Third quarter 2026
Filed Oct 29, 2026Bristol Myers Squibb Reports Third Quarter Financial Results for 2026 and Raises Full-Year Revenue Outlook
Third-quarter total revenues increased 7% to $13.1 billion, led by 12% Growth Portfolio revenue growth, and the company raised its full-year revenue outlook. Profitability was pressured by lower gross margin, higher acquired IPRD charges and lower non-GAAP EPS.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenues, three months ended September 30GAAP | $13.07B | – | 7% |
| Net product sales, three months ended September 30GAAP | $12.61B | – | – |
| Alliance and other revenues, three months ended September 30GAAP | $463M | – | – |
| Cost of products sold, three months ended September 30GAAP | $4.15B | – | 21% |
| Cost of products sold, three months ended September 30non-GAAP | $4.13B | – | 25% |
| Gross margin, three months ended September 30GAAP | 68.3% | – | (360) bps |
| Gross margin, three months ended September 30non-GAAP | 68.4% | – | (450) bps |
| Selling, general and administrative, three months ended September 30GAAP | $1.70B | – | (5)% |
| Selling, general and administrative, three months ended September 30non-GAAP | $1.70B | – | (5)% |
| Research and development, three months ended September 30GAAP | $2.37B | – | (6)% |
| Research and development, three months ended September 30non-GAAP | $2.36B | – | (3)% |
| Acquired IPRD, three months ended September 30GAAP | $1.56B | – | 146% |
| Acquired IPRD, three months ended September 30non-GAAP | $1.56B | – | 146% |
| Amortization of acquired intangible assets, three months ended September 30GAAP | $458M | – | (45)% |
| Other (income)/expense, net, three months ended September 30GAAP | $307M | – | NM |
| Other (income)/expense, net, three months ended September 30non-GAAP | $93M | – | NM |
| Total expenses, three months ended September 30GAAP | $10.53B | – | – |
| Earnings before income taxes, three months ended September 30GAAP | $2.54B | – | – |
| Earnings before income taxes, three months ended September 30non-GAAP | $3.22B | – | – |
| Income tax provision, three months ended September 30GAAP | $374M | – | – |
| Income tax provision, three months ended September 30non-GAAP | $456M | – | – |
| Effective tax rate, three months ended September 30GAAP | 14.8% | – | (1,470) bps |
| Effective tax rate, three months ended September 30non-GAAP | 14.1% | – | (820) bps |
| Net earnings attributable to BMS, three months ended September 30GAAP | $2.16B | – | – |
| Net earnings attributable to BMS used for diluted EPS calculation, three months ended September 30non-GAAP | $2.77B | – | – |
| Diluted earnings per common share, three months ended September 30GAAP | $1.05 | – | (3)% |
| Diluted earnings per share, three months ended September 30non-GAAP | $1.35 | – | (17)% |
| Acquired IPRD charges and licensing income net impact on earnings per share, three months ended September 30other | $(0.58) | – | – |
| Total revenues, nine months ended September 30GAAP | $37.53B | – | 5% |
| Gross margin, nine months ended September 30GAAP | 69.9% | – | – |
| Gross margin, nine months ended September 30non-GAAP | 70.0% | – | – |
| Net earnings attributable to BMS, nine months ended September 30GAAP | $8.16B | – | – |
| Net earnings attributable to BMS used for diluted EPS calculation, nine months ended September 30non-GAAP | $10.18B | – | – |
| Diluted earnings per common share, nine months ended September 30GAAP | $3.98 | – | – |
| Diluted earnings per share, nine months ended September 30non-GAAP | $4.97 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Total Growth Portfolio, worldwide, third quarter 2026Revenue growth was primarily driven by Opdivo Qvantig, Breyanzi, Reblozyl, Camzyos and Opdualag. | $7.66B | – | 12% |
| Opdivo, worldwide, third quarter 2026Not stated. | $2.37B | – | (6)% |
| Opdivo Qvantig, worldwide, third quarter 2026Identified as a primary driver of Growth Portfolio revenue growth. | $334M | – | >200% |
