Bristol-Myers Squibb (BMY) Q3 2026 Earnings Report
MX:BMY Q3 2026 EPS Results
- Actual EPS
- MXN 25.36
- Consensus EPS
- MXN 20.65
- Beat/Miss
- Beat by +MXN 4.72
- One Year Ago EPS
- MXN 30.62
MX:BMY Q3 2026 Revenue Results
- Actual Revenue
- MXN 245.65B
- Expected Revenue
- MXN 239.02B
- Beat/Miss
- Beat by +MXN 6.63B
- YoY Revenue Growth
- +6.99%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/29/2026
- Time
- Before Open
- Conference Call
- Thursday, October 29, 2026
MX:BMY Upcoming Earnings
Bristol-Myers Squibb's next earnings date is estimated for February 4, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:BMY Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. Management reported 7% total revenue growth, 12% growth in the growth portfolio, strong performance from multiple key brands, raised full-year guidance, substantial cash generation, and several positive late-stage pipeline readouts. The principal challenges were the upcoming Eliquis loss of exclusivity, declines in parts of the legacy portfolio and Opdivo, execution issues for Cobenfy, uncertainty around the higher admilparant dose, and the Zolacel program pause following a fatal event. Highlights significantly outweighed the lowlights.
Company Guidance
Bristol Myers Squibb increased its full year revenue guidance; its expected non GAAP EPS guidance range for 2026 is now $6.35 to $6.55, and excluding the third quarter acquired in process R&D charges and licensing income of $0.58 per share, the midpoint would have increased by approximately $0.15 per share. The company is maintaining its projections for gross margin, operating expenses, and tax rate, while slightly lowering the expense level on its other income and expense line; total legacy portfolio revenue decrease is now expected to be between 3% to 5%, while Eliquis full year revenue growth is expected to be 20% to 25%. For 2027, Eliquis is expected to have a $1.5 billion to $2 billion step down, and the strategic productivity initiative is on track to achieve $2 billion worth of efficiencies by the end of 27; the company also expects physicians to convert at least 30% to 40% of IV business to Qvantig, tracking towards the higher end of that range.
- Double-Digit Growth in Growth PortfolioThe growth portfolio delivered another quarter of double-digit growth, with sales increasing 12% in the third quarter to $7.7 billion, driven by a broad set of differentiated products.
- Total Revenue Growth and Raised GuidanceThird-quarter total revenue increased 7% year over year to $13.1 billion. Based on year-to-date performance and the outlook for the remainder of the year, the company raised its full-year guidance, with 2026 non-GAAP EPS expected to be $6.35 to $6.55.
- Diversified Growth PortfolioEight growth portfolio medicines are now annualizing at more than $1 billion each based on third-quarter sales, providing a broad base of growth drivers.
- Eliquis PerformanceEliquis revenue increased 26% to $4.7 billion, driven by net price, strong demand, and continued market share gains. Full-year Eliquis revenue growth is expected to be 20% to 25%.
- Strong Reblozyl and Breyanzi GrowthReblozyl revenue grew 22% to $750 million, reflecting continued strength in first-line MDS-associated anemia. Breyanzi revenue increased 48% to $526 million, driven by its best-in-class profile and strong demand in the U.S. and international markets.
- Qvantig Launch MomentumQvantig revenue reached $334 million, representing sequential growth of 28% and an annualized revenue level above $1.3 billion. Approximately 17% of IV business had converted to subcutaneous use, and the company was tracking toward the higher end of its expectation that physicians would convert 30% to 40% of IV business to Qvantig.
- Camzyos and Sotyktu GrowthCamzyos revenue increased 42% to $420 million, reflecting strong demand, new patient starts, and deeper penetration into the community setting. Sotyktu global revenue grew 25%, supported by the recent psoriatic arthritis indication.
- Expanded Camzyos IndicationCamzyos received approval in September for an expanded indication and became the only FDA-approved therapy for pediatric patients with obstructive hypertrophic cardiomyopathy.
- Symvexis Approval and Early Launch FeedbackSymvexis received FDA accelerated approval as the first approved CELMoD for multiple myeloma. Management reported positive early launch feedback, positive physician adoption in both community and hospital settings, and encouraging feedback based on minimal residual disease results and simplicity of use.
- Positive Symvexis Phase 3 DataThe company announced positive Phase 3 data for Symvexis showing a meaningful improvement in progression-free survival. The data are expected to be presented at ASH in December.
- CELMoD Pipeline ExpansionMezigdomide has a PDUFA date of May 13, 2027, and is intended to provide another highly efficacious and convenient oral option for a different segment of multiple myeloma patients. The company also plans to present initial Phase 2 data for glaucamide in frontline follicular lymphoma at ASH.
- Positive Late-Stage Pipeline ReadoutsOver the prior two months, the company announced positive data for four registrational studies: Symvexis progression-free survival, admilparant in idiopathic pulmonary fibrosis, interim RAISE 101 results in GEP-NETs, and Arlocell in relapsed and refractory multiple myeloma.
- Admilparant IPF ResultsAdmilparant met its primary endpoint at the 60 milligram dose in idiopathic pulmonary fibrosis, with a favorable safety and tolerability profile. The company described the results as supporting the potential for admilparant to be a first-in-class IPF treatment and expects Phase 3 progressive pulmonary fibrosis results in the first quarter of next year.
