Jun 2026 (Q2 FY26) — Jul 30, 2026
Bristol-Myers Squibb Company Q2 FY26 — Strong Growth Portfolio Performance and Raised Full-Year Guidance
Read the full callBristol Myers Squibb (BMY) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Bristol Myers Squibb earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 12,973 | +5.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 3,317 | +153.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
14 of 27 judged targets kept · 37 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Iza-bren early data readout (NSCLC and other solid tumors) | early data expected later this year | Jun 2025 | In solid tumors, we saw encouraging Phase III data from 2 iza-bren studies, supporting our strategy of building differentiated ADC capabilities across multiple difficult-to-treat solid tumors. | Achieved |
| Cobenfy ADEPT-1 and ADEPT-4 data readout | read out | Jun 2025 | based on the pace of enrollment in the ADEPT 2 and 4 studies and relapse events accruing more slowly than projected in ADEPT 1, we now anticipate top line data readouts from the ADEPT program to begin in early 2027 and be spread across the year | Delayed |
| Anti-tau antibody for Alzheimer's disease Phase II data readout | data expected to read out | Sep 2025 | The readout of the Phase II is going to be next year. | On Track |
13 of BRISTOL MYERS SQUIBB CO's 64 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 61 more targets are in the full ledger.
Claimed
- 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.
Qualified
- 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.
Price
$58.83 −1.54% · −$0.92
Performance +34.8% 1Y
1Y: $43.63 on 17 Oct 2025 → $58.83. High $68.09 (3 Sept 2026), low $42.6 (29 Oct 2025).
- Previous close
- $59.75
- 52-week range
- $42.6 – $68.09
- One year
- +34.96%
Overview
- Symbol
- BMY
- Sector
- Health Care
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
14 of 27 judged targets kept · 37 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Iza-bren early data readout (NSCLC and other solid tumors) | early data expected later this year | Jun 2025 | In solid tumors, we saw encouraging Phase III data from 2 iza-bren studies, supporting our strategy of building differentiated ADC capabilities across multiple difficult-to-treat solid tumors. | Achieved |
| Cobenfy ADEPT-1 and ADEPT-4 data readout | read out | Jun 2025 | based on the pace of enrollment in the ADEPT 2 and 4 studies and relapse events accruing more slowly than projected in ADEPT 1, we now anticipate top line data readouts from the ADEPT program to begin in early 2027 and be spread across the year | Delayed |
| Anti-tau antibody for Alzheimer's disease Phase II data readout | data expected to read out | Sep 2025 | The readout of the Phase II is going to be next year. | On Track |
Claimed
- 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 $1 billion.
Qualified
- The Milvexian atrial fibrillation study readout was delayed from late 2026 to Q1 2027 due to a slower pace of events.
- Cobenfy's ADEPT program top-line data readouts were delayed to early 2027, spread across the year, due to slower relapse events and focus on study quality.
