second quarter of 2026
Filed Jul 30, 2026Bristol Myers Squibb Reports Second Quarter Financial Results for 2026 and Raises Full-Year Outlook
Total revenues increased 6% to $13.0 billion, Growth Portfolio revenues increased 15% to $7.6 billion, and the company raised its 2026 revenue and non-GAAP EPS outlook. Growth was tempered by a 4% decline in Legacy Portfolio revenues and a 120-basis-point decline in both GAAP and non-GAAP gross margin.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total Revenuesother | $12,973 million | – | 6 % |
| Earnings/(Loss) Per ShareGAAP | $1.62 per share | – | 153 % |
| Earnings/(Loss) Per Sharenon-GAAP | $2.04 per share | – | 40 % |
| Acquired IPRD Charges and Licensing Income Net Impact on Earnings/(Loss) Per Shareother | $0.01 per share | – | N/A |
| Cost of products soldGAAP | $3,726 million | – | 11% |
| Cost of products soldnon-GAAP | $3,711 million | – | 11% |
| Gross marginGAAP | 71.3 % | – | (120) bps |
| Gross marginnon-GAAP | 71.4 % | – | (120) bps |
| Selling, general and administrativeGAAP | $1,826 million | – | 7% |
| Selling, general and administrativenon-GAAP | $1,826 million | – | 8% |
| Research and developmentGAAP | $2,959 million | – | 15% |
| Research and developmentnon-GAAP | $2,316 million | – | 2% |
| Acquired IPRDGAAP | — | – | (100)% |
| Acquired IPRDnon-GAAP | — | – | (100)% |
| Amortization of acquired intangible assetsGAAP | $437 million | – | (47)% |
| Other (income)/expense, netGAAP | $(61) million | – | NM |
| Other (income)/expense, netnon-GAAP | $126 million | – | NM |
| Effective tax rateGAAP | 18.8 % | – | (710) bps |
| Effective tax ratenon-GAAP | 16.5 % | – | 40 bps |
| Net income attributable to Bristol Myers SquibbGAAP | $3.3 billion | – | – |
| Net income attributable to Bristol Myers Squibbnon-GAAP | $4.2 billion | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| U.S. revenuesReported U.S. revenues increased 6%. | $9.0 billion | – | 6% |
| International revenuesReported International revenues increased 6%, or 5% Ex-FX. | $4.0 billion | – | 6% |
| Total Growth PortfolioRevenue growth was primarily driven by Opdivo Qvantig, Reblozyl, Camzyos, Breyanzi and Opdualag. | $7,560 million | – | 15 % |
| OpdivoWorldwide product revenue reported. | $2,485 million | – | (3) % |
| Opdivo QvantigWorldwide product revenue reported. | $261 million | – | >200% |
| OrenciaWorldwide product revenue reported. | $1,034 million | – | 7 % |
| YervoyWorldwide product revenue reported. | $769 million | – | 6 % |
| ReblozylWorldwide product revenue reported. | $735 million | – | 29 % |
| BreyanziWorldwide product revenue reported. | $484 million | – | 41 % |
| OpdualagWorldwide product revenue reported. | $349 million | – | 23 % |
| CamzyosWorldwide product revenue reported. | $416 million | – | 60 % |
| ZeposiaWorldwide product revenue reported. | $169 million | – | 12 % |
| SotyktuWorldwide product revenue reported. | $87 million | – | 23 % |
| KrazatiWorldwide product revenue reported. | $55 million | – | 14 % |
| CobenfyWorldwide product revenue reported. | $63 million | – | 81 % |
| Other Growth ProductsIncludes Abecma, Augtyro, Onureg, Inrebic, Nulojix, Empliciti and royalty revenues, including royalties received from Merck on Winrevair. | $653 million | – | 17 % |
| Total Legacy PortfolioDemand increased for Eliquis, which was more than offset by expected continued generic impacts across the remainder of the Legacy Portfolio. | $5,422 million | – | (4) % |
| EliquisWorldwide product revenue reported. | $4,481 million | – | 22 % |
| RevlimidWorldwide product revenue reported. | $425 million | – | (49) % |
| Pomalyst/ImnovidWorldwide product revenue reported. | $204 million | – | (71) % |
| SprycelWorldwide product revenue reported. | $88 million | – | (27) % |
| AbraxaneWorldwide product revenue reported. | $55 million | – | (47) % |
| Other Legacy ProductsIncludes other mature brands. | $170 million | – | (24) % |
| Other RevenueIncludes revenue hedging activities in 2026. | $(9) million | – | N/A |
2026 full-year outlook outlook
- Revenue~$49.0 billion to $50.0 billion
- NoteNon-GAAP EPS: $6.75 to $7.00
What drove it
- Growth Portfolio revenues increased 15%, or 14% Ex-FX, to $7.6 billion.
