Bristol-Myers Squibb Company (BMY) Earnings
Bristol-Myers Squibb Company is expected to report next earnings on October 29, 2026 (in NaN days), with a consensus EPS estimate of $1.68. BMY has beaten EPS estimates in 11 of its last 12 reported quarters (average surprise +12.3% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $1.59 | $2.04 | +28.1% | $13.0B | +10.2% |
| Apr 30, 2026 | $1.42 | $1.58 | +11.3% | $11.5B | +5.0% |
| Feb 5, 2026 | $1.23 | $1.26 | +2.4% | $12.5B | +1.7% |
| Oct 30, 2025 | $1.52 | $1.63 | +7.2% | $12.2B | +3.0% |
| Jul 31, 2025 | $1.09 | $1.46 | +33.9% | $12.3B | +6.6% |
| Apr 24, 2025 | $1.49 | $1.80 | +20.8% | $11.2B | +3.7% |
| Feb 6, 2025 | $1.47 | $1.67 | +13.6% | $12.3B | +6.4% |
| Oct 31, 2024 | $1.49 | $1.80 | +20.8% | $11.9B | +5.6% |
| Jul 26, 2024 | $1.62 | $2.07 | +27.8% | $12.2B | +5.9% |
| Apr 25, 2024 | $-4.41 | $-4.40 | +0.2% | $11.9B | +3.5% |
| Feb 2, 2024 | $1.53 | $1.70 | +11.4% | $11.5B | +2.6% |
| Oct 26, 2023 | $1.76 | $2.00 | +13.4% | $11.0B | +0.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · July 30, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• **Commercial Portfolio Execution** - The company delivered strong Q2 2026 performance, with the core growth portfolio growing 14% YoY and 10 total products achieving double-digit growth, reflecting disciplined commercial execution - 10 products in the overall portfolio achieved double-digit growth, demonstrating broad-based portfolio value creation • **Pipeline Progress & Updated Milestone Timelines** - Presented positive Phase 3 data for mesi-KD in relapsed/refractory multiple myeloma, showing statistically significant and clinically meaningful progression-free survival improvement, reinforcing confidence in the CellMod platform - Reported encouraging Phase 3 data for two Isobren ADC programs in solid tumors, advancing the company's differentiated ADC strategy - FDA accepted the NDA for mesignamide with a PDUFA date of May 13, 2027, and accepted a supplemental NDA for Camxios in adolescents with obstructive hypertrophic cardiomyopathy with a September 30 PDUFA date - Updated timelines: Milvexian atrial fibrillation study readout pushed to Q1 2027 (from late 2026) due to slower than expected event accumulation; ADEPT program (Cobenfi in Alzheimer's psychosis) top-line readouts pushed to early 2027 due to slower relapse event accrual and enrollment prioritization for quality; Cobenfi Phase 3 Balsam 1/2 studies in bipolar 1 disorder remain on track to read out in H1 2027 - Multiple pivotal readouts across therapeutic areas are still expected by the end of 2026, including for admilpirant (pulmonary fibrosis), Arlocell (multiple myeloma), Ibertamide PFS, Milvexian (secondary stroke prevention), RAISE-101 (GEPNETs), and SOTIC-2 (lupus) • **Operational & Strategic Initiatives** - The company has embedded AI across research and enterprise operations, and announced new strategic partnerships with Anthropic and NVIDIA to expand AI capabilities, enabling deeper disease biology understanding, faster candidate molecule design, and earlier, better informed decision-making - Productivity initiatives continue to generate meaningful cost savings, supporting a strong financial foundation with flexible capital allocation • **Capital Allocation Priorities** - Maintains a balanced approach to capital allocation: prioritizes investment in internal growth drivers, maintains a strong balance sheet, evaluates business development opportunities in core therapeutic areas, and continues returning cash to shareholders via consistent dividends
Guidance
- Management increased full-year 2026 guidance for both total revenue and adjusted diluted EPS, driven by stronger than expected first-half 2026 performance and upward revisions to Eloqust revenue growth projections, while maintaining prior guidance for gross margin, other income/expense, and effective tax rate - The upward guidance revision reflects pervasive outperformance across the entire growth portfolio, with standout contributions from Optilag (22% growth), Reblazil (29% growth), Grionzi (41% growth), and Camzias (59% growth) - Eloqust full-year 2026 revenue is still expected to grow 20-25% YoY, with a planned $1.5 to $2 billion revenue step-down in 2027, consistent with prior guidance, driven by Eloqust's European patent expiry in Q4 2026 and upcoming U.S. LOE in April 2028
Segment performance
Oncology: - Javanta: $261 million revenue, on a >$1 billion annualized run rate; - Updivo: $2.5 billion revenue, a 4% decrease YoY driven by U.S. conversion to Uvantic; - Optulag: Double-digit YoY growth, maintains leading first-line melanoma standard of care position globally; - Reblazil: 29% YoY growth, driven by uptake in first-line MDS-associated anemia and deeper penetration in first-line RS-negative populations; - Grionzi: 41% YoY growth, driven by strong demand across all approved indications in the U.S. and international markets; The growth portfolio as a whole represents 60% of total company revenue, and grew 14% YoY overall. Cardiovascular: - Eloqust: $4.5 billion revenue, 21% YoY growth driven by continued U.S. market share gains; - Milvexian (in late-stage development): No current revenue, expected readout in 2027. Immunology: - Chemzios: $416 million revenue, 59% YoY growth, driven by expanded promotional efforts and deeper community market penetration; - Citictu: 23% global YoY growth, supported by its recent cirrhotic arthritis indication approval; - SOTIC-2 (lupus asset, in Phase 3): No current revenue, expected 2026 readout. Neuroscience: - Kvanfi (Cobenfi): $63 million revenue, 81% YoY growth, with steady uptake in the schizophrenia market. Legacy Portfolio: Declines from generic entry across most of the portfolio were nearly fully offset by strong 21% demand-driven growth from Eloqust; Revlimid revenue remains resilient despite full U.S. generic availability.
