Bristol Myers Squibb Reports Third Quarter Financial Results for 2026 and Raises
Bristol Myers Squibb Reports Third Quarter Financial Results for 2026 and Raises Full-Year Revenue Outlook
Growth Portfolio Performance and Disciplined Execution Drive Strong Financial Results
Key Pipeline Milestones Include Regulatory Approvals and Positive Registrational Data Across Multiple Therapeutic Areas •
was $1.35; Both figures include net impact of $(0.58) due to Acquired IPRD charges and licensing income
to a range of $49.75 billion to $50.25 billion; Updating non-GAAP EPS range to $6.35 to $6.55, inclusive of a $(0.60) per share net impact from Acquired IPRD charges and licensing income
(PRINCETON, N.J., October 29, 2026) – Bristol Myers Squibb (NYSE: BMY) today reports results for the third quarter of 2026.
“We delivered another quarter of double-digit growth in our Growth Portfolio, which increased 12% and reflects the continued momentum across our diversified portfolio," said Christopher Boerner, Ph.D. , board chair and chief executive officer, Bristol Myers Squibb. "The approval of Zenbexus , the first-in-class CELMoD, brings a new class of treatment to market for patients with multiple myeloma and is one of several recent pipeline milestones. As we look forward to additional late-stage data in the near term, we remain focused on executing with discipline, investing where we see the greatest opportunity and strengthening the foundation for sustainable growth."
*GAAP and Non-GAAP earnings/(loss) per share include the net impact of Acquired IPRD charges and licensing income.
Growth Portfolio revenues of $7.7 billion increased 12%. Revenue growth was primarily driven by Opdivo Qvantig , Breyanzi , Reblozyl, Camzyos and Opdualag.
• Legacy Portfolio revenues of $5.4 billion increased 1%. Revenue growth was primarily driven by Eliquis , partially offset by expected continued generic impacts across the remainder of the Legacy Portfolio.
*All comparisons are made versus the same period in 2025 unless otherwise stated.
(a) Includes Abecma , Augtyro , Empliciti, Inrebic, Nulojix , Onureg , Zenbexus and royalty revenues, including royalties received from Merck on Winrevair .
(e) For the above table and all subsequent tables, certain totals may not sum due to rounding. Percentages have been calculated using unrounded amounts. 2
** See "Use of Non-GAAP Financial Information" and refer to the Specified Items schedule below for further detail.
• Gross margin decreased from 71.9% to 68.3% on a GAAP basis, and from 72.9% to 68.4% on a non-GAAP basis, primarily reflecting a change in product mix and, to a lesser extent, a one-time charge related to a contract termination in 2026.
• Selling, general and administrative expenses of $1.7 billion decreased 5% on a GAAP and non-GAAP basis.
• Research and development expenses of $2.4 billion decreased 6% on a GAAP basis, and 3% on a non-GAAP basis.
• Acquired IPRD charges of $1.6 billion on a GAAP and non-GAAP basis, primarily reflect the execution of recent license agreements and charges associated with ongoing collaborations.
Amortization of acquired intangible assets of $458 million decreased 45% on a GAAP basis, primarily driven by lower amortization expense related to Pomalyst .
• Other (income)/expense, net of $307 million and $93 million on a GAAP and non- GAAP basis, respectively, reflects the expiry of royalty income on diabetes products at the end of 2025.
• Effective tax rate decreased from 29.5% to 14.8% on a GAAP basis, and from 22.3% to 14.1% on a non-GAAP basis, primarily driven by jurisdictional earnings mix.
• Net income attributable to Bristol Myers Squibb on a GAAP basis was $2.2 billion, or $1.05 per share, as compared to $2.2 billion, or $1.08 per share in the prior year. On a non-GAAP basis, net income attributable to Bristol Myers Squibb of $2.8 billion, or $1.35 per share, decreased from $3.3 billion, or $1.63 per share. GAAP and non-GAAP EPS include the impacts of Acquired IPRD charges and licensing income. 3
Asset(s) Date Announced Milestone Announcedwith SystImmune that SystImmune's parent company, Sichuan Biokin Pharmaceutical Co., Ltd., reported positive results from a prespecified interim analysis in the Phase 3 PANKU-Lung01 study evaluating iza-bren versus Izalontamab Brengitecan platinum-based chemotherapy (iza-bren) October 26 (PBC) in patients with EGFR-mutated non-squamous non-small cell lung cancer (NSCLC) who were previously treated with an EGFR tyrosine kinase inhibitor. Results showed that iza-bren significantly improved median progression-free survival (PFS) compared to PBC. Announcedwith BioNTech SE positive data from the Phase 2 ROSETTA Lung-107 trial evaluating pumitamig in combination with docetaxel in patients with metastatic NSCLC whose disease progressed on or after first-line immunotherapy pumitamig October 25 plus chemotherapy. Data showed encouraging anti-tumor activity, with responses observed in both squamous and non-squamous NSCLC and across PD-L1 expression levels, together with a manageable safety profile consistent with prior global datasets for pumitamig. Announced disclosure of interim safety and efficacy results from the multiple sclerosis (MS) cohorts of the Phase 1Breakfree-2 studyevaluating zola-cel in patients with highly active Zolacabtagene Autoleucel October 23 relapsing MS (haRMS) and (zola-cel) progressive forms of MS (PMS). The data show a safety profile consistent with previously reported zola-cel Phase 1 clinical trial data and early, promising efficacy across both haRMS and PMS. Announcedwith SystImmune that SystImmune's parent company, Sichuan Biokin Pharmaceutical Co., Ltd., reported positive results from a prespecified interim analysis of the Phase 3 PANKU-Breast01 study evaluating iza-bren versus chemotherapy in patients with unresectable locally advanced, recurrent or iza-bren October 23 metastatic hormone receptor-positive/HER2-nega… breast cancer who have failed at least one prior line of chemotherapy. Results showed a 59% reduction in the risk of disease progression or death, with median PFS vs. chemotherapy of 8.2 months vs. 4.0 months. The safety profile for iza-bren was manageable and no new safety signals were identified. Announced positive topline results from the interim analysis of the Phase 3ACTION-1 trialevaluating RYZ101 versus investigator's choice standard of care in patients with somatostatin receptor-positive gastroenteropancreatic neuroendocrine tumors who RYZ101 October 12 have progressed following Lutetium-177-based therapy. The study met the primary endpoint with a statistically significant and clinically meaningful improvement in PFS by blinded independent central review, and safety results consistent with the known RYZ101 safety profile. Announced positive topline results from the Phase 3ALOFT-IPF trialevaluating the efficacy, safety and tolerability of admilparant in adults with idiopathic pulmonary fibrosis. The trial met its primary endpoint at the 60mg dose, with admilparant demonstrating a Admilparant October 12 statistically significant improvement compared to placebo in absolute change in forced vital capacity (FVC) from baseline at Week 52. At the 120mg dose, admilparant slowed the decline of FVC but was not statistically significant. Admilparant demonstrated a well-tolerated safety profile across both doses.
