Bristol-Myers Squibb Company (BMY) investor relations material

Executive summary

• Q2 2026 revenues rose 6% year-over-year to $13.0 billion, driven by strong Growth Portfolio performance and key brands such as Opdivo Qvantig, Reblozyl, Camzyos, Breyanzi, and Opdualag.

• Growth Portfolio revenues increased 15% to $7.6 billion, with significant contributions from oncology, hematology, cardiovascular, immunology, and neuroscience segments.

• GAAP EPS increased to $1.62 from $0.64, and non-GAAP EPS rose to $2.04 from $1.46, reflecting robust earnings growth.

• The company raised its full-year 2026 revenue guidance to $49.0–$50.0 billion and non-GAAP EPS guidance to $6.75–$7.00, citing broad-based portfolio momentum.

• Advanced a broad and differentiated pipeline, with multiple pivotal readouts and regulatory milestones anticipated by year-end and into 2027.

Financial highlights

• Q2 2026 revenues: $13.0B (up 6% YoY); Growth Portfolio revenues: $7.6B (up 15% YoY); Legacy Portfolio revenues declined 4%.

• Non-GAAP diluted EPS was $2.04, up from $1.46; GAAP diluted EPS was $1.62, up from $0.64.

• Gross margin: 71.4% (non-GAAP), 71.3% (GAAP); operating expenses: $4.1B; effective tax rate: 16.5% (non-GAAP), 18.8% (GAAP).

• Operating cash flow: $3.9B in Q2; cash and equivalents: $11.5B as of June 30, 2026; net debt position improved to $(31.7)B.

• Dividend payments totaled $2.6B in the first half of 2026.

Outlook and guidance

• Full-year 2026 revenue guidance increased to $49.0–$50.0B; non-GAAP EPS guidance raised to $6.75–$7.00.

• Growth Portfolio and Eliquis revenue projected to grow 20%–25% for the year.

• Legacy Portfolio revenue decline expected to be 4%–6%.

• Operating expenses for 2026 expected at $16.5B, reflecting increased investment in pipeline and launches.

• Productivity initiatives and cost savings expected to support long-term growth.