| Orencia, worldwide, third quarter 2026Not stated. | $983M | – | 2% |
| Yervoy, worldwide, third quarter 2026Not stated. | $793M | – | 7% |
| Reblozyl, worldwide, third quarter 2026Identified as a primary driver of Growth Portfolio revenue growth. | $750M | – | 22% |
| Breyanzi, worldwide, third quarter 2026Identified as a primary driver of Growth Portfolio revenue growth. | $526M | – | 46% |
| Opdualag, worldwide, third quarter 2026Identified as a primary driver of Growth Portfolio revenue growth. | $367M | – | 23% |
| Camzyos, worldwide, third quarter 2026Identified as a primary driver of Growth Portfolio revenue growth. | $420M | – | 42% |
| Zeposia, worldwide, third quarter 2026Not stated. | $168M | – | 5% |
| Sotyktu, worldwide, third quarter 2026Not stated. | $100M | – | 26% |
| Krazati, worldwide, third quarter 2026Not stated. | $58M | – | 10% |
| Cobenfy, worldwide, third quarter 2026Not stated. | $57M | – | 33% |
| Other Growth Products, worldwide, third quarter 2026Includes Abecma, Augtyro, Empliciti, Inrebic, Nulojix, Onureg, Zenbexus and royalty revenues, including royalties received from Merck on Winrevair. | $731M | – | 12% |
| Total Legacy Portfolio, worldwide, third quarter 2026Revenue growth was primarily driven by Eliquis, partially offset by expected continued generic impacts across the remainder of the Legacy Portfolio. | $5.42B | – | 1% |
| Eliquis, worldwide, third quarter 2026Primary driver of Legacy Portfolio revenue growth. | $4.69B | – | 25% |
| Revlimid, worldwide, third quarter 2026Expected continued generic impacts across the Legacy Portfolio. | $303M | – | (47)% |
| Pomalyst/Imnovid, worldwide, third quarter 2026Expected continued generic impacts across the Legacy Portfolio. | $130M | – | (81)% |
| Sprycel, worldwide, third quarter 2026Expected continued generic impacts across the Legacy Portfolio. | $73M | – | (38)% |
| Abraxane, worldwide, third quarter 2026Expected continued generic impacts across the Legacy Portfolio. | $65M | – | (13)% |
| Other Legacy Products, worldwide, third quarter 2026Includes other mature brands. | $154M | – | (13)% |
| U.S. revenues, third quarter 2026Not stated. | $9.07B | – | 9% |
| International revenues, third quarter 2026International revenues increased 4% Ex-FX. | $4.00B | – | 3% |
Full-year 2026 non-GAAP outlook
- Revenue~$49.75 - $50.25 billion
- Gross margin~69% - 70%
- Operating expenses~$16.5 billion
- Tax rate~18%
- NoteOther income/(expense): ~($650 million)
- NoteDiluted EPS: $6.35 - $6.55
- NoteAcquired IPRD Charges & Licensing Income Included in Diluted EPS: $(0.60)
- Note2026 WW Eliquis revenue growth: 20% - 25%
What drove it
- Growth Portfolio revenues of $7.7 billion increased 12%, led by Opdivo Qvantig, Breyanzi, Reblozyl, Camzyos and Opdualag.
- Eliquis worldwide revenue was $4,690 million, up 25%, supporting 1% Legacy Portfolio revenue growth.
- Gross-margin pressure primarily reflected a change in product mix and, to a lesser extent, a one-time charge related to a contract termination in 2026.
- The effective tax rate declined primarily because of jurisdictional earnings mix.
- The company raised full-year non-GAAP revenue guidance primarily because of broad-based and continuing momentum across the portfolio.
- The FDA approved Zenbexus on August 13 and Camzyos on September 30.
Concerns
- GAAP gross margin fell from 71.9% to 68.3%, while non-GAAP gross margin fell from 72.9% to 68.4%.
- Non-GAAP diluted EPS decreased 17% to $1.35.
- Acquired IPRD charges increased 146% to $1,558 million.
- Opdivo worldwide revenue declined 6%.
- Legacy Portfolio growth depended on Eliquis and was partly offset by continued generic impacts, including declines in Revlimid, Pomalyst/Imnovid, Sprycel and Abraxane.
- Other (income)/expense, net reflected the expiry of royalty income on diabetes products at the end of 2025.
What to watch
- Execution against full-year total-revenue guidance of ~$49.75 - $50.25 billion and non-GAAP diluted EPS guidance of $6.35 - $6.55.