Announced positive topline results from the Phase 3EXCALIBER-RRMM studyevaluatingZenbexusin combination with daratumumab and dexamethasone (ZDd) as a treatment for ZenbexusTM(iberdomide) October 8 relapsed/refractory multiple myeloma. ZDd demonstrated a statistically significant improvement in the dual-primary endpoint of PFS, representing a 51% reduction in the risk of disease progression or death. The U.S. Food and Drug Administration (FDA)approvedCamzyosfor the treatment of symptomatic Camzyos®(mavacamten) September 30 obstructive hypertrophic cardiomyopathy to improve functional capacity and symptoms in adults and pediatric patients weighing 30 kg (66 lbs) or more. Announced positive results from the Phase 3POETYK PsA-2 study, including its Sotyktu®(deucravacitinib) September 17 open-label extension, showing durable efficacy and a consistent safety profile forSotyktuin adults with psoriatic arthritis. Announced positive Phase 2 results from the registrationalQUINTESSENTIAL trialevaluating arlo-cel in adult patients with quadruple-class exposed Arlocabtagene Autoleucel relapsed and refractory (arlo-cel) September 8 multiple myeloma. The study met its primary endpoint of demonstrating a statistically significant and clinically meaningful overall response rate, and also met its key secondary endpoints. Results from theEXPLORER-LTE cohortof the MAVA-LTE study reinforced the long-term efficacy and safety ofCamzyosfor the treatment of symptomatic obstructive Camzyos August 29 hypertrophic cardiomyopathy. These data add to the understanding thatCamzyos'effects are sustained for up to five years with continuous, consistent treatment. The FDAapprovedZenbexusin combination with daratumumab and hyaluronidase-fihj and dexamethasone for the treatment of adult patients with multiple myeloma who Zenbexus August 13 have received at least one prior line of therapy, including a proteasome inhibitor and an immunomodulatory agent. The approval is based on results from the Phase 3 EXCALIBER-RRMM trial.
At Bristol Myers Squibb, our goal is to build a company that is financially strong and delivers industry-leading, sustainable growth into the 2030s and beyond.
As we advance our multi-year strategy to position the company for long-term growth, we are guided by the following priorities:
• Focusing R&D on high-impact, transformational medicines to treat life- threatening diseases;
• Embedding rigorous operational execution across the organization to build momentum in our Growth Portfolio comprised primarily of medicines early in their lifecycles; and
• Maintaining disciplined capital allocation to drive sustainable cash flow generation, balance sheet strength and long-term shareholder returns.
Strengthening U.S. Presence and Capabilities for Next-Generation Medicines 5 The company recently announced multiple manufacturing expansions as a part of its standing commitment to invest in the U.S. across research and development, technology and domestic manufacturing.
In August 2026, the company announced plans to develop a new, state-of-the-art manufacturing campus at Generation Park in Houston, Texas, designed to accelerate the delivery of next-generation medicines to patients. The multi- modal campus will represent an approximately $2.3 billion investment, create nearly 500 skilled jobs, and is designed to grow in scale, capability and workforce for decades in the future.
Also in August 2026, RayzeBio, Inc., a Bristol Myers Squibb company, said it would invest more than $173 million to expand its radiopharmaceutical manufacturing operations by establishing a new facility in Whitestown, Indiana. Construction is expected to begin this year on the approximately 225,000-square- foot facility, which will complement RayzeBio's existing footprint in the state and will create up to 100 new jobs by the end of 2029.
Bristol Myers Squibb is increasing its full-year, non-GAAP revenue guidance from a range of approximately $49.0 billion to $50.0 billion to a range of approximately $49.75 billion to $50.25 billion. This update primarily reflects broad-based and continuing momentum across the portfolio.
Full-year other income/(expense) is now expected to be ~$650 million of expense, due to favorable net interest.
Non-GAAP EPS is being updated to an anticipated range of $6.35 - $6.55, which is inclusive of a $(0.60) impact from Acquired IPRD and licensing income.
2026 Non-GAAP1,2Line-Item Guidance July October (Prior) (Updated) Total Revenues ~$49.0 - $50.0 billion ~$49.75 - $50.25 (Reported & Ex-FX) billion Gross Margin % ~69% - 70% No change Operating Expenses3 ~$16.5 billion No change Other income/(expense) ~($700 million) ~($650 million) Effective tax rate ~18% No change Diluted EPS $6.75 - $7.00 $6.35 - $6.55 Acquired IPRD Charges & Licensing Income $(0.02) $(0.60) Included in Diluted EPS
1 See "Use of Non-GAAP Financial Information." 6 2 July was calculated based on mid-July 2026 foreign exchange rates, and October was calculated based on mid-October exchange rates.
The company continues to expect total Worldwide Eliquis revenues to increase in 2026 when compared to 2025, and is reaffirming its previously projected range as shown in the table below.
2026EliquisRevenue Guidance July October (Prior) (Updated) 2026 WW Revenue Growth* 20% - 25% No change
The 2026 financial guidance provided excludes the impact of any potential future strategic acquisitions, divestitures, specified items that have not yet been identified and quantified, and the impact of Acquired IPRD charges and licensing income incurred after September 30, 2026. To the extent we have quantified the impact of significant R&D charges or other income resulting from upfront or contingent milestone payments in connection with asset acquisitions or licensing of third-party intellectual property rights, we may update this information from time to time on our website, www.bms.com , in the "Investors" section. Non-GAAP guidance assumes exchange rates as of the date noted. The financial guidance is subject to risks and uncertainties applicable to all forward-looking statements as described elsewhere in this press release.
