Bristol-Myers Squibb Company (BMY) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenues reached $11.5 billion, up 3% year-over-year (1% Ex-FX), driven by a 12% increase in the Growth Portfolio, which now represents the majority of total revenue and is led by Camzyos, Breyanzi, and Reblozyl.

• Achieved multiple clinical and regulatory milestones, including FDA acceptance and breakthrough designation for iberdomide, new approvals for Sotyktu and Opdivo, and positive pivotal data for mezigdomide, Camzyos, Reblozyl, and ADC iza-bren.

• Ongoing strategic productivity initiative targets $2 billion in annual cost savings by 2027, with restructuring actions underway and continued investment in R&D, AI, and infrastructure.

• Growth portfolio sales were driven by key assets in oncology, hematology, cardiovascular, immunology, and neuroscience, with strong launches and new indication approvals.

• Legacy Portfolio revenues declined 6%, with Eliquis growth offset by generic erosion in Revlimid, Pomalyst, Sprycel, and Abraxane.

Financial highlights

• Total Q1 2026 revenues were $11.5 billion, up from $11.2 billion in Q1 2025.

• Growth Portfolio revenue increased 12% to $6.2 billion.

• Eliquis revenue grew 16% to $4.14 billion, while Opdivo revenue declined 5% to $2.15 billion due to inventory drawdown.

• Non-GAAP gross margin was 73.1%, up from 70.3% year-over-year; GAAP gross margin was 70.2%.

• Non-GAAP diluted EPS was $1.58, down 12% year-over-year, while GAAP EPS increased 9% to $1.31.

• Operating cash flow was $1.1 billion, impacted by Eliquis price reductions and higher litigation disbursements.

Outlook and guidance

• Full-year 2026 revenue guidance reaffirmed at $46.0–$47.5 billion, with non-GAAP EPS of $6.05–$6.35, both tracking toward the upper end.

• Eliquis worldwide revenue expected to grow 10–15% for the year.

• Anticipates pivotal late-2026 readouts for milvexian, Cobenfy, admilparant, and iberdomide.

• Expects more than 10 new medicines and 30 lifecycle management opportunities by 2030.

• Growth Portfolio expected to remain strong; legacy portfolio projected to decline 12–16%.