Bristol-Myers Squibb Co

Latest Results (05.06.2026):

Bristol-Myers Squibb Co — first quarter of 2026: Total revenues were $11.49 billion, up 3% year-over-year (1% Ex‑FX), driven by a 12% increase in the Growth Portfolio to $6.23 billion (9% Ex‑FX). GAAP EPS was $1.31 and non‑GAAP EPS was $1.58 (both include a net $(0.03) impact from Acquired IPRD charges and licensing income). The company reaffirmed 2026 guidance with total revenues of ~$46.0–$47.5 billion and non‑GAAP EPS $6.05–$6.35, noting results are trending toward the upper end of those ranges.

Revenue mix & growth

Total revenues $11.489B (+3% / +1% Ex‑FX). Growth Portfolio $6.227B (+12% / +9% Ex‑FX) led by Camzyos, Breyanzi and Reblozyl. Legacy Portfolio $5.277B declined 6% (8% Ex‑FX) as Eliquis grew but other legacy products faced expected generic erosion. U.S. revenues were $7.788B (down 1%) and International $3.701B (up 11% / +4% Ex‑FX).

Profitability and margins

GAAP net income attributable to BMS $2.677B ($1.31 diluted EPS); non‑GAAP net income used for EPS $3.237B ($1.58 diluted EPS). Gross margin fell to 70.2% GAAP (70.3% non‑GAAP), roughly a 270–280 basis‑point decline primarily from product mix. Cost of goods sold rose 13% and R&D (GAAP) increased 17%, driven in part by IPRD impairment charges.

Specified items and EPS impact

Both GAAP and non‑GAAP EPS include a net $(0.03) impact from Acquired IPRD charges and licensing income. Specified items increased pre‑tax earnings by $721M and after‑tax adjustment of $560M in the quarter (reconciliations provided in company tables).

Balance sheet / liquidity

Cash, cash equivalents and marketable debt securities totaled about $10.85B at March 31, 2026. Reported net debt position was negative $33.6B (i.e., net cash relative to debt of $33.6B), reflecting a strong balance sheet.

Pipeline & regulatory milestones

Multiple near‑term clinical and regulatory catalysts: FDA approvals and positive readouts included Opdivo approval in first‑line pediatric/adult classical Hodgkin lymphoma (with EC pediatric approval for a related Opdivo regimen), positive Phase 3 results for mezigdomide (SUCCESSOR‑2) and for Camzyos in adolescents, Sotyktu FDA approval for psoriatic arthritis, positive izalontamab (iza‑bren) Phase 3 interim data in China, Reblozyl positive ex‑U.S. registrational data in alpha‑thalassemia, and iberdomide NDA acceptance with a PDUFA date of August 17, 2026.

Guidance outlook

2026 guidance reaffirmed: total revenues ~$46.0–$47.5B and non‑GAAP diluted EPS $6.05–$6.35, with management indicating both metrics are trending toward the upper end of the ranges. Eliquis is expected to grow worldwide 10%–15% in 2026 versus 2025.

Notable commercial developments

Commercial highlights include continued strong international uptake of several Growth Portfolio medicines (e.g., Breyanzi, Camzyos) and a pricing collaboration for Eliquis with Mark Cuban Cost Plus Drugs to provide a low‑cost cash option for patients.