Bristol Myers Squibb (BMY) · Pharmaceuticals
Bristol Myers Squibb Q2 2026 earnings: summary, key numbers & outlook
Results filed 30 Jul 2026 · Quarter ended 30 Jun 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
Second quarter revenues increased 6% (+5% Ex-FX) to $13.0 billion, with GAAP EPS of $1.62 and non-GAAP EPS of $2.04, and full-year revenue guidance raised to ~$49.0 billion to $50.0 billion.
Bristol Myers Squibb grew revenue 6% to $13.0 billion in the second quarter. Newer medicines, which the company calls its Growth Portfolio, rose 15% to $7.6 billion, led by Opdivo Qvantig, Reblozyl, Camzyos and Breyanzi. Older drugs fell 4% to $5.4 billion as generics arrived, though Eliquis demand rose. GAAP EPS was $1.62, up from $0.64. Non-GAAP EPS was $2.04, up from $1.46. Gross margin slipped to 71.3% because of product mix.
Management raised 2026 revenue guidance to about $49.0 billion to $50.0 billion and non-GAAP EPS to $6.75 to $7.00. It also raised its Eliquis growth outlook to 20% to 25%. Operating expenses are now expected at about $16.5 billion, up from about $16.3 billion, as spending on pipeline programs and launches increases. The main tension is that the company expects the Legacy Portfolio to decline 4% to 6% as generics spread. Growth drivers must offset that while margins face mix pressure.
Key numbers
- Total revenues
- $13.0 billion
- Net income attributable to BMS · GAAP
- $3.3 billion
- Diluted EPS · GAAP
- $1.62
- Non-GAAP EPS · non-GAAP
- $2.04
- Gross margin · GAAP
- 71.3%
- Gross margin (non-GAAP) · non-GAAP
- 71.4%
up 6% (+5% Ex-FX) from a year ago
up from $1.3 billion a year ago
up 153% from a year ago
up 40% from a year ago
down from 72.5% a year ago
down from 72.6% a year ago
| Segment or metric | Value | Change |
|---|---|---|
| Growth Portfolio | $7.6 billion | up 15% (+14% Ex-FX) |
| Legacy Portfolio | $5.4 billion | down 4% (-5% Ex-FX) |
| Opdivo | $2.5B | down 3% (-4% Ex-FX) |
| Opdivo Qvantig | $261.0M | >200% growth |
| Eliquis | $4.5B | up 22% (+21% Ex-FX) |
| Camzyos | $416.0M | up 60% (+59% Ex-FX) |
| Reblozyl | $735.0M | up 29% (+29% Ex-FX) |
| Breyanzi | $484.0M | up 41% (+41% Ex-FX) |
Where each number comes from
- Total revenues: “Second quarter revenues increased 6% (+5% Ex-FX) to $13.0 billion ◦Growth Portfolio revenues increased 15% (+14% Ex-FX) to $7.6 billion”
- Net income attributable to BMS: “Net income attributable to Bristol Myers Squibb of $3.3 billion, or $1.62 per share, increased from $1.3 billion, or $0.64 per share, on a GAAP basis.”
- Diluted EPS: “•GAAP EPS was $1.62 and non-GAAP EPS was $2.04 •Raising 2026 revenue guidance to a range of ~$49.0 billion to $50.0 billion”
- Non-GAAP EPS: “•GAAP EPS was $1.62 and non-GAAP EPS was $2.04 •Raising 2026 revenue guidance to a range of ~$49.0 billion to $50.0 billion”
- Gross margin: “Gross margin decreased from 72.5% to 71.3% on a GAAP basis, and from 72.6% to 71.4% on a non-GAAP basis, primarily reflecting a change in product mix.”
- Gross margin (non-GAAP): “Gross margin decreased from 72.5% to 71.3% on a GAAP basis, and from 72.6% to 71.4% on a non-GAAP basis, primarily reflecting a change in product mix.”
- Growth Portfolio: “Second quarter revenues increased 6% (+5% Ex-FX) to $13.0 billion ◦Growth Portfolio revenues increased 15% (+14% Ex-FX) to $7.6 billion”
- Legacy Portfolio: “Legacy Portfolio revenues of $5.4 billion decreased 4%, or 5% Ex-FX. Demand increased for Eliquis, which was more than offset by expected continued generic impacts across the remainder of the Legacy Portfolio.”
