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

Executive summary

• Q1 2026 revenues reached $11.5 billion, up 3% year-over-year (1% Ex-FX), driven by a 12% increase in the Growth Portfolio, which now represents the majority of total revenue and is led by Camzyos, Breyanzi, Reblozyl, and Opdualag.

• Achieved multiple clinical and regulatory milestones, including FDA acceptance and breakthrough designation for iberdomide, new approvals for Sotyktu and Opdivo, and positive pivotal data for mezigdomide and iza-bren.

• Continued investment in R&D productivity, AI, and infrastructure, with a strategic initiative targeting $2 billion in annual cost savings by 2027.

• Legacy Portfolio revenues declined 6%, with Eliquis growth offset by generic erosion in Revlimid, Pomalyst, Sprycel, and Abraxane.

• Tracking toward the upper end of full-year revenue and EPS guidance, with ongoing focus on operational excellence and capital allocation.

Financial highlights

• Total Q1 2026 revenues were $11.5 billion, up from $11.2 billion in Q1 2025.

• Growth Portfolio revenue increased 12% to $6.2 billion.

• Eliquis revenue grew 16% to $4.14 billion, while Revlimid declined 63% and Pomalyst/Imnovid fell 22%.

• Gross margin was 70.3% (non-GAAP), down from 73.1% year-over-year, mainly due to product mix.

• Non-GAAP diluted EPS was $1.58, down 12% year-over-year, while GAAP EPS increased to $1.31.

Outlook and guidance

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

• Growth Portfolio expected to remain strong, while legacy portfolio projected to decline 12–16%.

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

• Expects to deliver the remainder of $2 billion in cost savings by end of 2027.

• IRA-related pricing pressures and government agreements may materially impact future revenues and margins.