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    BMY
    Earnings call· Jun 2026(Q2 FY26)

    BRISTOL MYERS SQUIBB Q2 FY26 earnings call BMY

    Jul 30, 2026 Source

    Executive summary

    Bristol-Myers Squibb Company Q2 FY26 — Strong Growth Portfolio Performance and Raised Full-Year Guidance

    Bristol-Myers Squibb delivered a strong second quarter, driven by robust performance across its growth portfolio and disciplined execution. The company raised its full-year revenue and adjusted EPS guidance, reflecting confidence in its commercial momentum and pipeline. While key pipeline readouts for Milvexian and Cobenfy saw timing adjustments, management expressed continued confidence in their potential, supported by ongoing DMC endorsements and strategic focus on quality.

    Highlights

    5

    • Growth portfolio sales increased 14% year-over-year, now representing nearly 60% of total revenue.

    • Ten products in the overall portfolio achieved double-digit growth, demonstrating broad commercial execution.

    • Full-year 2026 revenue and adjusted EPS guidance were increased based on strong first-half results.

    • Eliquis revenue grew 21% to approximately $4.5 billion, driven by strong demand and market share gains.

    • Qvantig continued its strong launch trajectory with revenue of $261 million, annualizing at over $1 billion.

    Concerns

    2

    • The Milvexian atrial fibrillation study readout was delayed from late 2026 to Q1 2027 due to a slower pace of events.

    • Cobenfy's ADEPT program top-line data readouts were delayed to early 2027, spread across the year, due to slower relapse events and focus on study quality.

    Guidance & targets

    20
    CategoryTargetConfidence
    Full-year 2026 Revenue
    Increased
    high materiality
    High
    Full-year 2026 Adjusted Diluted EPS
    Increased
    high materiality
    High
    Full-year 2026 Eliquis Revenue Growth
    20% to 25%
    medium materiality
    High
    Full-year 2026 Total Legacy Portfolio Revenue Decrease
    4% to 6%
    medium materiality
    High
    Full-year 2026 Operating Expenses
    Slightly increased
    low materiality
    Medium
    Full-year 2026 Gross Margin
    Maintained
    low materiality
    High
    Full-year 2026 Other Income and Expense
    Maintained
    low materiality
    High
    Full-year 2026 Tax Rate
    Maintained
    low materiality
    High
    Eliquis U.S. Sales
    Higher in H2 2026 than H1 2026
    medium materiality
    High
    Eliquis Loss of Exclusivity (LOE)
    April 2028
    high materiality
    High
    Milvexian Atrial Fibrillation Study Readout
    Q1 2027
    high materiality
    High
    Cobenfy ADEPT Program Top-Line Data Readouts
    Begin in early 2027 and spread across the year
    medium materiality
    High
    Cobenfy BALSAM-1 and 2 Studies Readout
    H1 2027
    low materiality
    High
    Iberdomide PDUFA Date
    August 17
    high materiality
    High
    Mezigdomide PDUFA Date
    May 13, 2027
    medium materiality
    High
    Camzyos sNDA PDUFA Date
    September 30
    low materiality
    High
    Camzyos Nonobstructive HCM Phase III Study Initiation
    By the end of the year
    low materiality
    High
    New Medicines from Pipeline
    More than 10
    high materiality
    High
    Life Cycle Management Opportunities
    Over 30 meaningful opportunities
    medium materiality
    High
    Eliquis Sales Step-Down
    $1.5B to $2B
    high materiality
    High