The full ledger
Open BRISTOL MYERS SQUIBB CO’s full ledger
A free account opens 5 company ledgers a month. All 64 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 30, 2026
Bristol-Myers Squibb Q1 FY26 — Growth portfolio +9%, tracking to upper end of guidance
Read the full callDec 2025 (Q4 FY25) — Feb 5, 2026
Bristol-Myers Squibb Q4 FY25 – Strong Growth Portfolio Performance and Robust Pipeline Catalysts
Read the full callEvery analysed call
Bristol Myers Squibb earnings calls (BMY)
Financials
What the filings say
Net profit, year on year: +153% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 11,892 | 12,342 | 11,201 | 12,269 | 12,222 | 12,502 | 11,489 | 12,973 |
| Expenses | 10,216 | 12,167 | 8,230 | 10,496 | 9,108 | 11,032 | 8,250 | 8,887 |
| Interest | 505 | 496 | 494 | 485 | 480 | 432 | 411 | 407 |
| Profit before tax | 1,676 | 175 | 2,971 | 1,773 | 3,114 | 1,470 | 3,240 | 4,086 |
| Tax rate | 27.5% | 56.6% | 17.1% | 25.9% | 29.5% | 26.1% | 17.3% | 18.8% |
| Net profit | 1,211 | 72 | 2,456 | 1,310 | 2,201 | 1,087 | 2,677 | 3,317 |
| EPS ($ per share) | 0.60 | — | 1.21 | 0.64 | 1.08 | — | 1.31 | 1.62 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 221 | 292 | 292 | 292 | 292 | — | — | — |
| Reserves | 34,065 | 34,474 | 21,281 | 23,820 | 25,503 | 28,766 | 14,912 | 16,896 |
| Total liabilities | 20,859 | 78,246 | 80,599 | 73,308 | 65,702 | 65,674 | 76,215 | 71,533 |
| Fixed assets | 5,027 | 6,252 | 5,886 | 6,049 | 6,255 | 6,646 | 7,136 | 7,543 |
| Investments | 1,848 | 3,047 | 1,285 | 2,987 | 130 | — | — | — |
| Total assets | 34,986 | 129,944 | 118,481 | 109,314 | 96,820 | 95,159 | 92,603 | 90,038 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 7,066 | 8,210 | 14,052 | 16,207 | 13,066 | 13,860 | 15,190 | 14,156 |
| Cash from investing | -2,000 | -9,913 | -10,859 | -538 | -1,062 | -2,295 | -21,352 | -4,132 |
| Cash from financing | -3,535 | 7,621 | -1,151 | -16,224 | -16,962 | -9,416 | 5,127 | -10,348 |
| Net cash flow | 1,490 | 5,909 | 2,153 | -657 | -4,991 | 2,194 | -1,172 | -129 |
| Capital expenditure | -951 | -836 | -753 | -973 | -1,118 | -1,209 | -1,248 | -1,311 |
| Free cash flow | 6,115 | 7,374 | 13,299 | 15,234 | 11,948 | 12,651 | 13,942 | 12,845 |
BMY revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Sales Revenue Gross | 178% | 181% | 177% | 181% | 184% | 188% | 147% | 140% | -18.0% |
| Growth Brands | 49% | 52% | 50% | 54% | 56% | 59% | 54% | 58% | +14.6% |
| Legacy Brands | 51% | 48% | 50% | 46% | 44% | 41% | 46% | 42% | -4.4% |
| Eliquis | 25% | 26% | 32% | 30% | 31% | 28% | 36% | 35% | +21.8% |
| Opdivo | 20% | 20% | 20% | 21% | 21% | 22% | 19% | 19% | -2.9% |
| Orencia | 8% | 8% | 7% | 8% | 8% | 8% | 7% | 8% | +7.4% |
| Yervoy | 5% | 5% | 6% | 6% | 6% | 6% | 6% | 6% | +5.6% |
| Reblozyl | 4% | 4% | 4% | 5% | 5% | 5% | 5% | 6% | +29.4% |
| Other Growth Brands | 4% | 4% | 4% | 4% | 4% | 4% | 5% | 5% | +38.9% |
| Breyanzi | 2% | 2% | 2% | 3% | 3% | 3% | 4% | 4% | +40.7% |
| Revlimid | 12% | 11% | 8% | 7% | 5% | 5% | 3% | 3% | -49.3% |
| Camzyos | 1% | 2% | 1% | 2% | 2% | 3% | 3% | 3% | +60.0% |
| Alliance and Other Revenues | — | — | — | — | — | — | 3% | 3% | — |
