Bristol Myers Squibb Q3 Earnings Call Highlights

Key Points

• Third-quarter revenue rose 7% to approximately $13.1 billion, supported by 12% growth in the growth portfolio and a 26% increase in ELIQUIS sales to about $4.7 billion. Bristol Myers Squibb raised its 2026 non-GAAP EPS outlook to $6.35–$6.55.
• The company highlighted strong momentum across newer medicines, including QVANTIG, BREYANZI, REVLIMID, CAMZYOS, SOTYKTU and COBENFY, while warning of a projected $1.5 billion–$2 billion ELIQUIS revenue decline in 2027 following loss of exclusivity.
• Bristol Myers reported positive pipeline developments in multiple myeloma, pulmonary fibrosis, radiopharmaceuticals and CAR T therapy, and plans substantial manufacturing investments, including a roughly $2.3 billion Houston campus.

Bristol Myers Squibb NYSE: BMY raised its full-year 2026 outlook after reporting third-quarter revenue growth supported by its growth portfolio and continued strength in ELIQUIS, while outlining a series of clinical readouts and manufacturing investments intended to support its next generation of launches.

Total third-quarter revenue increased 7% year over year to approximately $13.1 billion, Chief Financial Officer David Elkins said. Revenue from the company’s growth portfolio rose 12% to $7.7 billion, while legacy portfolio revenue increased 1% as ELIQUIS growth more than offset declines associated with generic competition in other products.

The company reported non-GAAP diluted earnings per share of $1.35. Results included a $0.58-per-share impact from acquired in-process research and development charges and licensing income, Elkins said.

Guidance Raised Following Third-Quarter Results

Bristol Myers raised its full-year revenue guidance based on year-to-date performance and its outlook for the remainder of 2026. The company now expects 2026 non-GAAP earnings per share of $6.35 to $6.55, including the third-quarter acquired in-process R&D and licensing impact.

The company maintained its projections for gross margin, operating expenses and tax rate, while slightly lowering expected other income and expense. Bristol Myers now expects legacy portfolio revenue to decline between 3% and 5% for the full year and continues to forecast ELIQUIS revenue growth of 20% to 25%.

ELIQUIS revenue rose 26% to approximately $4.7 billion during the quarter, driven by net price, demand and market-share gains. Elkins said ELIQUIS sales in the fourth quarter will be affected by an upcoming loss of exclusivity in Europe, partially offset by continued U.S. growth.

Looking ahead to 2027, Elkins said the company expects a $1.5 billion to $2 billion step-down related to ELIQUIS. He also said Bristol Myers remains on track to deliver $2 billion in efficiencies through its strategic productivity initiative by the end of 2027.

The company ended the quarter with approximately $13 billion in cash equivalents and marketable securities and generated roughly $4.2 billion in operating cash flow.

Growth Portfolio Performance

Chief Executive Officer Chris Boerner said eight growth portfolio medicines are now annualizing at more than $1 billion each based on third-quarter sales, providing the company with a broader base of growth drivers.

• QVANTIG: Revenue totaled $334 million, up 28% sequentially, and the product is annualizing at more than $1.3 billion. Bristol Myers said approximately 17% of its intravenous business has converted to the subcutaneous formulation and that it is tracking toward the high end of its goal to convert 30% to 40% of IV business.
• OPDIVO: Revenue declined 6% to approximately $2.4 billion, primarily due to conversion to QVANTIG in the U.S. and Europe.
• BREYANZI: Revenue increased 48% to $526 million, supported by demand in the U.S. and international markets.
• REVLIMID: Revenue rose 22% to $750 million, reflecting uptake in first-line MDS-associated anemia.
• CAMZYOS: Revenue climbed 42% to $420 million, driven by demand, new patient starts and expansion in community settings. Third-quarter revenue was affected by a typical inventory drawdown that the company expects to normalize in the fourth quarter.
• SOTYKTU: Global revenue increased 25%, as the company supports its adult psoriatic arthritis indication and awaits phase III lupus results expected by year-end.
• COBENFY: Revenue grew 33% to $57 million. Bristol Myers said inventory destocking offset increased demand and expects revenue to more closely track prescription volume going forward.

