# Bristol Myers Squibb (BMY) Q2 2026 earnings

Results filed 2026-07-30 for the quarter ended 2026-06-30. Source page: https://earnings.opennash.com/companies/bmy/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/14272/000001427226000018/0000014272-26-000018-index.htm
> 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

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Total revenues | $13.0 billion | up 6% (+5% Ex-FX) from a year ago |  |
| Net income attributable to BMS | $3.3 billion | up from $1.3 billion a year ago | GAAP |
| Diluted EPS | $1.62 | up 153% from a year ago | GAAP |
| Non-GAAP EPS | $2.04 | up 40% from a year ago | non-GAAP |
| Gross margin | 71.3% | down from 72.5% a year ago | GAAP |
| Gross margin (non-GAAP) | 71.4% | down from 72.6% a year ago | non-GAAP |

## Segments and operating metrics

| Name | Value | Change |
| --- | --- | --- |
| Growth Portfolio | $7.6 billion | up 15% (+14% Ex-FX) |
| Legacy Portfolio | $5.4 billion | down 4% (-5% Ex-FX) |
| Opdivo | $2,485 | down 3% (-4% Ex-FX) |
| Opdivo Qvantig | $261 | >200% growth |
| Eliquis | $4,481 | up 22% (+21% Ex-FX) |
| Camzyos | $416 | up 60% (+59% Ex-FX) |
| Reblozyl | $735 | up 29% (+29% Ex-FX) |
| Breyanzi | $484 | up 41% (+41% Ex-FX) |

## 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

1. **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.
2. **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.
3. **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%.
4. **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%.
5. **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.

## 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.