Bristol-Myers Squibb 8-K
EarningsGuidance reaffirmed
Camzyos, Breyanzi and Reblozyl growth offset Legacy Portfolio generic pressure; FY2026 revenue and non-GAAP EPS trend toward upper ends of guidance.
Filed 2026-04-30 07:01 ET
- 2.02 Results of Operations
- 7.01 Regulation FD Disclosure
- 9.01 Financial Statements and Exhibits
Summary
Q1 2026 results with reaffirmed FY2026 guidance. Revenue rose 3% to $11.5B, driven by Growth Portfolio products; expected generic impacts continued to weigh on the Legacy Portfolio. BMS said FY2026 revenue and non-GAAP diluted EPS were tracking toward the upper ends of their ranges.
Key Figures
| Metric | Q1 2026 | Q1 2025 | Y/Y |
|---|---|---|---|
| Revenue | $11.5B | $11.2B | 3% |
| Net earnings attributable to BMS, GAAP | $2.68B | $2.46B | 9% |
| Net earnings attributable to BMS, non-GAAP | $3.24B | $3.67B | -12% |
| Diluted EPS, GAAP | $1.31 | $1.20 | 9% |
| Diluted EPS, non-GAAP | $1.58 | $1.80 | -12% |
| Operating cash flow | $1.1B | $2.0B | -45% |
- Growth Portfolio revenue was $6.23B, up 12% (9% Ex-FX), led by Camzyos, Breyanzi and Reblozyl. Legacy Portfolio revenue was $5.28B, down 6% (8% Ex-FX); Eliquis demand growth was outweighed by generic impacts elsewhere in the portfolio.
- GAAP gross margin fell 270 bp to 70.2%, primarily due to product mix. GAAP R&D expense rose 17%, mainly from IPRD impairment charges; non-GAAP R&D was relatively flat.
- Cash, cash equivalents and marketable debt securities totaled $10.9B; total debt obligations were $44.5B and net debt was $33.6B at 3/31/2026.
Guidance
FY2026 revenue and non-GAAP diluted EPS are trending toward the upper ends of their ranges.
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Total revenue, reported and Ex-FX | FY2026 | ≈$46.0B–$47.5B | ≈$46.0B–$47.5B | Reaffirmed |
| Gross margin, non-GAAP | FY2026 | ≈69%–70% | ≈69%–70% | Reaffirmed |
| Operating expenses, non-GAAP | FY2026 | ≈$16.3B | ≈$16.3B | Reaffirmed |
| Other income/(expense), non-GAAP | FY2026 | ≈$(700)M | ≈$(700)M | Reaffirmed |
| Effective tax rate, non-GAAP | FY2026 | ≈18% | ≈18% | Reaffirmed |
| Diluted EPS, non-GAAP | FY2026 | $6.05–$6.35 | $6.05–$6.35 | Reaffirmed |
| Worldwide Eliquis revenue growth vs FY2025 | FY2026 | 10%–15% | — | Reaffirmed |
Investor Takeaways
- Track FY2026 revenue and non-GAAP EPS against the ranges; the company cited Growth Portfolio strength, a 12%–16% Legacy Portfolio decline and 10%–15% Eliquis growth.
- Watch 2026 pipeline milestones, including the iberdomide FDA decision with an 8/17/2026 target date and additional clinical readouts.
- BMS says it expects to deliver the remainder of its $2B savings target by the end of 2027.
The summary is written by an AI model reading the filing.
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