Adam Lenkowsky, chief commercialization officer, said Cobenfy’s prescription volume increased about 3% to 4% sequentially and its number of prescribers has doubled from the prior year. He said the company is working to accelerate new patient starts and repeat prescribing, including educating physicians about titrating patients to the 125-milligram effective dose and managing early nausea and vomiting when needed.

Pipeline Readouts and New Launches

Bristol Myers highlighted the FDA accelerated approval of Zenbexus, its first approved CELMoD, for multiple myeloma. Boerner said early launch feedback has been positive, with use emerging in both community and hospital settings. The company plans to present phase III progression-free survival data at the American Society of Hematology meeting in December.

Mezigdomide, a second CELMoD, has a May 13, 2027, PDUFA date, while the company expects to present initial phase II data for golcadomide in frontline follicular lymphoma at ASH.

The company also disclosed several recent positive registrational study results. Admilparant met its primary endpoint at the 60-milligram dose in idiopathic pulmonary fibrosis, showing a statistically significant improvement in forced vital capacity, according to Chief Medical Officer Cristian Massacesi. The 120-milligram dose showed improvement in FVC but did not achieve statistical significance. Bristol Myers plans to discuss results with regulators and expects phase III data in progressive pulmonary fibrosis during the first quarter of 2027.

Interim phase III results for radiopharmaceutical RYZ101 showed a clinically meaningful progression-free survival improvement among patients with GEP-NETs whose disease progressed following lutetium-based therapy. Bristol Myers said it is engaging with the FDA on next steps toward a regulatory submission. Lenkowsky characterized the commercial opportunity as relatively modest, citing an estimated 18,000 annual U.S. diagnoses of GEP-NETs, but said the program validates the company’s broader radiopharmaceutical platform.

Arlo-cel, a GPRC5D-directed CAR T therapy, produced positive results in the registrational phase II QUINTESSENTIAL study in relapsed and refractory multiple myeloma following BCMA treatment.

Upcoming Data and Investment Plans

Before year-end, Bristol Myers expects phase III data for milvexian in secondary stroke prevention and SOTYKTU in lupus. The company also plans to present open-label data from the ADEPT 1 and ADEPT 3 Cobenfy studies in Alzheimer’s disease psychosis at the Clinical Trials on Alzheimer’s Disease conference.

In 2027, the company expects results for milvexian in atrial fibrillation in the first quarter, additional ADEPT program data, bipolar I data from the Cobenfy BALSAM studies and the first registrational golcadomide data in high-risk first-line large B-cell lymphoma.

Bristol Myers also announced plans for a roughly $2.3 billion manufacturing campus in Houston that is expected to create nearly 500 skilled jobs and provide capacity across small molecules, biologics and antibody-drug conjugates. RayzeBio is separately investing more than $170 million in an Indiana radiopharmaceutical manufacturing site expected to create up to 100 jobs by the end of 2029.

Boerner said business development remains a top capital-allocation priority. He said the company is evaluating partnerships, licensing opportunities and acquisitions, while remaining focused on scientific fit, strategic alignment and financial discipline.

About Bristol Myers Squibb (NYSE:BMY)

Bristol Myers Squibb NYSE: BMY is a global biopharmaceutical company focused on discovering, developing and commercializing medicines for serious diseases. Its research and development activities span oncology, hematology, immunology, cardiovascular disease, neuroscience and other specialty areas.

The company's portfolio includes oncology medicines such as Opdivo, Yervoy, Abraxane, Sprycel and Pomalyst, as well as Eliquis, an anticoagulant developed in partnership with Pfizer. Bristol Myers Squibb also markets immunology and neuroscience products, including Orencia and Sotyktu, and continues to invest in therapies based on biologics, cell therapy and other advanced treatment approaches.

Bristol Myers Squibb traces its roots to pharmaceutical businesses founded by Bristol-Myers in 1881 and E.R.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.