a meaningful growth layer over time. Separately, the company has noted that the U.S. Food and Drug Administration accepted filings for Reblozyl and mezigdomide, with regulatory decision dates (PDUFA dates) expected in 2027.

Costs and margins also deserve attention. Adjusted gross margin declined modestly due to product mix, and operating expenses remain elevated as the company invests in research and development. Finally, the ongoing impact of generic competition on the Legacy Portfolio—particularly for Revlimid and Pomalyst—remains a risk to near-term revenue stability, even as Eliquis demand continues to surprise to the upside.

Disclaimer

The information on this webpage is provided for general informational and educational purposes only and is not intended as investment advice, a recommendation to purchase or sell any security, or an offer or solicitation related to investments. It does not consider your personal financial situation, goals, or risk profile, and all investing carries inherent risks, including the possibility of losing your entire investment. For more details, please review our full disclaimer.

Disclaimers and Limitations