EarningsQ2 2026 Earnings Report
MX:BMY Q2 2026 EPS Results
Actual EPS$37.05
Consensus EPS$29.00
Beat/MissBeat by +$8.05
One Year Ago EPS$26.51
MX:BMY Q2 2026 Revenue Results
Actual Revenue$235.76B
Expected Revenue$213.19B
Beat/MissBeat by +$22.58B
YoY Revenue Growth+5.81%
Earnings Announcement Details
QuarterQ2 2026
Date07/30/2026
TimeBefore Open
Conference CallThursday, July 30, 2026
MX:BMY Upcoming Earnings
Bristol-Myers Squibb's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:BMY Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a predominantly positive commercial and pipeline narrative: solid top-line growth (+5% revenue, growth portfolio +14%), multiple high-growth products (several >20% and one >80%), raised full-year guidance, strong cash generation and balance sheet, and meaningful pipeline and regulatory milestones (multiple PDUFAs, pivotal readouts upcoming). Key risks include timing delays for event-driven trials (milvexian and parts of the ADEPT program), legacy portfolio pressure from generics, an Opdivo revenue decline, and the need for improved Cobenfy dosing optimization. On balance, the highlights—strong current commercial execution, upgraded guidance, and significant pipeline/launch potential—outweigh the operational and timing challenges described.Company Guidance
Revenue Growth and Top-Line Results
Total revenue increased 5% year-over-year to approximately $13.0 billion in Q2 2026, driven by a 14% rise in the growth portfolio to $7.6 billion, which now represents nearly 60% of total revenue.
Eliquis Strong Performance
Eliquis revenue grew ~21% year-over-year to approximately $4.5 billion in the quarter; company incorporated higher Eliquis growth of 20%–25% into full-year guidance.
Multiple High-Growth Products
Several products delivered double-digit growth including Reblozyl (+29%), Breyanzi (+41%), Camzyos (+59% to $416 million), Sotyktu (+23%), and Cobenfy (+81% to $63 million); Qvantig reached $261 million in the quarter and is annualizing at over $1 billion.
Operating and Financial Strength
Gross margin was 71.4% in Q2; diluted EPS (non‑GAAP) was $2.04; the company reported approximately $11.5 billion in cash and marketable securities, generated ~$3.4 billion in operating cash flow in Q2, and paid down $1.2 billion in debt during the quarter.
Raised Full-Year Guidance
Based on strong H1 results, management increased full-year 2026 revenue and adjusted diluted EPS guidance; legacy portfolio decline now expected to be less pronounced (projected -4% to -6%).
Pipeline Progress and Upcoming Milestones
Multiple pivotal readouts anticipated through 2026–2027 including admilparant (IPF/PPF), arlo-cel, iberdomide (PDUFA Aug 17, 2026), mezigdomide (NDA accepted, PDUFA May 13, 2027), RYZ101, Sotyktu in lupus, and tau program moponetug Phase II readout next year.
CELMoD Platform Momentum
Iberdomide and mezigdomide advances (one PDUFA in weeks, the other accepted with May 2027 PDUFA) reinforce the protein degradation/CELMoD platform as a multi‑product growth driver; company expects these to be foundational in multiple myeloma.
Commercial Execution and Share Gains
Opdualag delivered double-digit growth and remains standard of care in first-line melanoma; Qvantig achieved ~15% share and is on track toward the company target (30%–40%), contributing to oncology franchise momentum.
Productivity, AI Partnerships and R&D Focus
Company highlighted strategic productivity savings, expanded AI partnerships with Anthropic and NVIDIA to accelerate discovery and development, and emphasized disciplined resource allocation to enable continued investment in high-value programs.
MX:BMY Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed