Bristol-Myers Squibb Company (BMY) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 7% YoY to $13.069B; Growth Portfolio revenue increased 12% to $7.662B, supporting a higher FY 2026 revenue outlook.

• Eight Growth Portfolio medicines were annualizing at more than $1B each based on Q3 sales.

• Growth and Eliquis gains offset generic erosion across much of the Legacy Portfolio.

Financial highlights

• Q3 GAAP net earnings were $2.162B, or $1.05 diluted EPS; non-GAAP net earnings were $2.767B, or $1.35 diluted EPS.

• Acquired IPR&D charges and licensing income reduced Q3 EPS by $0.58 per share; acquired IPR&D charges were $1.558B.

• GAAP operating expenses were $4.1B, versus $4.3B a year earlier.

• Q3 revenue was $13.069B versus $12.222B; nine-month revenue rose 5% to $37.532B.

Outlook and guidance

• FY 2026 revenue guidance rose to $49.75B–$50.25B from $49.0B–$50.0B; non-GAAP EPS guidance fell to $6.35–$6.55 from $6.75–$7.00.

• EPS guidance includes a $(0.60) per-share net impact from acquired IPR&D charges and licensing income; gross margin, operating expense and tax-rate guidance were unchanged.

• Guidance assumes Legacy Portfolio revenue declines 3%–5% and worldwide Eliquis revenue grows 20%–25%; other income/expense expectation was updated to $650M expense.

• The $2B strategic productivity initiative remains on track for completion by end-2027.

• Expected milestones include SOTYKTU lupus data before year-end 2026 and milvexian AFib data in Q1 2027; other 2027 readouts include mezigdomide and Cobenfy programs.