Bristol-Myers Squibb Company (BMY) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenues rose to $13.0 billion, up 6%–7% year-over-year, 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, now nearly 60% of total revenue, while Legacy Portfolio revenues declined due to generic competition.

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

• Raised 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, differentiated pipeline with multiple pivotal readouts and regulatory milestones expected by year-end.

Financial highlights

• Q2 2026 revenues reached $13.0 billion, with U.S. revenues up 6% to $9.0 billion and international revenues up 6% to $4.0 billion.

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

• Gross margin was 71.3% (GAAP) and 71.4% (non-GAAP); operating expenses were $4.1 billion.

• Net income attributable to shareholders was $3.3 billion (GAAP), up from $1.3 billion year-over-year.

• Operating cash flow for Q2 was $3.9 billion; cash and marketable securities totaled $11.5 billion as of June 30, 2026.

Outlook and guidance

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

• Growth Portfolio expected to remain strong; Eliquis revenue projected to grow 20%–25% year-over-year.

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

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

• Ongoing evaluation of IRA and regulatory impacts, with potential for material effects on future results.