| Opdualag | 2% | 2% | 2% | 2% | 2% | 3% | 3% | 3% | +22.9% |
| Other Revenues | 3% | — | 2% | 2% | 2% | — | 2% | 2% | +16.6% |
| Opdivo Ovantig | — | — | <1% | <1% | 1% | 1% | 1% | 2% | +770.0% |
| Pomalyst Imnovid | 8% | 7% | 6% | 6% | 6% | 6% | 4% | 2% | -71.2% |
| Other Legacy Brands | 2% | 2% | 2% | 2% | 1% | 2% | 1% | 1% | -23.8% |
| Zeposia | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | +12.7% |
| Alliance Revenues | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | -12.6% |
| Sprycel | 2% | 2% | 2% | 1% | 1% | 1% | 1% | 1% | -26.7% |
| Sotyktu | 1% | 1% | <1% | 1% | 1% | 1% | 1% | 1% | +24.3% |
| Cobenfy | — | — | <1% | <1% | <1% | <1% | <1% | <1% | +80.0% |
| Krazati | <1% | <1% | <1% | <1% | <1% | <1% | <1% | <1% | +14.6% |
| Abraxane | 2% | 1% | 1% | 1% | 1% | 1% | <1% | <1% | -47.6% |
| Other Revenue Hedging Activities | — | — | — | — | — | — | 0% | 0% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2026 · share of revenue
- US 69%
- Non Us 28%
- Other Region 2%
As BMY cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
138 filings between Nov 1, 2025 and Oct 2, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$2.29M
4 sales by 3 insiders
Compensation
not trading decisions- 49
- Option exercise — converted options into shares
- 48
- Tax withheld — shares kept back by the company to cover tax
Also filed: 37 other filings.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Elkins David V | — | $1.85M | Apr 1, 2026 |
| Massacesi Cristian | — | $403.5K | Sep 9, 2026 |
| Holzer Phil M | — | $33.8K | Aug 25, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 2, 2026 | Gallman Cari EVP, General Counsel | Option exercise | 4,559 | $0 |
| Oct 2, 2026 | Gallman Cari EVP, General Counsel | Tax withheld | 2,332 | $142.6K |
| Sep 9, 2026 | Massacesi Cristian EVP,Chief Med Offr,Head of Dev | Sale | 6,249 | $403.5K |
| Sep 1, 2026 | Short Bartie Wendy EVP, Corporate Affairs | Option exercise | 1,236 | $82.7K |
| Sep 1, 2026 | Short Bartie Wendy EVP, Corporate Affairs | Tax withheld | 633 | $42.4K |
| Aug 25, 2026 | Holzer Phil M SVP and Controller | Sale | 500 | $33.8K |
| Aug 1, 2026 | Gallman Cari EVP, General Counsel | Option exercise | 1,061 | $0 |
| Aug 1, 2026 | Massacesi Cristian EVP,Chief Med Offr,Head of Dev | Tax withheld | 26,175 | $1.71M |
| Aug 1, 2026 | Gallman Cari EVP, General Counsel | Tax withheld | 543 | $35.5K |
| Aug 1, 2026 | Massacesi Cristian EVP,Chief Med Offr,Head of Dev | Option exercise | 51,172 | $0 |
| Jun 15, 2026 | Haller Julia A Director | Option exercise | 20,460 | $1.10M |
| Jun 3, 2026 | Short Bartie Wendy EVP, Corporate Affairs | Option exercise | 8,040 | $0 |
| Jun 3, 2026 | Short Bartie Wendy EVP, Corporate Affairs | Tax withheld | 3,876 | $212.1K |
| May 1, 2026 | Lenkowsky Adam EVP, Chief Commercial Officer | Tax withheld | 599 | $34.9K |
| May 1, 2026 | Lenkowsky Adam EVP, Chief Commercial Officer | Option exercise | 1,373 | $0 |
| May 1, 2026 | Lenkowsky Adam EVP, Chief Commercial Officer | Other | 203 | $0 |
| Apr 1, 2026 | Shanahan Karin EVP, Chief Supply Chain & Ops | Tax withheld | 1,692 | $104.4K |