- RAISE 101 Radiopharmaceutical DataInterim RAISE 101 results demonstrated a clinically meaningful improvement in progression-free survival in GEP-NET patients whose disease had progressed following existing lutetium-based therapy. The company described these as the first Phase 3 results for an alpha-emitting targeted radiopharmaceutical therapy and is engaging with the FDA on next steps toward regulatory submission.
- Radiopharmaceutical Platform PotentialRAISE 101 is expected to be the first product launch from the company's radiopharmaceutical platform. GEP-NET incidence was estimated at approximately 18,000 patients diagnosed annually in the United States, and roughly 70% of patients progressing from Lutathera were said to need subsequent therapy. Management characterized the commercial opportunity as relatively modest but described the platform as an IND engine with multiple INDs expected over the next five years.
- Positive Arlocell ResultsArlocell delivered positive results in the registrational Phase 2 QUINTESSENTIAL study in September. Management said the results support its potential to set a new standard of care in the post-BCMA multiple myeloma market, which was described as a growing segment with poor outcomes and no therapies specifically approved for that setting.
- Manufacturing InvestmentsThe company announced plans for an approximately $2.3 billion state-of-the-art manufacturing campus in Houston's Generation Park, expected to create nearly 500 skilled jobs and provide flexibility across small molecules, biologics, and antibody-drug conjugates. It also announced an investment of more than $170 million in a new radiopharmaceutical manufacturing facility in Indiana, expected to create up to 100 new jobs by the end of 2029.
- Upcoming Pipeline CatalystsBefore year-end, the company expects Phase 3 data for Milvexian in secondary stroke prevention and Sotyktu in lupus, as well as open-label Alzheimer's disease psychosis data from the ADEPT-1 and ADEPT-3 studies at CTAD. In 2027, it expects Milvexian atrial fibrillation results in the first quarter, additional ADEPT data, bipolar I data from BALSAM-1, and the first registrational data for glaucamide in high-risk first-line LBCL.
- Financial Position and Cash FlowThe company held approximately $13 billion in cash equivalents and marketable securities as of September 30 and generated approximately $4.2 billion in operating cash flow during the third quarter.
- Productivity Initiative ProgressManagement said the strategic productivity initiative is enabling expense reductions in identified areas while maintaining flexibility to invest in growth opportunities. The company remains on track to achieve $2 billion of efficiencies by the end of 2027.
- Cobenfy Prescription Trends and Pipeline UpsideCobenfy revenue grew 33% year over year to $57 million. Although inventory destocking affected reported sales, monthly total prescription volume grew 3% to 4% sequentially, and the company reported consistent increases in new prescribers, with the number of prescribers doubling for some groups from the prior year. Management also cited significant upside potential from future label expansions, including Alzheimer's disease psychosis.
- Cobenfy Alzheimer's Disease Psychosis OpportunityManagement described Alzheimer's disease psychosis as a materially larger market, with roughly 7 million people diagnosed with Alzheimer's disease in the U.S. and 30% to 50% of patients experiencing psychosis, hallucinations, delusions, or agitation. Cobenfy was described as potentially important in this setting because it is not associated with the adverse events cited for D2 antipsychotics and does not carry a box warning.
- AI Investment and Operating TargetsThe company is embedding AI across discovery, development, commercialization, manufacturing, and enabling functions, including partnerships with Anthropic and NVIDIA. Specific targets include reducing drug-testing timelines by 20% to 30% and cutting in half the time from drug-target selection to lead-molecule identification.
- Business Development PriorityBusiness development remains a top capital-allocation priority. The company is evaluating partnerships, licensing transactions, and acquisitions across therapeutic areas where it has scientific and commercial capabilities, while applying financial and strategic discipline and remaining agnostic on deal size.
- Zolacel Autoimmune CAR T PotentialManagement said 190 patients had been treated in the Phase 1 Zolacel program and described the overall safety and efficacy profile as compelling, with meaningful benefit observed in patients with severe autoimmune disorders. The company identified a root cause related to a change in reagent selection and activation, made an adjustment, and is working with authorities to restart the clinical program.
MX:BMY Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 04, 2027 | 2026 (Q4) | 28.59- | 23.67 | ― | ― |
| Oct 29, 2026 | 2026 (Q3) | 20.6525.36 | 30.62 | -17.18% (-5.26) | |
| Jul 30, 2026 | 2026 (Q2) | 30.0038.32 | 27.43 | 39.73% (+10.90) | |
| Apr 30, 2026 | 2026 (Q1) | 26.7529.68 | 33.81 | -12.22% (-4.13) | |
| Feb 05, 2026 | 2025 (Q4) | 23.0323.67 | 31.37 | -24.55% (-7.70) | |
| Oct 30, 2025 | 2025 (Q3) | 28.5230.62 | 33.81 | -9.44% (-3.19) | |
| Aug 01, 2025 | 2025 (Q2) | 20.5027.43 | 38.89 | -29.47% (-11.46) | |
| Apr 24, 2025 | 2025 (Q1) | 28.0933.81 | -82.66 | 140.91% (+116.47) | |
| Feb 06, 2025 | 2024 (Q4) | 27.4831.37 | 31.94 | -1.76% (-0.56) | |
| Oct 31, 2024 | 2024 (Q3) | 28.0733.81 | 37.57 | -10.00% (-3.76) |
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