- Opdivo: “$M YoY % Ex-FX* % $2,485 (3%) (4%) $769 +6% +5% $349 +23% +22% $261 >200% >200% $55 +14% +14%”
- Opdivo Qvantig: “$M YoY % Ex-FX* % $2,485 (3%) (4%) $769 +6% +5% $349 +23% +22% $261 >200% >200% $55 +14% +14%”
- Eliquis: “Global Net Sales (Cardiovascular) $M YoY % Ex-FX* % $4,481 +22% +21% $416 +60% +59% *See “Forward-Looking Statements and Non-GAAP Financial Information” Eliquis”
- Camzyos: “Global Net Sales (Cardiovascular) $M YoY % Ex-FX* % $4,481 +22% +21% $416 +60% +59% *See “Forward-Looking Statements and Non-GAAP Financial Information” Eliquis”
- Reblozyl: “Global Net Sales1 $M YoY % Ex-FX* % $735 +29% +29% $484 +41% +41% $425 (49%) (49%) $204 (71%) (71%)”
- Breyanzi: “Global Net Sales1 $M YoY % Ex-FX* % $735 +29% +29% $484 +41% +41% $425 (49%) (49%) $204 (71%) (71%)”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q2 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $13.0B | +5.7% | +12.9% |
| Net income | $3.3B | +153.2% | +23.9% |
| Diluted EPS | $1.62 | +153.1% | +23.7% |
| Free cash flow | $3.1B | −13.2% | +307.9% |
Calculated by code from XBRL, not by the model.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| Non-GAAP total revenues | 2026 | $49.0 billion to $50.0 billion |
| Non-GAAP diluted EPS | 2026 | $6.75 - $7.00 |
| Non-GAAP gross margin | 2026 | ~69% - 70% |
| Non-GAAP operating expenses (SG&A and R&D) | 2026 | approximately $16.5 billion |
| Non-GAAP effective tax rate | 2026 | ~18% |
| Worldwide Eliquis revenue growth | 2026 | 20% - 25% |
| Other income/(expense) | 2026 | ~($700 million) |
| Legacy Portfolio revenue decline | 2026 | 4% to 6% |
Key takeaways
Growth Portfolio up 15% to $7.6 billion
Growth Portfolio revenues increased 15% (+14% Ex-FX) to $7.6 billion, led by Opdivo Qvantig, Reblozyl, Camzyos, Breyanzi and Opdualag.
Full-year revenue and EPS guidance both raised
Revenue guidance rose from ~$46.0 - $47.5 billion to ~$49.0 - $50.0 billion, and non-GAAP EPS from $6.05 - $6.35 to $6.75 - $7.00.
Eliquis demand offsets generic erosion
Eliquis revenue grew 22% to $4,481 million, and the 2026 Eliquis growth outlook rose from 10% - 15% to 20% - 25%.
Legacy drugs and mix pressure margins
Gross margin fell from 72.5% to 71.3% on a GAAP basis on product mix, while Revlimid fell 49% and Pomalyst/Imnovid fell 71%.
Pipeline milestones and AI partnerships advance
Iberdomide has a PDUFA date of August 17, 2026 and mezigdomide has May 13, 2027, and BMS expanded collaborations with Anthropic and NVIDIA.
Charts
Fourth quarter worked out from the annual figure.
Data
| Q4 2024 | $12.3B * |
| Q1 2025 | $11.2B |
| Q2 2025 | $12.3B |
| Q3 2025 | $12.2B |
| Q4 2025 | $12.5B * |
| Q1 2026 | $11.5B |
| Q2 2026 | $13.0B |
| Q3 2026 | $13.1B |
Data
| Q1 2025 | $1.20 |
| Q2 2025 | $0.64 |
| Q3 2025 | $1.08 |
| Q1 2026 | $1.31 |
| Q2 2026 | $1.62 |
| Q3 2026 | $1.05 |
Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.
Data
| Q4 2024 | $4.1B |
| Q1 2025 | $1.7B |
| Q2 2025 | $3.6B |
| Q3 2025 | $6.0B |
| Q4 2025 | $1.6B |
| Q1 2026 | $757.0M |
| Q2 2026 | $3.1B |
| Q3 2026 | $3.8B |
Operating cash flow minus capital expenditure, from cash flow statements.
Questions
What were Bristol Myers Squibb's Q2 2026 headline results?
Revenues rose 6% (+5% Ex-FX) to $13.0 billion. GAAP EPS was $1.62, up from $0.64, and non-GAAP EPS was $2.04, up from $1.46.
How did the Growth Portfolio perform?
Growth Portfolio revenues increased 15% (+14% Ex-FX) to $7.6 billion. Growth was primarily driven by Opdivo Qvantig, Reblozyl, Camzyos, Breyanzi and Opdualag.
What is BMS's updated 2026 guidance?
Revenue guidance is now approximately $49.0 billion to $50.0 billion, up from approximately $46.0 billion to $47.5 billion. Non-GAAP EPS guidance is $6.75 to $7.00, up from $6.05 to $6.35.
What happened to margins and expenses?
GAAP gross margin fell from 72.5% to 71.3% on product mix. Full-year operating expenses are now expected at about $16.5 billion, up from about $16.3 billion, because of pipeline and launch investment.
What is the main risk to the outlook?
Generic competition is eroding the Legacy Portfolio, which management expects to decline 4% to 6% in 2026. Revlimid fell 49% and Pomalyst/Imnovid fell 71% in the quarter, so Growth Portfolio products and Eliquis must keep offsetting those losses.
Documents
SEC filing