The strong beat and raised guidance confirm accelerating Growth Portfolio momentum and successful pipeline execution. Watch for upcoming PDUFA catalysts: iberdomide (August 17, 2026) and mezigdomide (May 13, 2027) in multiple myeloma, which could further derisk the long-term growth story. The raised Eliquis guidance (20-25% growth) is a positive surprise given prior generic concerns.
Price Chart
Executive Summary
Bristol Myers Squibb reported Q2 2026 results significantly above consensus, with non-GAAP EPS of $2.04 beating the $1.60 estimate by 27.7% and revenue of $13.0B exceeding the $11.74B consensus. The company raised its full-year 2026 revenue guidance to $49.0B-$50.0B (from $46.0B-$47.5B) and non-GAAP EPS guidance to $6.75-$7.00 (from $6.05-$6.35), driven by 15% Growth Portfolio revenue growth and broad-based momentum.
Key Financial Metrics
Key Facts
- Q2 2026 total revenues of $12.973B, up 6% YoY (+5% Ex-FX), vs consensus $11.74B
- Non-GAAP EPS of $2.04, up 40% YoY from $1.46, beating consensus of $1.60 by 27.7%
- GAAP EPS of $1.62, up 153% YoY from $0.64
- Growth Portfolio revenues of $7.6B, up 15% YoY (+14% Ex-FX), driven by Opdivo Qvantig, Reblozyl, Camzyos, Breyanzi, and Opdualag
- Legacy Portfolio revenues of $5.4B, down 4% YoY (-5% Ex-FX), with Eliquis up 22% offset by generic erosion on Revlimid (-49%), Pomalyst/Imnovid (-71%), and Sprycel (-27%)
- Full-year 2026 revenue guidance raised to $49.0B-$50.0B (from $46.0B-$47.5B)
- Full-year 2026 non-GAAP EPS guidance raised to $6.75-$7.00 (from $6.05-$6.35)
- Eliquis 2026 WW revenue growth guidance raised to 20%-25% (from 10%-15%)
- Operating expenses guidance increased to ~$16.5B (from $16.3B) for pipeline and launch investments
- Net debt position improved to $31.656B from $34.043B at year-end 2025
- Cash flow from operations was $3.4B in Q2 2026
- ~$5B share repurchase authorization remaining as of June 30, 2026
Financial Impact
Revenue beat consensus by $1.23B (10.5%); non-GAAP EPS beat by $0.44 (27.7%); full-year guidance raised by $3.0B-$2.5B on revenue and $0.70-$0.65 on EPS
Risk Factors
- Legacy Portfolio continues to decline (-4% in Q2) as generic erosion on Revlimid (-49%) and Pomalyst/Imnovid (-71%) accelerates
- Gross margin contracted 120bps YoY to 71.3% (GAAP) due to product mix shift toward Growth Portfolio
- Operating expenses rising to $16.5B guidance reflects increased R&D and launch spending, pressuring near-term margins
- Net debt of $31.7B remains elevated, limiting financial flexibility for large M&A
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000014272-26-000018 |
| Document: bmy-20260730.htm | 0000014272-26-000018 |
| Document: q22026earningspresentati.htm | 0000014272-26-000018 |
| Document: 0000014272-26-000018-index-headers.html | 0000014272-26-000018 |
| Document: 0000014272-26-000018-index.html | 0000014272-26-000018 |
| Document: 0000014272-26-000018.txt | 0000014272-26-000018 |
| 8-K Data (Synthetic) | 0000014272-26-000018 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 17, 2026 6w ago | Institutional Cluster | $64.63 $63.73 | ▼ −1.39% | ▲ +0.58% | $61.46 (−4.90%) |
Aug 5, 2026 8w ago | ANALYST-UPGRADE | $63.63 $67.66 | ▲ +6.33% | ▲ +6.93% | $61.46 (−3.41%) |
Jul 30, 2026 9w ago | 8-K | $64.86 $66.95 | ▲ +3.22% | ▼ −0.74% | $61.46 (−5.24%) |
Mar 25, 2026 27w ago | DEFA14A | $59.39 $58.71 | ▼ −1.15% | ▼ −11.81% | $61.46 (+3.49%) |
Feb 26, 2026 31w ago | Court Ruling | $61.08 $59.39 | ▼ −2.77% | ▲ +3.63% | $61.46 (+0.63%) |
US Market Status
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