Bristol Myers Squibb Q2 2026 earnings exceed Wall Street forecasts as revenue grows 5.7% and pipeline progress continues.
Stock Earnings Results
July 30, 2026
Table of Contents
July 30, 2026
Bristol Myers Squibb Company (NYSE: BMY) reported second-quarter 2026 results above expectations, supported by higher revenue, stronger non-GAAP earnings, Growth Portfolio momentum, pipeline progress, and increased full-year guidance.
Bristol Myers Squibb is a global biopharmaceutical company focused on discovering, developing, and delivering medicines for serious diseases, including oncology, hematology, immunology, cardiovascular disease, and other specialty areas.
The company reported non-GAAP EPS of $2.04, above estimates of $1.59, representing a 28.3% earnings surprise. Revenue came in at $12.97 billion, above estimates of $11.67 billion, with revenue growth of 5.7%.
Total revenue increased 6% year-over-year to $12.97 billion.
GAAP EPS increased to $1.62 from $0.64 in the prior-year quarter.
Non-GAAP EPS increased to $2.04 from $1.46.
GAAP net income attributable to Bristol Myers Squibb increased to $3.32 billion from $1.31 billion.
Non-GAAP net income attributable to Bristol Myers Squibb increased to $4.17 billion from $2.99 billion.
The company said total revenue growth was driven by Growth Portfolio momentum, partly offset by generic pressure across parts of the Legacy Portfolio.
Growth Portfolio revenue increased 15% year-over-year to $7.56 billion.
Revenue growth was driven mainly by Opdivo Qvantig, Reblozyl, Camzyos, Breyanzi, and Opdualag.
Reblozyl revenue increased 29% to $735 million.
Breyanzi revenue increased 41% to $484 million.
Camzyos revenue increased 60% to $416 million.
Opdualag revenue increased 23% to $349 million.
Cobenfy revenue increased 81% to $63 million.
The Growth Portfolio now represents a larger share of Bristol Myers Squibb’s business as newer medicines offset pressure from older drugs.
Legacy Portfolio revenue declined 4% year-over-year to $5.42 billion.
Eliquis revenue increased 22% to $4.48 billion.
That strength was more than offset by generic pressure on other mature products.
Revlimid revenue declined 49% to $425 million.
Pomalyst and Imnovid revenue declined 71% to $204 million.
Sprycel revenue declined 27% to $88 million.
The quarter showed that Eliquis remains strong, but patent and generic pressure continue to weigh on the older portfolio.
GAAP gross margin declined to 71.3% from 72.5%.
Non-GAAP gross margin declined to 71.4% from 72.6%.
The decline was mainly tied to product mix.
Selling, general and administrative expenses increased 7% on a GAAP basis, driven mainly by investments in new product launches.
GAAP research and development expenses increased 15%, mainly due to the purchase of a priority review voucher and higher IPRD impairment charges.
Non-GAAP research and development expenses increased 2%.
Bristol Myers Squibb reported several product and pipeline updates.
The FDA accepted a supplemental Biologics License Application for Reblozyl with concomitant JAK inhibitor therapy in adult patients with myelofibrosis-associated anemia receiving red blood cell transfusions.
The FDA also accepted a New Drug Application for mezigdomide in combination with carfilzomib and dexamethasone for relapsed or refractory multiple myeloma.
The FDA accepted for priority review a supplemental New Drug Application for Camzyos in adolescents with symptomatic obstructive hypertrophic cardiomyopathy.
The European Commission approved Opdivo in combination with chemotherapy for certain patients with previously untreated Stage III or IV classical Hodgkin lymphoma.
Bristol Myers Squibb expanded its collaboration with NVIDIA to deploy AI infrastructure for predictive models and training large AI models on BMS data.
The company also entered a strategic agreement with Anthropic to deploy Claude across research, clinical development, manufacturing, commercial, and corporate functions.
Bristol Myers Squibb also entered global strategic collaboration and licensing agreements with Hengrui Pharma covering 13 early-stage programs in oncology, hematology, and immunology.
These moves show the company is using business development and AI partnerships to strengthen pipeline execution.
Bristol Myers Squibb raised its full-year 2026 revenue guidance.
The company now expects total revenue of about $49.0 billion to $50.0 billion, up from the prior range of about $46.0 billion to $47.5 billion.
Non-GAAP EPS guidance increased to $6.75 to $7.00, up from the prior range of $6.05 to $6.35.
Full-year operating expenses are now expected to be about $16.5 billion, reflecting higher investment behind pipeline programs and new product launches.
The company also raised its 2026 worldwide Eliquis revenue growth outlook to 20% to 25%, up from the prior range of 10% to 15%.
Bristol Myers Squibb delivered a stronger quarter as its Growth Portfolio gained traction.
Revenue beat expectations, non-GAAP EPS topped estimates, Growth Portfolio revenue increased 15%, and the company raised its full-year revenue and non-GAAP EPS outlook. Eliquis also remained a major support, with the company raising its full-year growth outlook for the drug.
The key issue is whether newer medicines and pipeline progress can keep offsetting generic pressure across the Legacy Portfolio.
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