Bristol Myers Squibb Earnings Beat Estimates

Bristol Myers Squibb (BMY) reported fourth-quarter results on Feb. 5, 2026, saying momentum in its growth portfolio underpinned the quarter and that management set 2026 revenue and adjusted-earnings targets that will shape near-term investor expectations.

Growth-Driven Quarter Results

Bristol Myers Squibb reported fourth-quarter revenue of $12.5 billion, up 1% year over year and roughly flat excluding foreign-exchange effects, the company said in a press release on Feb. 5, 2026. The Growth Portfolio generated $7.4 billion in the quarter—about 60% of sales—rising 16% on a reported basis (15% excluding foreign exchange), according to the investor presentation published the same day.

Key drivers included Opdivo, which produced $2.7 billion, up 7%; Opdualag, which posted double-digit growth; Reblozyl, up 21%; Camzyos, which reached $353 million, up 57%; and Breyanzi, which also contributed to the momentum. Management said the growth portfolio nearly offset all declines in the legacy portfolio.

Non-GAAP diluted earnings per share (EPS) for the quarter was $1.26, including a net $(0.60) impact from acquired in-process research and development (R&D) charges and licensing income. This adjusted result exceeded Street estimates near $1.12–$1.13. Non-GAAP gross margin was 71.9%, down 210 basis points year over year. For the full year, non-GAAP gross margin was 72.6%, down from 75.3% a year earlier.

Full-year revenue totaled $48.2 billion, roughly flat versus 2024. The growth segment produced $26.4 billion, up 17%, while the legacy portfolio totaled $21.8 billion, down about 15% on a reported basis. The legacy group accounted for $5.1 billion of sales in the quarter, down roughly 15% excluding foreign exchange. Full-year non-GAAP diluted EPS was $6.15, including a net $(1.40) impact from acquired in-process R&D charges and licensing.

The company raised its quarterly dividend to $0.63 a share, marking the 17th consecutive increase.

2026 Guidance and Pipeline

Management set 2026 revenue guidance between $46.0 billion and $47.5 billion and an adjusted diluted-EPS range of $6.05 to $6.35. The company forecast a non-GAAP gross margin of 69% to 70%, reflecting product mix shifts, including higher sales of Eliquis and lower sales of Revlimid and Pomalyst. Operating expenses are projected at about $16.3 billion, with other income and expense near $(700) million and a tax rate around 18%.

Operating expenses excluding in-process R&D were $16.6 billion for 2025, down $1.2 billion year over year as part of a $2.0 billion productivity initiative that delivered roughly $1.0 billion of savings in 2025. Management expects the program to complete in 2026–2027, freeing resources for targeted investments in pemidomig and Orbital.

Regulatory and pipeline catalysts include a December 2025 FDA approval expanding Breyanzi to a fifth cancer type for adults with relapsed or refractory marginal-zone lymphoma; a March 6, 2026 Prescription Drug User Fee Act (PDUFA) date for Sotyktu in psoriatic arthritis; and top-line readouts for six programs across 2026. Management also highlighted eight registrational studies for pemidomig and a Phase 3 Break Free systemic sclerosis trial of Xolocel. The company plans to pursue more than 10 new medicines and over 30 meaningful launch opportunities by 2030.