- Growth Portfolio revenue growth was primarily driven by Opdivo Qvantig, Reblozyl, Camzyos, Breyanzi and Opdualag.
- Eliquis worldwide revenue increased 22% to $4,481 million.
- Cobenfy worldwide revenue increased 81% to $63 million.
- The company raised 2026 revenue guidance to ~$49.0 billion to $50.0 billion and increased its non-GAAP EPS range to $6.75 to $7.00.
Concerns
- Legacy Portfolio revenues decreased 4%, or 5% Ex-FX, to $5.4 billion.
- Revlimid worldwide revenue declined 49% to $425 million and Pomalyst/Imnovid worldwide revenue declined 71% to $204 million.
- GAAP and non-GAAP gross margin each decreased 120 bps, primarily reflecting a change in product mix.
- GAAP research and development expenses increased 15%, primarily driven by the purchase of a priority review voucher and higher IPRD impairment charges in 2026.
- Other (income)/expense, net reflects the expiry of royalty income on diabetes products at the end of 2025.
What to watch
- FDA PDUFA date of March 11, 2027 for Reblozyl with concomitant janus kinase inhibitor therapy in adult patients with myelofibrosis-associated anemia receiving red blood cell transfusions.
- FDA PDUFA date of May 13, 2027 for mezigdomide in combination with carfilzomib and dexamethasone in patients with relapsed or refractory multiple myeloma.
- PDUFA date of August 17, 2026 for iberdomide for an RRMM indication.
- Commercial execution for Opdivo Qvantig, Reblozyl, Camzyos, Breyanzi, Opdualag and Cobenfy.
- Continued generic impacts across the Legacy Portfolio.
Analysis
Bristol Myers Squibb reported second-quarter total revenues of $12,973 million, up 6%, or 5% Ex-FX. The principal growth engine was the Growth Portfolio, where revenue increased 15% to $7,560 million. The release identifies Opdivo Qvantig, Reblozyl, Camzyos, Breyanzi and Opdualag as the primary contributors. Eliquis also delivered 22% worldwide revenue growth to $4,481 million.
Growth Portfolio performance contrasted with the Legacy Portfolio, where revenue declined 4% to $5,422 million. The company said higher Eliquis demand was more than offset by expected continued generic impacts elsewhere in the portfolio. Revenue declines included Revlimid at 49%, Pomalyst/Imnovid at 71%, Sprycel at 27%, Abraxane at 47%, and Other Legacy Products at 24%.
Profitability improved substantially versus the prior-year period on reported earnings measures. GAAP net income attributable to Bristol Myers Squibb was $3.3 billion, or $1.62 per share, compared with $1.3 billion, or $0.64 per share. Non-GAAP net income was $4.2 billion, or $2.04 per share, compared with $3.0 billion, or $1.46 per share. At the same time, GAAP and non-GAAP gross margin each fell 120 bps, primarily due to product mix, while GAAP R&D expense rose 15% due to a priority review voucher purchase and higher IPRD impairment charges.
The company raised its 2026 outlook, guiding revenue to ~$49.0 billion to $50.0 billion and non-GAAP EPS to $6.75 to $7.00. Pipeline developments included FDA acceptance of applications for Reblozyl and mezigdomide, with PDUFA dates of March 11, 2027 and May 13, 2027, respectively. The reported period therefore combines continued Growth Portfolio momentum and an upgraded full-year outlook with ongoing Legacy Portfolio erosion and lower gross margins.
Management, verbatim
The Growth Portfolio continues to deliver, achieving 15% growth in the quarter, and represents an expanding share of our overall business.
Christopher Boerner, Ph.D., board chair and chief executive officer, Bristol Myers Squibb
We are building from a position of strength and progressing a differentiated pipeline designed to generate long-term value. As a result of our consistent execution and continued momentum, we are raising our 2026 full-year outlook.
Christopher Boerner, Ph.D., board chair and chief executive officer, Bristol Myers Squibb
Not in the filing
stated, not guessed- Prior-quarter comparisons for total revenue, products, expenses, margins, net income and EPS
- GAAP operating income
- Non-GAAP operating income
- Operating cash flow
- Free cash flow
- Cash and cash equivalents
- Debt
- Share repurchases
- Dividends
- Share count
- Full 2026 gross-margin guidance
- Full 2026 operating-expense guidance
- Full 2026 tax-rate guidance
- Prior-quarter outlook for comparison
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.