    Segment performance

    10
    SegmentRevenueYoYQoQMargin
    Growth Portfolio
    Represents nearly 60% of total revenue. Includes products like Reblozyl, Breyanzi, Camzyos, Opdualag, and Qvantig.
    		$7.6B14%——
    Qvantig
    Continued strong launch trajectory.
    Annualized revenue: Over $1BMarket share: 15%
    		$261M———
    Opdivo
    Primarily driven by continued conversion to Qvantig in the U.S. Saw some inventory build at wholesale level.
    		$2.5B-4%——
    Opdualag
    Delivered strong double-digit growth driven by global demand and leading position in first-line melanoma in the U.S.
    		—22%——
    Reblozyl
    Reflecting solid uptake in first-line MDS associated anemia, continued strength in second-line, and penetration in first-line RS-negative population.
    		—29%——
    Breyanzi
    Driven by best-in-class profile and strong demand across approved indications in U.S. and international markets. Anticipate moderate growth in Q3 due to typical summer demand patterns.
    		—41%——
    Eliquis
    Driven by strong demand through continued market share gains. U.S. second half sales expected to benefit from elimination of accumulated CPI penalty.
    U.S. new-to-brand share: Approaching 80%
    		$4.5B21%——
    Camzyos
    Reflecting continued promotional efforts, new patient prescriber additions, and deeper penetration into the community setting.
    		$416M59%——
    Sotyktu
    Global revenue growth. Supporting recent indication for psoriatic arthritis in adults. Phase III readouts in lupus expected later this year.
    		—23%——
    Cobenfy
    Reflecting continued steady progress in the schizophrenia market. Efforts ongoing to educate physicians on rapid titration to 125mg dose.
    TRx growth: 15% quarter-over-quarter
    		$63M81%——

    Operational metrics

    8
    Total Revenue
    $13B+5% year-over-year
    Q2 FY26

    Total revenue for the second quarter.

    Gross Margin
    71.4%
    Q2 FY26

    Reflecting product mix.

    Operating Expenses
    $4.1B
    Q2 FY26

    Benefiting from strategic productivity initiatives.

    Effective Tax Rate
    16.5%
    Q2 FY26

    Reflecting jurisdictional earnings mix.

    Diluted Earnings Per Share
    $2.04
    Q2 FY26

    Overall diluted EPS for the quarter.

    Cash Equivalents and Marketable Securities
    $11.5B
    as of June 30

    Strong financial position.

    Debt Paid Down
    $1.2B
    Q2 FY26

    Additional debt paid down in the second quarter.

    IPF/PPF Market Size
    $4BExpected to double to $8B-$10B by mid-2030s
    Current

    Current market size for IPF/PPF, with significant growth potential with improved treatments.

    Industry KPIs

    2
    MetricValueDetails
    EPS revenue guidanceIncreased
    Business development capacity deal appetite$11.5BUSD

    Deals & partnerships

    2
    AnthropicPartnership agreement to expand use of AI across research and enterprise operations.

    Helps scientists understand disease biology more deeply, design and test candidate molecules faster, and make earlier, better informed decisions.

    NVIDIAPartnership agreement to expand use of AI across research and enterprise operations.

    Helps scientists understand disease biology more deeply, design and test candidate molecules faster, and make earlier, better informed decisions.

    Risks & headwinds

    3
    Milvexian atrial fibrillation study delayNear-term

    Readout delayed from late 2026 to Q1 2027

    Mitigation: Event-driven study, updated timing reflects pace of events. Independent Data Monitoring Committee (DMC) continues to endorse the study, increasing confidence in its potential.

    Cobenfy ADEPT program data readouts delayNear-term

    Top-line data readouts delayed to early 2027, spread across the year

    Mitigation: Delay due to slower pace of relapse events in ADEPT 1 and focus on ensuring highest quality in ADEPT 2 and 4 enrollment. Measures implemented to accelerate enrollment, and confidence in underlying science and study designs remains unchanged.

    Eliquis Loss of Exclusivity (LOE)2027 and beyond

    Expected $1.5B to $2B step-down in sales in 2027

    Mitigation: Eliquis LOE in Europe in mid-Q4 2026 and U.S. LOE in April 2028. Milvexian's filing and launch timelines are aligning nicely with Eliquis LOE to help offset impact.