| Apr 1, 2026 | Shanahan Karin EVP, Chief Supply Chain & Ops | Option exercise | 3,307 | $0 |
| Apr 1, 2026 | Elkins David V EVP, Chief Financial Officer | Sale | 4,481 | $278.0K |
| Apr 1, 2026 | Elkins David V EVP, Chief Financial Officer | Sale | 25,519 | $1.57M |
| Mar 10, 2026 | BOERNER CHRISTOPHER S. Chief Executive Officer | Tax withheld | 3,073 | $184.8K |
| Mar 10, 2026 | BOERNER CHRISTOPHER S. Chief Executive Officer | Other | 727 | $0 |
| Mar 10, 2026 | BOERNER CHRISTOPHER S. Chief Executive Officer | Option exercise | 6,733 | $0 |
| Mar 10, 2026 | BOERNER CHRISTOPHER S. Chief Executive Officer | Tax withheld | 3,006 | $180.8K |
| Mar 10, 2026 | BOERNER CHRISTOPHER S. Chief Executive Officer | Other | 743 | $0 |
| Mar 10, 2026 | Meyers Gregory Scott EVP, Chief Digital & Tech Off. | Other | 356 | $0 |
| Mar 10, 2026 | Meyers Gregory Scott EVP, Chief Digital & Tech Off. | Option exercise | 3,293 | $0 |
| Mar 10, 2026 | Meyers Gregory Scott EVP, Chief Digital & Tech Off. | Tax withheld | 1,069 | $64.3K |
| Mar 10, 2026 | BOERNER CHRISTOPHER S. Chief Executive Officer | Option exercise | 6,618 | $0 |
| Mar 10, 2026 | BOERNER CHRISTOPHER S. Chief Executive Officer | Option exercise | 40,398 | $0 |
| Mar 10, 2026 | Elkins David V EVP, Chief Financial Officer | Tax withheld | 10,240 | $615.7K |
| Mar 10, 2026 | Elkins David V EVP, Chief Financial Officer | Other | 23,285 | $0 |
| Mar 10, 2026 | Plenge Robert M EVP, Chief Research Officer | Other | 6,900 | $0 |
| Mar 10, 2026 | Elkins David V EVP, Chief Financial Officer | Option exercise | 47,424 | $0 |
| Mar 10, 2026 | Plenge Robert M EVP, Chief Research Officer | Tax withheld | 927 | $55.7K |
| Mar 10, 2026 | Plenge Robert M EVP, Chief Research Officer | Option exercise | 2,342 | $0 |
| Mar 10, 2026 | Elkins David V EVP, Chief Financial Officer | Tax withheld | 2,991 | $179.8K |
| Mar 10, 2026 | Elkins David V EVP, Chief Financial Officer | Other | 854 | $0 |
| Mar 10, 2026 | Plenge Robert M EVP, Chief Research Officer | Tax withheld | 436 | $26.2K |
| Mar 10, 2026 | Plenge Robert M EVP, Chief Research Officer | Other | 253 | $0 |
| Mar 10, 2026 | Plenge Robert M EVP, Chief Research Officer | Other | 124 | $0 |
| Mar 10, 2026 | Plenge Robert M EVP, Chief Research Officer | Option exercise | 14,052 | $0 |
| Mar 10, 2026 | Plenge Robert M EVP, Chief Research Officer | Option exercise | 1,107 | $0 |
| Mar 10, 2026 | Plenge Robert M EVP, Chief Research Officer | Tax withheld | 3,172 | $190.7K |
| Mar 10, 2026 | Meyers Gregory Scott EVP, Chief Digital & Tech Off. | Option exercise | 2,839 | $0 |
| Mar 10, 2026 | Meyers Gregory Scott EVP, Chief Digital & Tech Off. | Other | 319 | $0 |
| Mar 10, 2026 | BOERNER CHRISTOPHER S. Chief Executive Officer | Tax withheld | 4,632 | $278.5K |
| Mar 10, 2026 | Elkins David V EVP, Chief Financial Officer | Option exercise | 7,904 | $0 |
| Mar 10, 2026 | BOERNER CHRISTOPHER S. Chief Executive Officer | Other | 8,734 | $0 |
| Mar 10, 2026 | BOERNER CHRISTOPHER S. Chief Executive Officer | Option exercise | 17,788 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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