Bristol-Myers Squibb 8-K

Summary

Bristol Myers Squibb reported Q3 2026 results and raised its FY2026 revenue outlook while lowering its non-GAAP EPS outlook. Growth Portfolio revenue rose 12%, offsetting expected generic pressure on mature products; the company attributed the updated outlook primarily to continuing portfolio momentum.

Key Figures

• Growth Portfolio revenue was $7.66B, +12% Y/Y; Legacy Portfolio revenue was $5.42B, +1%. Total U.S. revenue rose 9% to $9.07B, while international revenue increased 3% to $4.00B (4% excluding foreign exchange).
• Growth was led by Eliquis ($4.69B, +25%), Breyanzi ($526M, +46%), Reblozyl ($750M, +22%), Camzyos ($420M, +42%) and Opdualag ($367M, +23%). Opdivo revenue fell 6% to $2.37B; generic competition drove declines in Revlimid (-47%) and Pomalyst/Imnovid (-81%).
• GAAP and non-GAAP diluted EPS included a $(0.58) per-share net impact from acquired in-process research and development charges and licensing income. Lower gross margins reflected product mix and, to a lesser extent, a one-time contract termination charge.
• At 9/30/2026, cash, cash equivalents and marketable debt securities totaled $13.0B, total debt was $42.9B and net debt was $29.9B. The company had approximately $5B of share repurchase authorization remaining.

Guidance

Guidance changes, derived from earlier filings

Metric	Period	Earlier guidance	Guidance now	Change
Total revenues, non-GAAP guidance (reported and excluding foreign exchange)	FY2026	≈$49.0B-$50.0B	≈$49.75B-$50.25B	raised
Gross margin, non-GAAP	FY2026	≈69%-70%	≈69%-70%	reaffirmed
Operating expenses, non-GAAP	FY2026	≈$16.5B	≈$16.5B	reaffirmed
Other income/(expense), non-GAAP	FY2026	≈$(700)M	≈$(650)M expense	raised
Effective tax rate, non-GAAP	FY2026	≈18%	≈18%	reaffirmed
Diluted EPS, non-GAAP	FY2026	$6.75-$7.00	$6.35-$6.55	lowered
Legacy Portfolio revenue	FY2026	4%-6% decline	3%-5% decline	raised
Worldwide Eliquis revenue growth	FY2026	20%-25%	20%-25% vs 2025	reaffirmed

Investor Takeaways

• Track FY2026 revenue against the raised $49.75B-$50.25B range and non-GAAP EPS against $6.35-$6.55; the outlook pairs continued portfolio momentum with a projected Legacy Portfolio decline.
• Watch whether Growth Portfolio revenue sustains its Q3 12% Y/Y growth, supported by demand for medicines including Breyanzi and Camzyos, as generic pressure continues on older products.
• Upcoming pipeline evidence includes Zenbexus Phase 3 relapsed/refractory multiple myeloma data and golcadomide Phase 2 data at ASH; the company also lists a 5/13/2027 FDA decision date for mezigdomide.