Bristol-Myers Squibb Company
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +5.69%.
Did BMY Beat Earnings? Q1 2026 Results
Bristol Myers Squibb posted a mixed but broadly resilient first quarter for 2026, reporting non-GAAP diluted EPS of $1.58 on revenues of $11.49 billion as its expanding Growth Portfolio increasingly offset the drag of an eroding Legacy franchise. Total revenues rose 3% year-over-year, powered by a 12% surge in Growth Portfolio sales to $6.23 billion, with Eliquis leading all products at $4.14 billion on 16% growth, while Camzyos nearly doubled to $314 million and Breyanzi climbed 56% to $411 million. Non-GAAP EPS declined from $1.80 a year ago, reflecting product mix-driven gross margin compression and a higher effective tax rate of 18.3% versus 15.1%. On the pipeline front, the FDA accepted an NDA for iberdomide in multiple myeloma with a PDUFA date of August 17, 2026, and Sotyktu received approval for psoriatic arthritis. Looking ahead, the company reaffirmed full-year guidance for revenues of $46.00 billion to $47.50 billion and non-GAAP EPS of $6.05 to $6.35, with both metrics trending toward the upper end of those ranges.
- Growth Portfolio revenue grew 12% (9% Ex-FX) to $6.2 billion, led by Camzyos, Breyanzi, and Reblozyl
- Eliquis demand continued to grow with U.S. demand increases and market share gains, delivering $4.1 billion in worldwide revenue (+16%)
- Camzyos nearly doubled worldwide revenue to $314 million driven by strong global demand and market penetration in oHCM
- Breyanzi grew 56% to $411 million as the leading CD19-directed CAR T therapy across B-cell malignancies
- Cobenfy generated $56 million in its early launch phase, more than doubling year-over-year
- Legacy Portfolio declined 6% due to expected generic impacts on Revlimid, Pomalyst/Imnovid, Sprycel, and Abraxane
- Gross margin declined approximately 280 basis points on a non-GAAP basis due to product mix changes
- Favorable foreign exchange contributed approximately 2% to total revenue growth
“We are off to a good start in 2026, with first quarter results reflecting sustained momentum across our Growth Portfolio and disciplined execution throughout the business. With multiple pivotal data readouts and opportunities ahead, we remain focused on advancing our differentiated pipeline and translating this progress into meaningful outcomes for patients and shareholders.”
Bristol Myers Squibb CEO, on the earnings call
Forward Guidance & Outlook
Bristol Myers Squibb reaffirmed its 2026 financial guidance, with total revenues of approximately $46.0 billion to $47.5 billion and non-GAAP diluted EPS of $6.05 to $6.35. The company noted that both total revenues and non-GAAP EPS are trending toward the upper end of these ranges. Non-GAAP gross margin is expected at approximately 69-70%, operating expenses at approximately $16.3 billion, other income/(expense) at approximately ($700 million), and the effective tax rate at approximately 18%. Worldwide Eliquis revenues are expected to grow 10% to 15% compared to 2025. The Legacy Portfolio is expected to decline 12% to 16% for the full year. The company expects continued Growth Portfolio strength. Guidance excludes the impact of any potential future strategic acquisitions, divestitures, and future Acquired IPRD charges and licensing income.
BMY YoY Financials
BMY Revenue by Segment
BMY Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.