Bristol Myers Earnings Lift Revenue Outlook
Bristol Myers earnings Q3 revenue rose and raised 2026 revenue guidance while acquisition charges trimmed adjusted EPS, supporting share positioning.
KEY TAKEAWAYS
- Third-quarter revenue rose 7.0% to $13.1 billion.
- Raised 2026 revenue guidance to $49.8B-$50.3B and set non-GAAP EPS guidance at $6.35-$6.55.
- Growth Portfolio revenue rose 12.0% to $7.7 billion.
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Bristol Myers Squibb (BMY) reported stronger third-quarter revenue on Oct. 29, 2026, prompting the company to raise its full-year revenue outlook even as acquisition-related in-process R&D charges reduced adjusted earnings per share.
Revenue and Guidance
The company said third-quarter revenue rose 7.0% year over year to $13.1 billion, driven by a 12.0% increase in its Growth Portfolio to $7.7 billion. It raised its 2026 revenue guidance to a range of $49.8 billion to $50.3 billion from $49.0 billion to $50.0 billion. Bristol Myers set its 2026 non-GAAP earnings per share (EPS) guidance at $6.35 to $6.55, which includes a negative $0.60-per-share net impact from acquired in-process R&D (IPRD) charges and licensing income. Management attributed the revenue outlook increase to continued strength in newer medicines supporting the Growth Portfolio.
Earnings, Margins, and Portfolio Performance
Adjusted non-GAAP diluted EPS for the quarter was $1.35, including a 58-cent-per-share impact from acquired IPRD charges and licensing-related items. Gross margin narrowed to 68.4% from 72.9% a year earlier, mainly due to product mix and a one-time contract-termination expense.
Product performance showed divergence: Eliquis revenue grew about 26% year over year to approximately $4.7 billion, while Opdivo revenue declined roughly 6% to $2.4 billion. Other medicines reported included Quvantic at $334 million, Reblozyl at $750 million, Rionzi at $526 million, and Camzyos at $420 million. The Legacy Portfolio rose 1.0% to about $5.4 billion.
As of Sept. 30, 2026, Bristol Myers held about $13.0 billion in cash equivalents and marketable securities. The company generated approximately $4.2 billion in operating cash flow during the quarter, closely matching operating expenses of $4.1 billion.
Management highlighted recent positive registrational readouts and regulatory approvals for Zynbexis, Milprint in idiopathic pulmonary fibrosis, RASE101 in gastroenteropancreatic neuroendocrine tumors, and Arlo cell in relapsed and refractory multiple myeloma. They also noted that additional launches are expected from the pipeline, supporting the stronger revenue outlook.