A reconciliation of forward-looking non-GAAP measures, including non-GAAP EPS, to the most directly comparable GAAP measures is not provided because comparable GAAP measures for such measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. Namely, we are not, without unreasonable effort, able to reliably predict the impact of accelerated depreciation and impairment charges, legal and other settlements, gains and losses from equity investments and other adjustments. In addition, the company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. These items are uncertain, depend on various factors and may have a material impact on our future GAAP results. See "Cautionary Statement Regarding Forward-Looking Statements" and "Use of Non-GAAP Financial Information."
Bristol Myers Squibb will host a conference call today, Thursday, October 29, 2026, at 8:00 a.m. ET, during which company executives will review financial results with the investment community. 7 Investors and the general public are invited to listen to a live webcast of the call at http://investor.bms.com . Materials related to the call will be available at http://investor.bms.com prior to the start of the conference call.
A replay of the webcast will be available at http://investor.bms.com approximately three hours after the conference call concludes.
At Bristol Myers Squibb, our mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. We are pursuing bold science to define what's possible for the future of medicine and the patients we serve. For more information, visit us at BMS.com and follow us on LinkedIn , X , YouTube , Facebook and Instagram . ### For more information, contact: Media Relations: media@bms.com
In discussing financial results and guidance, the company refers to financial measures that are not in accordance with U.S. Generally Accepted Accounting Principles (GAAP). The non-GAAP financial measures are provided as supplemental information to the financial measures presented in this press release that are calculated and presented in accordance with GAAP and are presented because management has evaluated the company’s financial results both including and excluding the adjusted items or the effects of foreign currency translation, as applicable, and believes that the non-GAAP financial measures presented portray the results of the company's baseline performance, supplement or enhance management's, analysts' and investors' overall understanding of the company’s underlying financial performance and trends and facilitate comparisons among current, past and future periods. In addition, non-GAAP gross margin, which is revenue less cost of products sold excluding certain specified items, as a percentage of revenue, non-GAAP operating expenses, which is selling, general and administrative and research and development expenses excluding certain specified items, non-GAAP selling, general and administrative expenses, which is selling, general and administrative expenses excluding certain specified items, and non-GAAP research and development expenses, which is research and development expenses excluding certain specified items, are relevant and useful for investors because they allow investors to view performance in a manner similar to the method used by our management and make it easier for investors, analysts and peers to compare our operating performance to other companies in our industry and to compare our year-over-year results.
This earnings release and the accompanying tables also provide certain revenues and expenses, as well as non-GAAP financial measures, excluding the impact of foreign exchange ("Ex-FX"). We 8 calculate foreign exchange impacts by converting our current-period local currency financial results using the prior period average currency rates and comparing these adjusted amounts to our current-period results. Ex-FX financial measures are not accounted for according to GAAP because they remove the effects of currency movements from GAAP results.
Non-GAAP financial measures, such as non-GAAP earnings and related EPS information, are adjusted to exclude certain costs, expenses, gains and losses and other specified items that are evaluated on an individual basis after considering their quantitative and qualitative aspects and typically have one or more of the following characteristics, such as being highly variable, difficult to project, unusual in nature, significant to the results of a particular period or not indicative of past or future operating results. These items are excluded from non-GAAP earnings and related EPS information because the company believes they neither relate to the ordinary course of the company’s business nor reflect the company’s underlying business performance. Similar charges or gains were recognized in prior periods and will likely reoccur in future periods, including amortization of acquired intangible assets, including product rights that generate a significant portion of our ongoing revenue and will recur until the intangible assets are fully amortized, unwinding of inventory purchase price adjustments, integration expenses, restructuring costs, accelerated depreciation and impairment of property, plant and equipment and intangible assets, costs of acquiring a priority review voucher, divestiture gains or losses, stock compensation resulting from acquisition-related equity awards, pension, legal and other contractual settlement charges, equity investment and contingent value rights fair value adjustments (including fair value adjustments attributed to limited partnerships and other investments), and amortization of fair value adjustments of debt acquired from Celgene in our 2019 exchange offer, among other items. Deferred and current income taxes attributed to these items are also adjusted for considering their individual impact to the overall tax expense, deductibility and jurisdictional tax rates, as well as certain other significant tax items.
Because the non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered superior to and are not intended to be considered in isolation or as a substitute for the related financial measures presented in the press release that are prepared in accordance with GAAP and may not be the same as or comparable to similarly titled measures presented by other companies due to possible differences in method and in the items being adjusted. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.
Reconciliations of the non-GAAP financial measures to the most comparable GAAP measures are provided in the accompanying financial tables and will also be available on the company’s website at www.bms.com. Within the accompanying financial tables presented, certain columns and rows may not add due to the use of rounded numbers. Percentages and EPS amounts presented are calculated from the underlying amounts.
