Bristol Myers Squibb Q1 Earnings Call Highlights

Key Points

• Bristol Myers reported a "solid" Q1 with total revenue of about $11.5 billion (+1% YoY) and a 9% increase in its growth portfolio to $6.2 billion; product highlights included Breyanzi (+53%) and Camzyos (nearly doubled), while Opdivo fell 8% due to a U.S. wholesaler inventory drawdown and Eliquis rose 13% but saw a U.S. price reduction that affected collections.
• The pipeline is a key focus: the FDA accepted iberdomide for relapsed/refractory multiple myeloma with breakthrough and priority review (PDUFA Aug. 17), the company reported positive interim data for mezigdomide and ADC iza-bren, and management expects multiple pivotal readouts in late‑2026 including milvexian, Cobenfy, admilparant and iberdomide PFS data.
• Margins and cash dynamics showed pressure—gross margin declined 280 bps to 70.3% and diluted EPS was $1.58—while the company ended March with about $11 billion in cash and $1.1 billion in operating cash flow; BMS reaffirmed full‑year 2026 guidance (tracking toward the upper end) and is pursuing $2 billion of productivity savings by end‑2027 while remaining selective on business development.

Bristol Myers Squibb NYSE: BMY executives said the company opened 2026 with “solid” first-quarter results and continued progress across its growth portfolio, pipeline, and cost discipline initiatives, while reaffirming full-year guidance and indicating results were trending toward the upper end of its established ranges.

First-quarter results and portfolio performance

Chris Boerner, board chair and CEO, said the company “delivered a solid Q1” and is improving its “say-do ratio with disciplined execution across the business.” Boerner reiterated the company’s strategic priorities: focusing R&D on life-threatening diseases, driving execution to build momentum in the growth portfolio, and maintaining “disciplined, shareholder-friendly capital allocation.”

Chief Financial Officer David Elkins reported first-quarter total revenue was up 1% year-over-year to approximately $11.5 billion. Elkins said the growth portfolio increased 9% to $6.2 billion, while Eliquis growth was offset by “the continued impact of increased generic entry across several other brands.”

• Opdivo revenue decreased 8% to approximately $2.1 billion, driven primarily by a U.S. wholesaler inventory drawdown. Elkins said inventories are now at the low end of the typical range and the company is monitoring whether levels normalize over the year.
• Qvantig generated $163 million in revenue, with Elkins describing continued conversion and a launch that “continues to progress well.”
• Opdualag posted another quarter of double-digit growth, supported by global demand and its position as a standard of care in first-line melanoma, according to Elkins.
• Reblozyl grew 15%, reflecting continued uptake in first- and second-line MDS-associated anemia.
• Breyanzi grew 53%, which Elkins attributed to its “best-in-class profile” and demand across approved indications in the U.S. and international markets.
• Eliquis revenue increased 13% to approximately $4.1 billion. Elkins said demand remained strong, and the first quarter included some wholesaler inventory build that is expected to reverse in the second quarter. He also noted the company implemented a U.S. price reduction at the start of the year.
• Camzyos revenue nearly doubled to $314 million, driven by continued global demand.
• Sotyktu grew 20% globally, with Elkins highlighting the recent approval in psoriatic arthritis as the company awaits phase III readouts in lupus and Sjögren’s disease.
• Cobenfy posted $56 million in revenue, which Elkins described as continued steady growth.

Margins, spending, and cash flow

Elkins said first-quarter gross margin declined 280 basis points to 70.3%, primarily due to product mix. Excluding in-process R&D, operating expenses were $3.9 billion, slightly above the prior-year period, with incremental investment behind “Pumitamig, Qvantig, and Cobenfy” largely offset by savings from the strategic productivity initiative.

The company’s effective tax rate was 18.3%. Diluted EPS was $1.58, which Elkins said included a net $0.03 per-share charge related to in-process R&D and licensing income.

On the balance sheet, Elkins said Bristol Myers Squibb ended March with approximately $11 billion in cash equivalents and marketable securities and generated about $1.1 billion in operating cash flow in the quarter. He attributed the quarter’s cash flow dynamics to roughly $1.2 billion in lower net cash collections tied to Eliquis list price reductions, which he said the company expects to be “more than offset later in the year through lower rebate payments.”

Pipeline updates and upcoming late-2026 readouts

Management emphasized multiple regulatory and clinical milestones during the quarter and pointed to late-2026 as a key period for pivotal data readouts.

Boerner said the company’s iberdomide filing for relapsed or refractory multiple myeloma was accepted by the FDA with breakthrough therapy designation and priority review, with a PDUFA date of Aug. 17. Boerner said approval would potentially bring “the first CELMoD to market.”

