Detailed Narrative
Q1 financial results and portfolio dynamics
Total revenue was ~$11.5B, up 1% YoY, with the growth portfolio up 9% to $6.2B and now spanning a broad set of early-life-cycle assets (Reblozyl, Breyanzi, Opdualag, Qvantig, Cobenfy). Within legacy, Eliquis grew 13% to ~$4.1B on strong demand plus a price-cut-driven Q1 wholesale inventory build, offsetting continued generic erosion across several other brands. Non-GAAP gross margin fell 280 bps to 70.3% on product mix, operating expenses ex-IPR&D were $3.9B, the effective tax rate was 18.3%, and diluted EPS was $1.58 (including a $0.03 net IPR&D/licensing charge).
Late-2026 pivotal readout calendar
Management framed the back half of 2026 as an increasing cadence of pivotal readouts that should derisk the long-term growth profile: Milvexian in AFib and secondary stroke prevention, Cobenfy in Alzheimer's disease psychosis (ADEPT program), admilparant in IPF, and iberdomide PFS data. Milvexian's AFib trial (20,500 patients) tests non-inferiority vs apixaban with a disclosed margin of 0.8%–1.3% and a superiority test for major and clinically-relevant non-major bleeding. Admilparant IPF is guided to the end of the year with PPF a few months later (early 2027).
CELMoD protein-degradation platform momentum
The iberdomide r/r multiple myeloma filing was accepted with breakthrough therapy designation and priority review (PDUFA Aug 17). Mezigdomide delivered a positive Phase III interim PFS readout (SUCCESSOR-II, add-on to Kd) that came earlier than expected, the second positive pivotal CELMoD readout, with full data at ASCO and regulatory submissions being planned. Management flagged golcadomide as a 'sleeper' with more data at ASCO, plus a deep pipeline of additional degraders (BCL-6 LDD, AR LDD). Commercial goal: make iberdomide and mezigdomide foundational, replacing REVLIMID and POMALYST in second-line community myeloma (70–80% of patients).
R&D productivity and AI investment
BMS is investing in core R&D infrastructure — AI tools, laboratory automation and workforce training — targeting ~50% faster lead-molecule identification in research/early development and a 30% reduction in late-development cycle times versus a few years ago. Named enablers include a partnership with Ferro for more efficient trial design and a cost-optimizer tool. These are top 2026 priorities, funded by the remaining $2B of strategic-productivity savings (through end-2027).
Camzyos competitive positioning
Camzyos revenue nearly doubled to $314M with ~25,000 US patients prescribed and strong persistency. Ahead of competitor aficamten's launch, management argued for limited differentiation: ~90% of Camzyos patients start at 5mg with a single titration step to 10mg (5/10mg = ~90% of business), a clear 4-year-established REMS and echo-at-4-weeks regimen, versus a competitor requiring multiple titration steps. A new, more focused Phase III study in non-obstructive HCM is planned.
Business development posture
BD remains a top capital-allocation priority and is described as unaffected by the end-of-year readouts. With ~$11B in cash and marketable securities and a strong late-stage pipeline, management says it doesn't need to chase deals but has the flexibility to enhance near-term growth and to expand the early/mid-stage portfolio for growth into the 2030s. BMS positions itself as 'size agnostic,' focused on therapeutic areas it knows scientifically where it can add clinical and commercial value.