A reconciliation of forward-looking non-GAAP financial measures, including non- GAAP EPS, to the most directly comparable GAAP measures is not provided because comparable GAAP measures for such measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. Namely, we are not, without unreasonable effort, able to reliably predict the impact of accelerated depreciation and impairment charges, legal and other settlements, gains and losses from equity investments and other adjustments. In addition, the company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. These items are uncertain, depend on various factors and may have a material impact on our future GAAP results. 9
We routinely post important information for investors on our website, www.bms.com, in the “Investors” section. We may use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investors section of our website, in addition to following our press releases, Securities and Exchange Commission (SEC) filings, public conference calls, presentations and webcasts. We may also use social media channels to communicate with our investors and the public about our company, our products and other matters, and those communications could be deemed to be material information. The information contained on, or that may be accessed through, our website or social media channels is not incorporated by reference into, and is not a part of, this document. All trademarks mentioned are the property of their owners. Cautionary Statement Regarding Forward-Looking Statements This earnings release and the related attachments (as well as the oral statements made with respect to information contained in this release and the attachments) contain certain “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, the company’s 2026 financial guidance, its business development and multi-year allocation strategy, anticipated developments in the company’s pipeline, expectations with respect to the company’s future market position and the development or expansion of manufacturing facilities, and the projected benefits of the company’s alliances and other business development activities. These statements may be identified by the fact that they use words such as “should,” “could,” “expect,” “anticipate,” “estimate,” “target,” “may,” “project,” “guidance,” “intend,” “plan,” “believe,” “will” and other words and terms of similar meaning and expression in connection with any discussion of future operating or financial performance, although not all forward-looking statements contain such terms. All statements that are not statements of historical facts are, or may be deemed to be, forward-looking statements. No forward-looking statement can be guaranteed, and there is no assurance that the company will achieve its financial guidance and strategic objectives, that the company’s future clinical studies will support the data described in this release, that the company’s product candidates will receive necessary clinical and manufacturing regulatory approvals, that the company’s pipeline products will prove to be commercially successful, that clinical and manufacturing regulatory approvals will be sought or obtained within currently expected timeframes, or that contractual milestones will be achieved.
Forward-looking statements are based on current expectations and projections about the company’s future financial results, goals, plans and objectives and involve inherent risks, assumptions and uncertainties, including internal or external factors that could delay, divert or change any of them in the next several years, that are difficult to predict, may be beyond the company’s control and could cause the company’s future financial results, goals, plans and objectives to differ materially from those expressed in, or implied by, the statements. Such risks, uncertainties and other matters include, but are not limited to: increasing pricing pressures from market access, pharmaceutical pricing controls and discounting; market actions taken by private and government payers to manage drug utilization and contain costs; government actions relating to the imposition of new tariffs, trade restrictions and export regulations; the company’s ability to retain patent and market exclusivity for certain products; regulatory changes that result in lower prices, lower reimbursement rates and smaller populations for whom payers will reimburse; changes under the 340B Drug Pricing Program; the company’s ability to obtain and maintain regulatory approval for its product candidates; the possibility of difficulties and delays in product introduction and commercialization; increasing industry competition; potential difficulties, delays 10 and disruptions in manufacturing, distribution or sale of products; the company’s ability to identify potential strategic acquisitions, licensing opportunities or other beneficial transactions; failure to complete, or delays in completing, collaborations, acquisitions, divestitures, alliances and other portfolio actions and the failure to achieve anticipated benefits from such transactions and actions; exposure to litigation and/or regulatory actions or investigations; the impact of any healthcare reform and legislation or regulatory action in the United States and international markets; increasing market penetration of lower-priced generic products; the failure of the company’s suppliers, vendors, outsourcing partners, alliance partners and other third parties to meet their contractual, regulatory and other obligations; the impact of counterfeit or unregistered versions of the company’s products and from stolen products; product label changes or other measures that could result in declining sales; safety or efficacy concerns regarding the company’s products or any product in the same class as the company’s products; the risk of cyber- attacks and unauthorized disclosure of trade secrets or other confidential data; the company’s ability to execute its financial, strategic and operational plans; the company’s ability to attract and retain key personnel; the impact of the company’s significant indebtedness; political and financial instability of international economies and sovereign risk; interest rate and currency exchange rate fluctuations, credit and foreign exchange risk management; risks relating to the use of social media platforms; issuance of new or revised accounting standards; risks relating to public health outbreaks, epidemics and pandemics; and risks related to the use of artificial intelligence or other emerging technologies in various facets of the company's operations, including partnerships related to the use of, or the sharing of such technologies with third parties, which may exacerbate competitive, regulatory, litigation, cybersecurity, and other risk.
Forward-looking statements in this earnings release should be evaluated together with the many risks and uncertainties that affect the company’s business and market, particularly those identified in the cautionary statement and risk factors discussion in the company’s Annual Report on Form 10-K for the year ended December 31, 2025, as updated by the company’s subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the SEC. The forward-looking statements included in this document are made only as of the date of this document and except as otherwise required by applicable law, the company undertakes no obligation to publicly update or revise any forward- looking statement, whether as a result of new information, future events, changed circumstances or otherwise. 11
(a) Includes Abecma , Augtyro , Empliciti, Inrebic, Nulojix , Onureg , Zenbexus and royalty revenues, including royalties received from Merck on Winrevair .
(a) Includes Abecma , Augtyro , Empliciti, Inrebic, Nulojix , Onureg , Zenbexus and royalty revenues, including royalties received from Merck on Winrevair .
(a) Includes Abecma , Augtyro , Empliciti, Inrebic, Nulojix , Onureg , Zenbexus and royalty revenues, including royalties received from Merck on Winrevair .
(b) Includes Abecma , Augtyro , Empliciti, Inrebic, Nulojix , Onureg , Zenbexus and royalty revenues, including royalties received from Merck on Winrevair .
(a) Includes changes to tax reserves during 2025 related to certain matters under IRS audit. 17
(a) Refer to the Specified Items schedule above for further details. Effective tax rate on the Specified Items represents the difference between the GAAP and Non-GAAP
(b) Gross margin represents Revenue less Cost of products sold, as a percentage of Revenues. 18
Full text with the tables
Exhibit 99.1
Bristol Myers Squibb Reports Third Quarter Financial Results for 2026 and Raises
Full-Year Revenue Outlook
Growth Portfolio Performance and Disciplined Execution Drive Strong Financial
Results
Key Pipeline Milestones Include Regulatory Approvals and Positive Registrational
Data Across Multiple Therapeutic Areas
•
Third quarter revenues
increased 7% to $13.1 billion
◦
Growth Portfolio revenues
increased 12% to $7.7 billion
•
GAAP EPS
was $1.05 and
non-GAAP EPS
was $1.35; Both figures include net impact of $(0.58) due to Acquired IPRD
charges and licensing income
• Raising
2026 revenue guidance
to a range of $49.75 billion to $50.25 billion; Updating non-GAAP EPS range to
$6.35 to $6.55, inclusive of a $(0.60) per share net impact from Acquired IPRD
charges and licensing income
(PRINCETON, N.J., October 29, 2026) – Bristol Myers Squibb (NYSE: BMY) today
reports results for the third quarter of 2026.