- Whether Growth Portfolio momentum continues across Opdivo Qvantig, Breyanzi, Reblozyl, Camzyos and Opdualag.
- Eliquis revenue performance against the reaffirmed 20% - 25% 2026 worldwide revenue-growth range.
- The impact of acquired IPRD charges and licensing income, which is included in full-year diluted EPS guidance at $(0.60).
- Additional late-stage pipeline data and commercialization following Zenbexus and Camzyos regulatory milestones.
Balance sheet and cash flow
- Cash and cash equivalents as of September 30, 2026: $9,574 million
- Marketable debt securities - current as of September 30, 2026: $3,007 million
- Marketable debt securities - non-current as of September 30, 2026: $378 million
- Cash, cash equivalents and marketable debt securities as of September 30, 2026: $12,959 million
- Short-term debt obligations as of September 30, 2026: $(1,028) million
- Long-term debt as of September 30, 2026: $(41,849) million
- Net debt position as of September 30, 2026: $(29,918) million
Analysis
Third-quarter revenue growth was broad enough to support a higher full-year revenue outlook. Total revenues increased 7% to $13,069 million, with U.S. revenue up 9% to $9,074 million and international revenue up 3% to $3,995 million, or 4% Ex-FX. Growth Portfolio revenue increased 12% to $7,662 million, led by Opdivo Qvantig, Breyanzi, Reblozyl, Camzyos and Opdualag. The portfolio included rapid growth in Opdivo Qvantig, Breyanzi and Camzyos, while Opdivo revenue declined 6%.
Legacy Portfolio revenue increased 1% to $5,415 million. Eliquis revenue rose 25% to $4,690 million and was the primary source of Legacy Portfolio growth. That contribution was partly offset by expected generic pressure across mature products, including worldwide declines of 47% for Revlimid, 81% for Pomalyst/Imnovid, 38% for Sprycel and 13% for Abraxane.
Margin and earnings performance lagged revenue growth. GAAP gross margin declined 360 basis points to 68.3%, and non-GAAP gross margin declined 450 basis points to 68.4%, primarily reflecting product mix and a one-time contract-termination charge. Acquired IPRD rose 146% to $1,558 million. GAAP diluted EPS was $1.05 versus $1.08, while non-GAAP diluted EPS fell 17% to $1.35 versus $1.63. Both EPS measures include the net impact of acquired IPRD charges and licensing income.
The company raised full-year non-GAAP revenue guidance to approximately $49.75 billion to $50.25 billion from approximately $49.0 billion to $50.0 billion. It maintained gross-margin, operating-expense, tax-rate and Eliquis growth guidance, improved expected other income/(expense) to approximately $(650 million), and updated non-GAAP diluted EPS to $6.35 to $6.55. The EPS update includes a $(0.60) impact from acquired IPRD charges and licensing income, compared with $(0.02) in July guidance.
Balance-sheet liquidity included $12,959 million of cash, cash equivalents and marketable debt securities as of September 30, 2026, against a net debt position of $(29,918) million. The period also featured pipeline and regulatory milestones, including the FDA approvals of Zenbexus and Camzyos, alongside positive registrational data updates across several therapeutic areas.
Management, verbatim
We delivered another quarter of double-digit growth in our Growth Portfolio, which increased 12% and reflects the continued momentum across our diversified portfolio.
Christopher Boerner, Ph.D., board chair and chief executive officer, Bristol Myers Squibb
The approval of Zenbexus, the first-in-class CELMoD, brings a new class of treatment to market for patients with multiple myeloma and is one of several recent pipeline milestones.
Christopher Boerner, Ph.D., board chair and chief executive officer, Bristol Myers Squibb
As we look forward to additional late-stage data in the near term, we remain focused on executing with discipline, investing where we see the greatest opportunity and strengthening the foundation for sustainable growth.
Christopher Boerner, Ph.D., board chair and chief executive officer, Bristol Myers Squibb
Not in the filing
stated, not guessed- Operating cash flow was not reported.
- Free cash flow was not reported.
- Share repurchases were not reported.
- Dividends were not reported.
- Capital-return activity was not reported.
- A full-year 2026 actual result was not reported, so full-year actual performance versus July guidance cannot be assessed.
- GAAP full-year financial guidance was not provided.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.