The revenue beat and raised full-year revenue guidance confirm strong Growth Portfolio momentum, but the EPS guidance cut due to business development spending tempers the positive read. Watch for upcoming PDUFA dates (mezigdomide May 2027) and Phase 3 data readouts (golcadomide at ASH) as pipeline catalysts. The ~$5B remaining share repurchase authorization provides downside support.
Price Chart
Executive Summary
Bristol Myers Squibb reported Q3 2026 revenue of $13.07B (+7% YoY), above the $12.73B consensus, driven by 12% Growth Portfolio growth. GAAP EPS was $1.05 and non-GAAP EPS was $1.35, both below the $1.22 consensus due to $(0.58) in Acquired IPRD charges. The company raised full-year revenue guidance to $49.75B-$50.25B but lowered non-GAAP EPS guidance to $6.35-$6.55, reflecting the impact of business development spending.
Key Financial Metrics
Key Facts
- Q3 2026 total revenues of $13.07 billion, up 7% YoY (7% Ex-FX), versus consensus of $12.73 billion
- GAAP diluted EPS of $1.05 (down 3% YoY); non-GAAP diluted EPS of $1.35 (down 17% YoY); consensus was $1.22
- Growth Portfolio revenues of $7.66 billion, up 12% YoY (12% Ex-FX); Legacy Portfolio revenues of $5.42 billion, up 1% YoY
- Full-year 2026 revenue guidance raised to $49.75B-$50.25B (from $49.0B-$50.0B); non-GAAP EPS guidance lowered to $6.35-$6.55 (from $6.75-$7.00), inclusive of $(0.60) per share from Acquired IPRD and licensing income
- GAAP gross margin declined to 68.3% from 71.9% YoY, reflecting product mix shift and a one-time contract termination charge
- Acquired IPRD charges of $1.56 billion in Q3, primarily from license agreements and collaborations
- Net debt improved to $29.9 billion as of September 30, 2026, from $34.0 billion at year-end 2025
- FDA approval of Zenbexus (iberdomide) for multiple myeloma; positive Phase 3 data for admilparant in IPF and RYZ101 in GEP-NETs
Financial Impact
Revenue beat of ~$340M vs consensus; non-GAAP EPS miss of ~$0.13 vs consensus due to higher-than-expected Acquired IPRD charges
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Growth Portfolio | $7.7B | +12.0% |
| Legacy Portfolio | $5.4B | +1.0% |
Risk Factors
- Non-GAAP EPS guidance lowered by $0.40 at the midpoint, reflecting elevated Acquired IPRD spending that may continue
- GAAP gross margin contracted 360 bps YoY to 68.3%, driven by product mix and a one-time charge
- Legacy Portfolio revenue growth of only 1% masks continued erosion from generics (Revlimid -47%, Pomalyst -81%)
- Opdivo revenue declined 6% YoY, partially offsetting Growth Portfolio gains
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000014272-26-000022 |
| Document: bmy-20261029.htm | 0000014272-26-000022 |
| Document: q32026resultspresentatio.htm | 0000014272-26-000022 |
| Document: 0000014272-26-000022-index-headers.html | 0000014272-26-000022 |
| Document: 0000014272-26-000022-index.html | 0000014272-26-000022 |
| Document: 0000014272-26-000022.txt | 0000014272-26-000022 |
| 8-K Data (Synthetic) | 0000014272-26-000022 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | $61.39 $62.48 | ▲ +1.78% | ▲ +3.55% | $62.48 (+1.78%) |
Oct 23, 2026 9d ago | Institutional Cluster | $61.48 $61.61 | ▲ +0.21% | ▼ −0.50% | $62.48 (+1.63%) |
Oct 5, 2026 27d ago | ANALYST-DOWNGRADE | No price | awaiting T+1 | awaiting T+1 | No price |
Aug 17, 2026 10w ago | Institutional Cluster | $64.63 $66.05 | ▲ +2.20% | ▲ +2.87% | $62.48 (−3.33%) |
Aug 5, 2026 12w ago | ANALYST-UPGRADE | $63.63 $64.15 | ▲ +0.82% | ▲ +0.98% | $62.48 (−1.81%) |
Jul 30, 2026 13w ago | 8-K | $64.86 $65.31 | ▲ +0.69% | ▼ −0.01% | $62.48 (−3.67%) |
Mar 25, 2026 31w ago | DEFA14A | $59.39 $58.47 | ▼ −1.55% | ▲ +0.13% | $62.48 (+5.21%) |
Feb 26, 2026 35w ago | Court Ruling | $62.37 $62.34 | ▼ −0.05% | ▼ −0.10% | $62.48 (+0.18%) |
US Market Status
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