“We delivered another quarter of double-digit growth in our Growth Portfolio,
which increased 12% and reflects the continued momentum across our diversified
portfolio," said Christopher Boerner, Ph.D. , board chair and chief executive
officer, Bristol Myers Squibb. "The approval of Zenbexus , the first-in-class
CELMoD, brings a new class of treatment to market for patients with multiple
myeloma and is one of several recent pipeline milestones. As we look forward to
additional late-stage data in the near term, we remain focused on executing with
discipline, investing where we see the greatest opportunity and strengthening
the foundation for sustainable growth."
Third
Quar…
Resu…
$ in
mil… Chan…
exc… 2026 2025 Cha… Excl.
per FX**
sha…
amo…
Total $13… $12,… 7 % 7 %
Reve…
Earn…
Per
Share 1.05 1.08 -3 % N/A
-
GAAP*
Earn…
Per
Share 1.35 1.63 -17 % N/A
-
Non-…
Acqu…
IPRD
Char…
and
Lice…
Inco… -0.… -0.20 N/A N/A
Net
Impa…
on
Earn…
Per
Share
*GAAP and Non-GAAP earnings/(loss) per share include the net impact of Acquired
IPRD charges and licensing income.
**See "Use of Non-GAAP Financial Information".
1
THIRD QUARTER RESULTS
*
•
Growth Portfolio revenues of $7.7 billion increased 12%. Revenue growth was
primarily driven by Opdivo Qvantig , Breyanzi , Reblozyl, Camzyos and Opdualag.
• Legacy Portfolio revenues of $5.4 billion increased 1%. Revenue growth was
primarily driven by Eliquis , partially offset by expected continued generic
impacts across the remainder of the Legacy Portfolio.
•
Total revenues of $13.1 billion increased 7%.
◦ U.S. revenues of $9.1 billion increased 9%.
◦ International revenues of $4.0 billion increased 3%, or 4% Ex-FX.
*All comparisons are made versus the same period in 2025 unless otherwise
stated.
THIRD QUARTER PRODUCT REVENUE HIGHLIGHTS
(e)
%
…
…
… …
… … …
… … …
… … …
… … …
──────────────────────────────────────────────────────────────────────────────
… … … … … … …
$ … $ … $ … … % … % … % …
… … … … … …
… … … 5 % … % 2 % 2
… … … 6 % … % 7 % 8
… … … … % … % … % …
… … … … % … % … % …
… … … … % … % … % …
… … … … % … % … % …
… … … 2 % … % 5 % 5
… … … … % … % … % …
… 5 … … % … % … % …
… 2 … … % … … … …
… … … 6 % … % … % …
… … … … % … % … % …
… … … … % … % … % …
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… … … … % … % … % …
… … … … % … % … % …
9 … … … % … % … % …
… … … … % … % … % …
… … … 6 % … % 1 % 1
— … … … … …
$ … $ … $ … 9 % 3 % 7 % 7
** See "Use of Non-GAAP Financial Information".
(a) Includes Abecma , Augtyro , Empliciti, Inrebic, Nulojix , Onureg , Zenbexus
and royalty revenues, including royalties received from Merck on Winrevair .
(b) Includes other mature brands.
(c) Includes revenue hedging activities in 2026.
(d) Worldwide (WW) includes U.S. and International (Int'l).
(e) For the above table and all subsequent tables, certain totals may not sum
due to rounding. Percentages have been calculated using unrounded amounts.
2
THIRD QUARTER COST & EXPENSES
The table below presents selected line-item information.
Th… Th…
($ mo… mo…
a… en… en…
in GA… Se… No… Se…
m… 20… 30, 20… Ch… 20… 30, 20… Ch…
──────────────────────────────────────────────────────────────────────────────
C…
of $ 4,… $ 3,… 21% $ 4,… $ 3,… 25%
p…
s…
G… 68… % 71… % (3… 68… % 72… % (4…
m… bps bps
S…
g… 1,… 1,… (5… 1,… 1,… (5…
a…
a…
R…
a… 2,… 2,… (6… 2,… 2,… (3…
d…
A… 1,… 633 14… 1,… 633 14…
I…
A…
of
a… 458 831 (4… — — N/A
i…
a…
O…
(… 307 -1… NM 93 -2… NM
n…
E… (1… (8…
t… 14… % 29… % bps 14… % 22… % bps
r…
** See "Use of Non-GAAP Financial Information" and refer to the Specified Items
schedule below for further detail.
NM Not meaningful.
(a) Non-GAAP Acquired IPRD does not include adjustments to GAAP Acquired IPRD.
• Gross margin decreased from 71.9% to 68.3% on a GAAP basis, and from 72.9% to
68.4% on a non-GAAP basis, primarily reflecting a change in product mix and, to
a lesser extent, a one-time charge related to a contract termination in 2026.
• Selling, general and administrative expenses of $1.7 billion decreased 5% on a
GAAP and non-GAAP basis.
• Research and development expenses of $2.4 billion decreased 6% on a GAAP
basis, and 3% on a non-GAAP basis.
• Acquired IPRD charges of $1.6 billion on a GAAP and non-GAAP basis, primarily
reflect the execution of recent license agreements and charges associated with
ongoing collaborations.
•
Amortization of acquired intangible assets of $458 million decreased 45% on a
GAAP basis, primarily driven by lower amortization expense related to Pomalyst .
• Other (income)/expense, net of $307 million and $93 million on a GAAP and non-
GAAP basis, respectively, reflects the expiry of royalty income on diabetes
products at the end of 2025.
• Effective tax rate decreased from 29.5% to 14.8% on a GAAP basis, and from
22.3% to 14.1% on a non-GAAP basis, primarily driven by jurisdictional earnings
mix.
• Net income attributable to Bristol Myers Squibb on a GAAP basis was $2.2
billion, or $1.05 per share, as compared to $2.2 billion, or $1.08 per share in
the prior year. On a non-GAAP basis, net income attributable to Bristol Myers
Squibb of $2.8 billion, or $1.35 per share, decreased from $3.3 billion, or
$1.63 per share. GAAP and non-GAAP EPS include the impacts of Acquired IPRD
charges and licensing income.
