Key Highlights

  • Non GAAP EPS of USD 1.35 beat the consensus estimate of USD 1.10, while GAAP diluted EPS was USD 1.05.
  • Revenue of USD 13.07 billion rose 7% and topped the consensus estimate of USD 12.72 billion for the quarter.
  • Growth portfolio revenue climbed 12% to USD 7.7 billion, and Eliquis sales reached USD 4.69 billion.
  • Non GAAP EPS guidance for 2026 stands at USD 6.35 to USD 6.55, including a USD 0.58 per share charge.

Bristol-Myers Squibb Company (NYSE:BMY) reported third quarter 2026 non GAAP earnings per share of USD 1.35, well above the consensus estimate of USD 1.10, compared with USD 1.63 a year earlier. GAAP diluted EPS was USD 1.05 against USD 1.08 in the prior year quarter, and net earnings attributable to the company were USD 2.16 billion. Total revenue of USD 13.07 billion rose 7% from USD 12.22 billion and exceeded the consensus estimate of USD 12.72 billion.

Third quarter results absorbed acquired in process research and development charges of USD 1.56 billion, up from USD 633 million a year earlier. The company's chief financial officer said the combined effect of those charges and licensing income was USD 0.58 per share, while gross margin was 68.4% and operating expenses were USD 4.1 billion.

Growth Portfolio and Eliquis Carry Sales

The growth portfolio produced USD 7.66 billion, up 12%, while the legacy portfolio edged up 1% to USD 5.42 billion because Eliquis more than offset generic erosion elsewhere. Eliquis revenue rose from USD 3.75 billion to USD 4.69 billion. Opdivo fell 6% to USD 2.4 billion as patients converted to the subcutaneous Qvantig, whose revenue reached USD 334 million versus USD 67 million a year ago. Reblozyl grew 22% to USD 750 million, Breyanzi rose 46% to USD 526 million, and Camzyos climbed 42% to USD 420 million. Cobenfy sales were USD 57 million, compared with USD 43 million.

Chief Executive Officer Christopher Boerner said eight growth portfolio medicines are each annualizing above USD 1 billion based on third quarter sales. The company also received FDA accelerated approval in August for Zenbexus, described as the first approved CELMoD, for multiple myeloma, and Camzyos gained an expanded indication for pediatric obstructive hypertrophic cardiomyopathy in September.

Guidance Range and Pipeline Calendar

The company raised its full year revenue guidance and now projects 2026 non GAAP EPS of USD 6.35 to USD 6.55, a range that includes the USD 0.58 per share charge. Excluding that item, the guidance midpoint would have risen by roughly USD 0.15 per share. Legacy portfolio revenue is projected to decline 3% to 5%, and Eliquis full year revenue growth is still projected at 20% to 25%. Gross margin, operating expense and tax rate projections were maintained. The chief financial officer noted that Eliquis sales in the fourth quarter face a loss of exclusivity in Europe, partly offset by continued growth in the United States.

Management also pointed to Phase 3 data before year end for milvexian in secondary stroke prevention and Sotyktu in lupus, plus the PDUFA date of May 13, 2027 for mezigdomide. Houston is slated to host a new campus costing approximately USD 2.3 billion.

Dated Events and Ratios to Watch

Several markers are concrete. Phase 3 readouts for milvexian and Sotyktu in lupus are due before year end, and Zenbexus Phase 3 data are scheduled for presentation at ASH in December. Milvexian atrial fibrillation results and admilparant data in progressive pulmonary fibrosis both fall in the first quarter of 2027, while the mezigdomide PDUFA date is May 13, 2027. On the financial side, the Eliquis European exclusivity loss shapes fourth quarter comparisons, and cash and marketable securities of roughly USD 13 billion frame capacity for business development and the quarterly dividend of USD 0.63 per share.