Risks & headwinds
- Late-stage clinical trial delays: Multiple high-profile pivotal trials (Milvexian atrial fibrillation, ADEPT Alzheimer's psychosis program) have been pushed to 2027 due to slower than expected event accumulation and enrollment pacing, extending time to potential commercial launch - Uncertain clinical trial outcomes: Pivotal readouts for multiple high-value pipeline assets (admilpirant, SOTIC-2, Milvexian, Cobenfi) are still pending, with inherent risk of failure to meet primary or secondary endpoints that would block approval and commercialization - Generic competition: The legacy portfolio continues to face widespread generic erosion, with Eloqust set to lose exclusivity in Europe in Q4 2026 and in the U.S. in April 2028, creating upcoming significant revenue pressure - Market competition: Newly launched assets in multiple therapeutic areas (including IPF and schizophrenia) face competition from recently approved incumbent products, requiring strong differentiation and commercial execution to gain meaningful market share - Lupus drug development risk: Lupus is a notoriously difficult development space with high historical failure rates, even with positive Phase 2 data for SOTIC-2, Phase 3 success is not guaranteed
Analyst Q&A
Q: What caused the delays to the Milvexian and ADEPT program readouts, and has confidence in the programs changed? /
A: The ADEPT delay stems from slower than expected psychotic relapse event accumulation in ADEPT-1, and a deliberate focus on maintaining enrollment quality in ADEPT-2/4 to support registration, which slowed pacing. No changes have been made to the underlying scientific confidence in Cobenfi for Alzheimer's psychosis, and multiple measures have been implemented to accelerate enrollment going forward. For Milvexian, the delay to Q1 2027 is also due to slower event accumulation than projected; the independent DMC continues to endorse the study, and the team remains increasingly confident in Milvexian's potential to match Eliquis on efficacy while delivering superior bleeding outcomes.
Q: What is the commercial opportunity for Milvexian, and what data is needed for broad adoption? /
A: Milvexian targets a large unmet need: ~40% of eligible U.S. AFib patients are currently undertreated, underdosed, or off anticoagulation entirely due to physician fears of bleeding with current standard Factor Xa inhibitors. The trial is designed to demonstrate non-inferior efficacy to Eliquis with superior bleeding outcomes. Milvexian would not only capture this untreated patient segment but is also expected to shift first-line prescribing over time. BMS already has full commercial infrastructure in place from Eloqust, and the Eloqust LOE in 2028 aligns perfectly with the expected Milvexian launch timeline, with no constraints from BMS' partnership with Pfizer on Eloqust.
Q: What areas of biotech innovation is BMS prioritizing for business development, given BD is a top capital allocation priority? /
A: BMS has no pressure to chase deals, but will pursue opportunities that de-risk its near-term growth profile, leveraging the company's strong financial flexibility. Management prioritizes innovative new targets and new modalities that build on existing core therapeutic areas (oncology, neuroscience, cardiovascular, immunology). Examples include protein degradation (the CellMod platform) for hard-to-drug targets like BCL6 in lymphoma, and new drug delivery technologies like brain shuttles to improve CNS penetration for Alzheimer's therapies.
Q: What is the expected contribution of the CellMod (SUMO) portfolio to revenue by 2028-2030, and what is the commercial strategy? /
A: CellMod represents a significant multi-billion dollar commercial opportunity, with Ibertamide (PDUFA in coming weeks, launch-ready) and mesignamide (PDUFA May 2027) poised to become foundational treatments for multiple myeloma. Both assets offer a favorable balance of high efficacy, manageable toxicity, and oral convenience that fits well with community practice (where 70-80% of multiple myeloma patients are treated). They are expected to replace Revlimid and Pomalyst in leading second-line regimens over time, with strong expected adoption. A third CellMod asset, gocatomide, is also on track for upcoming readouts and has potential in first-line large B-cell lymphoma.