3
PRODUCT AND PIPELINE UPDATES
Entries organized by date and inclusive of third quarter and recent updates.
Asset(s) Date Announced Milestone
Announcedwith SystImmune
that SystImmune's parent
company, Sichuan Biokin
Pharmaceutical Co., Ltd.,
reported positive results
from a prespecified interim
analysis in the Phase 3
PANKU-Lung01 study
evaluating iza-bren versus
Izalontamab Brengitecan platinum-based chemotherapy
(iza-bren) October 26 (PBC) in patients with
EGFR-mutated non-squamous
non-small cell lung cancer
(NSCLC) who were previously
treated with an EGFR
tyrosine kinase inhibitor.
Results showed that iza-bren
significantly improved
median progression-free
survival (PFS) compared to
PBC.
Announcedwith BioNTech SE
positive data from the Phase
2 ROSETTA Lung-107 trial
evaluating pumitamig in
combination with docetaxel
in patients with metastatic
NSCLC whose disease
progressed on or after
first-line immunotherapy
pumitamig October 25 plus chemotherapy. Data
showed encouraging
anti-tumor activity, with
responses observed in both
squamous and non-squamous
NSCLC and across PD-L1
expression levels, together
with a manageable safety
profile consistent with
prior global datasets for
pumitamig.
Announced disclosure of
interim safety and efficacy
results from the multiple
sclerosis (MS) cohorts of
the Phase 1Breakfree-2
studyevaluating zola-cel in
patients with highly active
Zolacabtagene Autoleucel October 23 relapsing MS (haRMS) and
(zola-cel) progressive forms of MS
(PMS). The data show a
safety profile consistent
with previously reported
zola-cel Phase 1 clinical
trial data and early,
promising efficacy across
both haRMS and PMS.
Announcedwith SystImmune
that SystImmune's parent
company, Sichuan Biokin
Pharmaceutical Co., Ltd.,
reported positive results
from a prespecified interim
analysis of the Phase 3
PANKU-Breast01 study
evaluating iza-bren versus
chemotherapy in patients
with unresectable locally
advanced, recurrent or
iza-bren October 23 metastatic hormone
receptor-positive/HER2-nega…
breast cancer who have
failed at least one prior
line of chemotherapy.
Results showed a 59%
reduction in the risk of
disease progression or
death, with median PFS vs.
chemotherapy of 8.2 months
vs. 4.0 months. The safety
profile for iza-bren was
manageable and no new safety
signals were identified.
Announced positive topline
results from the interim
analysis of the Phase
3ACTION-1 trialevaluating
RYZ101 versus investigator's
choice standard of care in
patients with somatostatin
receptor-positive
gastroenteropancreatic
neuroendocrine tumors who
RYZ101 October 12 have progressed following
Lutetium-177-based therapy.
The study met the primary
endpoint with a
statistically significant
and clinically meaningful
improvement in PFS by
blinded independent central
review, and safety results
consistent with the known
RYZ101 safety profile.
Announced positive topline
results from the Phase
3ALOFT-IPF trialevaluating
the efficacy, safety and
tolerability of admilparant
in adults with idiopathic
pulmonary fibrosis. The
trial met its primary
endpoint at the 60mg dose,
with admilparant
demonstrating a
Admilparant October 12 statistically significant
improvement compared to
placebo in absolute change
in forced vital capacity
(FVC) from baseline at Week
52. At the 120mg dose,
admilparant slowed the
decline of FVC but was not
statistically significant.
Admilparant demonstrated a
well-tolerated safety
profile across both doses.
4
Announced positive topline
results from the Phase
3EXCALIBER-RRMM
studyevaluatingZenbexusin
combination with daratumumab
and dexamethasone (ZDd) as a
treatment for
ZenbexusTM(iberdomide) October 8 relapsed/refractory multiple
myeloma. ZDd demonstrated a
statistically significant
improvement in the
dual-primary endpoint of
PFS, representing a 51%
reduction in the risk of
disease progression or
death.
The U.S. Food and Drug
Administration
(FDA)approvedCamzyosfor the
treatment of symptomatic
Camzyos®(mavacamten) September 30 obstructive hypertrophic
cardiomyopathy to improve
functional capacity and
symptoms in adults and
pediatric patients weighing
30 kg (66 lbs) or more.
Announced positive results
from the Phase 3POETYK PsA-2
study, including its
Sotyktu®(deucravacitinib) September 17 open-label extension,
showing durable efficacy and
a consistent safety profile
forSotyktuin adults with
psoriatic arthritis.
Announced positive Phase 2
results from the
registrationalQUINTESSENTIAL
trialevaluating arlo-cel in
adult patients with
quadruple-class exposed
Arlocabtagene Autoleucel relapsed and refractory
(arlo-cel) September 8 multiple myeloma. The study
met its primary endpoint of
demonstrating a
statistically significant
and clinically meaningful
overall response rate, and
also met its key secondary
endpoints.
Results from theEXPLORER-LTE
cohortof the MAVA-LTE study
reinforced the long-term
efficacy and safety
ofCamzyosfor the treatment
of symptomatic obstructive
Camzyos August 29 hypertrophic cardiomyopathy.
These data add to the
understanding
thatCamzyos'effects are
sustained for up to five
years with continuous,
consistent treatment.
The FDAapprovedZenbexusin
combination with daratumumab
and hyaluronidase-fihj and
dexamethasone for the
treatment of adult patients
with multiple myeloma who
Zenbexus August 13 have received at least one
prior line of therapy,
including a proteasome
inhibitor and an
immunomodulatory agent. The
approval is based on results
from the Phase 3
EXCALIBER-RRMM trial.
Our Strategy
At Bristol Myers Squibb, our goal is to build a company that is financially
strong and delivers industry-leading, sustainable growth into the 2030s and
beyond.
