Bristol Myers Squibb (BMY) Q1 FY26 earnings call

A steady, execution-led quarter: the still-early growth portfolio is doing the heavy lifting while legacy erosion is largely offset by Eliquis, keeping BMS on its post-LOE bridge. The thesis now hinges on a dense late-2026/2027 catalyst calendar (Milvexian, Cobenfy ADEPT, admilparant, CELMoDs) to derisk growth into the 2030s, funded by productivity savings and preserved BD firepower.