Bristol Myers Squibb Q2 2026 Results Boost Guidance

Bristol Myers Squibb (BMY) reported Q2 2026 results on July 30, beating Street expectations on revenue and earnings per share (EPS). The company raised its full-year revenue and non-GAAP EPS guidance after gains in its Growth Portfolio offset declines in legacy products.

Q2 Results and Guidance

Bristol Myers reported total revenue of $13.0 billion for Q2 2026, up 6% year-over-year and 5% excluding foreign exchange. Detailed financial tables list $12.973 billion, reflecting a rounding difference. U.S. revenue reached $9.0 billion, with international sales at $4.0 billion. GAAP EPS was $1.62, while adjusted EPS came to $2.04.

The company raised its full-year 2026 revenue guidance to $49.0 billion–$50.0 billion and non-GAAP EPS to $6.75–$7.00, up from prior ranges of $46.0 billion–$47.5 billion and $6.05–$6.35. These revisions imply roughly a 6% midpoint increase in revenue and an 11% midpoint rise in earnings.

Profitability showed mixed trends. Gross margin narrowed to 71.3%, down 120 basis points from 72.5% a year earlier, mainly due to product mix. Adjusted operating margin expanded to about 31.5% from 18.5% in Q2 2025. Operating expenses totaled $4.1 billion, while research and development (R&D) spending rose to $3.0 billion from $2.6 billion, reflecting higher impairment charges and the purchase of a priority review voucher.

Growth Portfolio and Cash Flow

The Growth Portfolio generated $7.6 billion in revenue, up 15% (14% excluding foreign exchange), driven by Opdivo Qvantig, Reblozyl, Camzyos, Breyanzi, and Opdualag. This portfolio strength supported the company’s decision to raise its outlook.

The Legacy Portfolio produced $5.4 billion, down 4% (5% excluding foreign exchange). Increased demand for Eliquis, which generated $4.5 billion in revenue—a 21% increase year-over-year—partly offset expected generic erosion across other legacy brands.

Operating cash flow was approximately $3.4 billion. Bristol Myers repaid about $1.2 billion of debt during the quarter and ended with $11.5 billion in cash, cash equivalents, and marketable securities. Management linked this strong balance sheet to ongoing investments in product launches and the pipeline. Full-year operating expenses are now expected to reach about $16.5 billion to support these efforts.

Regulatory Milestones and Outlook

Investor materials highlighted near-term regulatory milestones that support the longer-term outlook. The U.S. Food and Drug Administration (FDA) accepted a supplemental Biologics License Application for Reblozyl, with a Prescription Drug User Fee Act (PDUFA) date of March 11, 2027. The FDA also accepted a New Drug Application for mezigdomide, with a PDUFA date of May 13, 2027.

These filings underscore Bristol Myers’ focus on sustaining growth through late-stage pipeline progress while managing legacy portfolio pressures.