As we advance our multi-year strategy to position the company for long-term
growth, we are guided by the following priorities:
• Focusing R&D on high-impact, transformational medicines to treat life-
threatening diseases;
• Embedding rigorous operational execution across the organization to build
momentum in our Growth Portfolio comprised primarily of medicines early in their
lifecycles; and
• Maintaining disciplined capital allocation to drive sustainable cash flow
generation, balance sheet strength and long-term shareholder returns.
Strengthening U.S. Presence and Capabilities for Next-Generation Medicines
5
The company recently announced multiple manufacturing expansions as a part of
its standing commitment to invest in the U.S. across research and development,
technology and domestic manufacturing.
In August 2026, the company announced plans to develop a new, state-of-the-art
manufacturing campus at Generation Park in Houston, Texas, designed to
accelerate the delivery of next-generation medicines to patients. The multi-
modal campus will represent an approximately $2.3 billion investment, create
nearly 500 skilled jobs, and is designed to grow in scale, capability and
workforce for decades in the future.
Also in August 2026, RayzeBio, Inc., a Bristol Myers Squibb company, said it
would invest more than $173 million to expand its radiopharmaceutical
manufacturing operations by establishing a new facility in Whitestown, Indiana.
Construction is expected to begin this year on the approximately 225,000-square-
foot facility, which will complement RayzeBio's existing footprint in the state
and will create up to 100 new jobs by the end of 2029.
Financial Guidance
Bristol Myers Squibb is increasing its full-year, non-GAAP revenue guidance from
a range of approximately $49.0 billion to $50.0 billion to a range of
approximately $49.75 billion to $50.25 billion. This update primarily reflects
broad-based and continuing momentum across the portfolio.
Full-year other income/(expense) is now expected to be ~$650 million of expense,
due to favorable net interest.
Non-GAAP EPS is being updated to an anticipated range of $6.35 - $6.55, which is
inclusive of a $(0.60) impact from Acquired IPRD and licensing income.
2026
Non-GAAP1,2Line-Item
Guidance
July October
(Prior) (Updated)
Total Revenues ~$49.0 - $50.0 billion ~$49.75 - $50.25
(Reported & Ex-FX) billion
Gross Margin % ~69% - 70% No change
Operating Expenses3 ~$16.5 billion No change
Other income/(expense) ~($700 million) ~($650 million)
Effective tax rate ~18% No change
Diluted EPS $6.75 - $7.00 $6.35 - $6.55
Acquired IPRD Charges
& Licensing Income $(0.02) $(0.60)
Included in Diluted
EPS
1 See "Use of Non-GAAP Financial Information."
6
2 July was calculated based on mid-July 2026 foreign exchange rates, and October
was calculated based on mid-October exchange rates.
3 Operating Expenses = SG&A and R&D.
The company continues to expect total Worldwide Eliquis revenues to increase in
2026 when compared to 2025, and is reaffirming its previously projected range as
shown in the table below.
2026EliquisRevenue Guidance
July October
(Prior) (Updated)
2026 WW Revenue Growth* 20% - 25% No change
* Compared to 2025 Worldwide Eliquis revenues.
The 2026 financial guidance provided excludes the impact of any potential future
strategic acquisitions, divestitures, specified items that have not yet been
identified and quantified, and the impact of Acquired IPRD charges and licensing
income incurred after September 30, 2026. To the extent we have quantified the
impact of significant R&D charges or other income resulting from upfront or
contingent milestone payments in connection with asset acquisitions or licensing
of third-party intellectual property rights, we may update this information from
time to time on our website, www.bms.com , in the "Investors" section. Non-GAAP
guidance assumes exchange rates as of the date noted. The financial guidance is
subject to risks and uncertainties applicable to all forward-looking statements
as described elsewhere in this press release.
A reconciliation of forward-looking non-GAAP measures, including non-GAAP EPS,
to the most directly comparable GAAP measures is not provided because comparable
GAAP measures for such measures are not reasonably accessible or reliable due to
the inherent difficulty in forecasting and quantifying measures that would be
necessary for such reconciliation. Namely, we are not, without unreasonable
effort, able to reliably predict the impact of accelerated depreciation and
impairment charges, legal and other settlements, gains and losses from equity
investments and other adjustments. In addition, the company believes such a
reconciliation would imply a degree of precision and certainty that could be
confusing to investors. These items are uncertain, depend on various factors and
may have a material impact on our future GAAP results. See "Cautionary Statement
Regarding Forward-Looking Statements" and "Use of Non-GAAP Financial
Information."
Conference Call Information
Bristol Myers Squibb will host a conference call today, Thursday, October 29,
2026, at 8:00 a.m. ET, during which company executives will review financial
results with the investment community.
7
Investors and the general public are invited to listen to a live webcast of the
call at http://investor.bms.com . Materials related to the call will be
available at http://investor.bms.com prior to the start of the conference call.
A replay of the webcast will be available at http://investor.bms.com
approximately three hours after the conference call concludes.
About Bristol Myers Squibb: Transforming Patients' Lives Through Science
At Bristol Myers Squibb, our mission is to discover, develop and deliver
innovative medicines that help patients prevail over serious diseases. We are
pursuing bold science to define what's possible for the future of medicine and
the patients we serve. For more information, visit us at BMS.com and follow us
on LinkedIn , X , YouTube , Facebook and Instagram .
###
For more information, contact:
Media Relations: media@bms.com
Investor Relations: investor.relations@bms.com
Use of Non-GAAP Financial Information
In discussing financial results and guidance, the company refers to financial
measures that are not in accordance with U.S. Generally Accepted Accounting
Principles (GAAP). The non-GAAP financial measures are provided as supplemental
information to the financial measures presented in this press release that are
calculated and presented in accordance with GAAP and are presented because
management has evaluated the company’s financial results both including and
excluding the adjusted items or the effects of foreign currency translation, as
applicable, and believes that the non-GAAP financial measures presented portray
the results of the company's baseline performance, supplement or enhance
management's, analysts' and investors' overall understanding of the company’s
underlying financial performance and trends and facilitate comparisons among
current, past and future periods. In addition, non-GAAP gross margin, which is
revenue less cost of products sold excluding certain specified items, as a
percentage of revenue, non-GAAP operating expenses, which is selling, general
and administrative and research and development expenses excluding certain
specified items, non-GAAP selling, general and administrative expenses, which is
selling, general and administrative expenses excluding certain specified items,
and non-GAAP research and development expenses, which is research and
development expenses excluding certain specified items, are relevant and useful
for investors because they allow investors to view performance in a manner
similar to the method used by our management and make it easier for investors,
analysts and peers to compare our operating performance to other companies in
our industry and to compare our year-over-year results.
