Bristol-Myers Squibb Co

Latest Results (16.07.2026):

Bristol-Myers Squibb Co — first quarter of 2026: The company reported Q1 2026 total revenues of $11.49 billion (up 3% vs. Q1 2025; +1% Ex-FX), driven by a 12% increase in the Growth Portfolio to $6.23 billion. GAAP diluted EPS was $1.31 and non-GAAP diluted EPS was $1.58 (both include a net $(0.03) impact from Acquired IPRD charges and licensing income). Management reaffirmed full-year 2026 guidance and said total revenues and non-GAAP EPS are trending toward the upper end of the ranges provided.

Financial snapshot

Total revenues $11.49B (+3% / +1% Ex-FX); Growth Portfolio $6.23B (+12% / +9% Ex-FX); Legacy Portfolio $5.28B (down 6% / -8% Ex-FX). Net income attributable to BMS: GAAP $2.677B; non-GAAP ~$3.237B.

Earnings & per-share results

GAAP diluted EPS $1.31; non-GAAP diluted EPS $1.58 (both include net impact of $(0.03) from Acquired IPRD charges and licensing income). Non-GAAP EPS declined vs. Q1 2025 ($1.80) while GAAP EPS rose vs. prior year.

Revenue drivers

Top contributors: Eliquis $4.137B (+16% YoY worldwide), Opdivo $2.146B (modestly down worldwide), and strong Growth Portfolio momentum from Camzyos, Breyanzi and Reblozyl. International revenues grew 11% (4% Ex-FX); U.S. revenues were slightly down (-1%).

Costs, R&D and special items

GAAP gross margin declined to 70.2% (down ~270 bps) mainly from product mix. GAAP R&D rose 17% to $2.65B (driven by IPRD impairment charges); non-GAAP R&D was flat at ~$2.24B. Acquired IPRD charges were $94M (down from $188M); specified items increased pre-tax earnings by $721M.

Guidance

2026 reaffirmed: total revenues ~$46.0–$47.5B and non-GAAP diluted EPS $6.05–$6.35 (company says both metrics are trending toward the upper end). Eliquis worldwide revenue expected to grow 10–15% in 2026 vs. 2025.

Pipeline & regulatory highlights

Notable Q1/regulatory and clinical updates: FDA approval for Opdivo in certain Hodgkin lymphoma indications; FDA approval of Sotyktu for psoriatic arthritis; positive Phase 3 data for mezigdomide (SUCCESSOR-2) and for adolescent Camzyos (SCOUT-HCM); positive izalontamab/partner Phase 3 topline results and Reblozyl Phase 2 alpha-thalassemia topline success; iberdomide NDA accepted with a PDUFA date set.

Balance sheet & cash

Cash, cash equivalents and marketable debt securities totaled ~$10.85B. Reported net debt position as of March 31, 2026 was $(33,607) million (i.e., a net cash position of roughly $33.6B by the company’s metric).