Boerner also highlighted positive phase III interim data for mezigdomide from the SUCCESSOR-2 study, saying it demonstrated a “meaningful improvement in progression-free survival” in relapsed or refractory multiple myeloma. He said full data will be presented at ASCO and the company is planning regulatory submissions.

On the antibody-drug conjugate iza-bren, Boerner said the company shared positive phase III interim top-line results in previously treated triple-negative breast cancer from a China study and will present those data alongside phase III China study results in previously treated esophageal squamous cell carcinoma at ASCO.

Boerner also cited lifecycle expansion progress, including approvals for Sotyktu in psoriatic arthritis and Opdivo in two new classical Hodgkin lymphoma indications, plus positive data readouts across several brands.

Looking ahead, Boerner said the latter part of 2026 is expected to bring an “increasing cadence of pivotal readouts,” including:

• Milvexian in atrial fibrillation and secondary stroke prevention
• Cobenfy in Alzheimer’s psychosis
• Admilparant in idiopathic pulmonary fibrosis (IPF)
• Iberdomide progression-free survival data

Boerner said these programs are part of the company’s effort to deliver “more than 10 new medicines and 30 meaningful lifecycle management opportunities by the end of the decade.”

Management commentary: milvexian, Cobenfy, admilparant, and oncology strategy

During Q&A, Chief Medical Officer and Head of Global Drug Development Cristian Massacesi said confidence in milvexian remains “absolutely unchanged,” noting the atrial fibrillation and secondary stroke prevention studies are event-driven, blinded, and progressing as planned with oversight from the data monitoring committee.

Massacesi said the AFib trial tests non-inferiority versus apixaban, followed by superiority testing on bleeding, and he said the study is designed and powered to assess both endpoints. Commercialization Chief Adam Lenkowsky added that fear of bleeding is a major reason physicians hold back on Factor Xa use and said milvexian could have “true blockbuster potential” if it demonstrates comparable efficacy with superior bleeding outcomes.

On Cobenfy’s Alzheimer’s disease psychosis program, Massacesi said the ADEPT-4 trial added biomarker confirmation criteria to reduce heterogeneity and improve confidence that enrolled patients have Alzheimer’s disease, acknowledging the approach may increase operational challenges due to higher screening failure rates. He said the company is pursuing “multiple shots on goal” across studies, and identified bipolar disorder as “the next one in line” for additional readouts in 2027.

On admilparant in IPF and progressive pulmonary fibrosis (PPF), Massacesi described LPA1 inhibition as addressing fibrosis, inflammation, and repair, and called the asset first-in-class. He cited phase II results showing “more than 60% improvement versus placebo” in lung function decline at a 60 mg twice-daily dose and said phase III trials are designed with two doses. Lenkowsky said discontinuation rates with current standard of care remain high due to GI tolerability issues, and said the company believes admilparant could be “foundational as a first-line option” with combination potential, pending data.

In oncology, Massacesi described the company’s approach with Pumitamig as “replace and expand,” with seven pivotal studies recruiting and additional work underway on novel combinations, including with iza-bren and navlimetostat. Separately, Lenkowsky said Qvantig’s U.S. conversion from IV has exceeded 10% “in just over a year,” and the company continues to expect about 30% to 40% conversion of IV business over the next two years, citing practice efficiency and patient preference.

Guidance reaffirmed; BD and productivity focus continues

Elkins said the company is reaffirming full-year 2026 guidance, and both Elkins and Boerner said performance is tracking toward the upper end of the revenue and EPS ranges. Boerner also reiterated business development remains a capital allocation priority, saying the company has a strong late-stage pipeline and “certainly don’t need to chase deals,” while remaining “size agnostic” with “financial horsepower” to pursue opportunities where it can add strategic value.

Boerner said the company remains on track to deliver the remaining portion of its $2 billion cost-savings strategic productivity initiative by the end of 2027, while continuing to invest in R&D execution improvements, including expanded use of AI tools, laboratory automation, and efforts to shorten development timelines.

About Bristol Myers Squibb NYSE: BMY

Bristol Myers Squibb is a global biopharmaceutical company headquartered in Princeton, New Jersey, focused on discovering, developing and delivering medicines for serious diseases. The company's core activities include research and development, clinical development, manufacturing and commercialization of prescription pharmaceuticals across multiple therapeutic areas. BMS concentrates on advancing therapies in oncology, hematology, immunology, cardiovascular disease and specialty areas through both small molecules and biologics.

BMS's marketed portfolio and late‑stage pipeline reflect a strong emphasis on cancer and immune‑mediated conditions.

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