    What to watch in Q3 FY26

    5

    Milvexian AF study readout

    Q1 2027
    CurrentDelayed to Q1 2027
    TargetQ1 2027 readout

    Why it matters

    This is a major catalyst for future growth, with the potential to reshape the anticoagulation market if data is strong.

    For Milvexian, we now expect the atrial fibrillation study to read out in the first quarter of 2027. This is an event-driven study, and the updated timing from late 2026 reflects the pace of events.

    Q&A highlights

    8

    Can you provide more context on the delays for Milvexian and Cobenfy studies, specifically if there are changes in patient population or initial assumptions?

    For Cobenfy ADEPT 1, the lower pace of psychotic relapses is a positive sign. For ADEPT 2 and 4, the focus on ensuring high quality in patient inclusion and study conduction impacted enrollment pace, but measures are now in place to accelerate. For Milvexian, the delay to Q1 2027 is due to a lower-than-predicted pace of event recruitment, but the DMC continues to endorse the study, which is seen favorably.

    “ADEPT 1, we are recruiting events, psychotic relapses. And we are having now a lower pace of how we are recruiting these events than predicted. So this is -- can be seen overall as a positive way.”

    asked by Geoff Meacham · answered by Cristian Massacesi

    2 min read5 chapters

    Detailed Narrative

    01

    Strong Growth Portfolio Performance

    Bristol-Myers Squibb's growth portfolio delivered a strong Q2 performance, with sales increasing 14% year-over-year and now contributing nearly 60% of total revenue. Key assets such as Reblozyl, Breyanzi, Camzyos, Opdualag, and Qvantig were significant drivers, with Qvantig's revenue reaching $261 million and annualizing at over $1 billion. This broad-based growth, with 10 products achieving double-digit increases, underscores the value creation from the company's newer products and effective commercial execution.

    02

    Advancing a Differentiated Pipeline

    The company is making significant progress in advancing its broad and differentiated pipeline, with several pivotal readouts anticipated by the end of 2026. These include Admilparant for pulmonary fibrosis, Arlo-cel for multiple myeloma, Iberdomide PFS data, Milvexian for secondary stroke prevention, RYZ101 for GEP-NETs, and Sotyktu for lupus. These opportunities collectively represent multibillion-dollar peak sales potential and are expected to accelerate long-term growth by addressing large, underserved patient populations.

    03

    Key Regulatory Milestones Achieved and Upcoming

    Bristol-Myers Squibb is nearing several important regulatory decisions. The PDUFA date for Iberdomide, a potential first-in-class CELMoD for multiple myeloma, is set for August 17, 2026, with commercial teams launch-ready. The FDA also accepted the NDA for Mezigdomide, another CELMoD, with a PDUFA date of May 13, 2027. Additionally, a supplemental NDA for Camzyos in adolescents with obstructive hypertrophic cardiomyopathy was accepted, with a PDUFA date of September 30, 2026, further expanding the reach of key growth products.

    04

    Strategic Investments in AI and Operational Efficiency

    The company continues to evolve its operational model, focusing on agility, efficiency, and the expanded use of AI. Recent partnerships with Anthropic and NVIDIA aim to enhance drug discovery by deepening understanding of disease biology, accelerating molecule design and testing, and improving decision-making for program advancement. These strategic initiatives, combined with ongoing productivity efforts, generate meaningful savings and fortify the company's financial foundation.

    05

    Financial Strength and Capital Allocation Priorities

    Bristol-Myers Squibb maintains a strong financial position, reporting approximately $11.5 billion in cash, cash equivalents, and marketable securities as of June 30. The company generated $3.4 billion in operating cash flow and paid down $1.2 billion in debt during the quarter. Business development remains a top capital allocation priority, focusing on opportunities in known therapeutic areas with compelling science and financial value, alongside a commitment to returning cash to shareholders through dividends.

    AI-generated summary of the company’s earnings call. Not investment advice.