Bristol-Myers Squibb Company (BMY) Q1 2026 earnings summary

Executive summary

• Growth portfolio revenues rose 12% year-over-year (9% Ex-FX) to $6.2B in Q1 2026, driven by Camzyos, Breyanzi, Reblozyl, and other key assets.

• Total Q1 2026 revenues reached $11.5B, reflecting disciplined execution and strong performance across R&D, commercial, and financial priorities.

• Achieved multiple clinical and regulatory milestones, including FDA acceptance and priority review for iberdomide, and new indication approvals for Sotyktu and Opdivo.

• Continued investment in R&D productivity, AI-driven clinical operations, and infrastructure to accelerate development timelines.

• Growth portfolio now represents the majority of total revenue, with strong contributions from oncology, hematology, cardiovascular, immunology, and neuroscience.

Financial highlights

• Total Q1 revenue was $11.5B, up 1–3% year-over-year, with growth portfolio revenue up 12% to $6.2B and Eliquis revenue up 16% to $4.14B.

• Non-GAAP gross margin was 73.1%, up from 70.3% year-over-year; GAAP gross margin was 70.2%.

• Non-GAAP diluted EPS was $1.80, up from $1.58; GAAP EPS increased 9% to $1.31.

• Operating cash flow reached $3.9B; cash and equivalents at $10.9–$11B as of March 31.

• Net debt position improved to $(33.6)B as of March 31, 2026.

Outlook and guidance

• Full-year 2026 revenue guidance reaffirmed at $46.0–$47.5B, with non-GAAP EPS of $6.05–$6.35, both tracking toward the upper end.

• Eliquis worldwide revenue expected to grow 10–15% for the year.

• Anticipates pivotal phase III readouts in late 2026 for milvexian, Cobenfy, admilprant, and iberdomide.

• Expects to deliver more than 10 new medicines and 30 lifecycle management opportunities by 2030.

• Growth portfolio expected to remain strong; legacy portfolio projected to decline 12–16%.