Bristol Myers Squibb Q2 2026 Results Boost Guidance

Bristol Myers Squibb Q2 2026 results beat revenue and EPS and spurred a material raise to FY guidance, focusing traders on growth-portfolio exposure.

July 30, 2026·2 min read
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Flat filled vector of a biotech drug module as a growth engine symbolizing Bristol Myers Squibb Q2 2026 results.

KEY TAKEAWAYS

  • Q2 revenue and adjusted EPS beat expectations at $13.0 billion and $2.04 per share.
  • Company raised FY revenue guidance to $49.0-$50.0 billion and non-GAAP EPS to $6.75-$7.00.
  • Growth Portfolio generated $7.6 billion, offsetting legacy declines and supporting the outlook.

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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.

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