This earnings release and the accompanying tables also provide certain revenues
and expenses, as well as non-GAAP financial measures, excluding the impact of
foreign exchange ("Ex-FX"). We
8
calculate foreign exchange impacts by converting our current-period local
currency financial results using the prior period average currency rates and
comparing these adjusted amounts to our current-period results. Ex-FX financial
measures are not accounted for according to GAAP because they remove the effects
of currency movements from GAAP results.
Non-GAAP financial measures, such as non-GAAP earnings and related EPS
information, are adjusted to exclude certain costs, expenses, gains and losses
and other specified items that are evaluated on an individual basis after
considering their quantitative and qualitative aspects and typically have one or
more of the following characteristics, such as being highly variable, difficult
to project, unusual in nature, significant to the results of a particular period
or not indicative of past or future operating results. These items are excluded
from non-GAAP earnings and related EPS information because the company believes
they neither relate to the ordinary course of the company’s business nor reflect
the company’s underlying business performance. Similar charges or gains were
recognized in prior periods and will likely reoccur in future periods, including
amortization of acquired intangible assets, including product rights that
generate a significant portion of our ongoing revenue and will recur until the
intangible assets are fully amortized, unwinding of inventory purchase price
adjustments, integration expenses, restructuring costs, accelerated depreciation
and impairment of property, plant and equipment and intangible assets, costs of
acquiring a priority review voucher, divestiture gains or losses, stock
compensation resulting from acquisition-related equity awards, pension, legal
and other contractual settlement charges, equity investment and contingent value
rights fair value adjustments (including fair value adjustments attributed to
limited partnerships and other investments), and amortization of fair value
adjustments of debt acquired from Celgene in our 2019 exchange offer, among
other items. Deferred and current income taxes attributed to these items are
also adjusted for considering their individual impact to the overall tax
expense, deductibility and jurisdictional tax rates, as well as certain other
significant tax items.
Because the non-GAAP financial measures are not calculated in accordance with
GAAP, they should not be considered superior to and are not intended to be
considered in isolation or as a substitute for the related financial measures
presented in the press release that are prepared in accordance with GAAP and may
not be the same as or comparable to similarly titled measures presented by other
companies due to possible differences in method and in the items being adjusted.
We encourage investors to review our financial statements and publicly-filed
reports in their entirety and not to rely on any single financial measure.
Reconciliations of the non-GAAP financial measures to the most comparable GAAP
measures are provided in the accompanying financial tables and will also be
available on the company’s website at www.bms.com. Within the accompanying
financial tables presented, certain columns and rows may not add due to the use
of rounded numbers. Percentages and EPS amounts presented are calculated from
the underlying amounts.
A reconciliation of forward-looking non-GAAP financial measures, including non-
GAAP EPS, to the most directly comparable GAAP measures is not provided because
comparable GAAP measures for such measures are not reasonably accessible or
reliable due to the inherent difficulty in forecasting and quantifying measures
that would be necessary for such reconciliation. Namely, we are not, without
unreasonable effort, able to reliably predict the impact of accelerated
depreciation and impairment charges, legal and other settlements, gains and
losses from equity investments and other adjustments. In addition, the company
believes such a reconciliation would imply a degree of precision and certainty
that could be confusing to investors. These items are uncertain, depend on
various factors and may have a material impact on our future GAAP results.
9
Website Information
We routinely post important information for investors on our website,
www.bms.com, in the “Investors” section. We may use this website as a means of
disclosing material, non-public information and for complying with our
disclosure obligations under Regulation FD. Accordingly, investors should
monitor the Investors section of our website, in addition to following our press
releases, Securities and Exchange Commission (SEC) filings, public conference
calls, presentations and webcasts. We may also use social media channels to
communicate with our investors and the public about our company, our products
and other matters, and those communications could be deemed to be material
information. The information contained on, or that may be accessed through, our
website or social media channels is not incorporated by reference into, and is
not a part of, this document. All trademarks mentioned are the property of their
owners.
Cautionary Statement Regarding Forward-Looking Statements
This earnings release and the related attachments (as well as the oral
statements made with respect to information contained in this release and the
attachments) contain certain “forward-looking” statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, regarding, among other things, the
company’s 2026 financial guidance, its business development and multi-year
allocation strategy, anticipated developments in the company’s pipeline,
expectations with respect to the company’s future market position and the
development or expansion of manufacturing facilities, and the projected benefits
of the company’s alliances and other business development activities. These
statements may be identified by the fact that they use words such as “should,”
“could,” “expect,” “anticipate,” “estimate,” “target,” “may,” “project,”
“guidance,” “intend,” “plan,” “believe,” “will” and other words and terms of
similar meaning and expression in connection with any discussion of future
operating or financial performance, although not all forward-looking statements
contain such terms. All statements that are not statements of historical facts
are, or may be deemed to be, forward-looking statements. No forward-looking
statement can be guaranteed, and there is no assurance that the company will
achieve its financial guidance and strategic objectives, that the company’s
future clinical studies will support the data described in this release, that
the company’s product candidates will receive necessary clinical and
manufacturing regulatory approvals, that the company’s pipeline products will
prove to be commercially successful, that clinical and manufacturing regulatory
approvals will be sought or obtained within currently expected timeframes, or
that contractual milestones will be achieved.
Forward-looking statements are based on current expectations and projections
about the company’s future financial results, goals, plans and objectives and
involve inherent risks, assumptions and uncertainties, including internal or
external factors that could delay, divert or change any of them in the next
several years, that are difficult to predict, may be beyond the company’s
control and could cause the company’s future financial results, goals, plans and
objectives to differ materially from those expressed in, or implied by, the
statements. Such risks, uncertainties and other matters include, but are not
limited to: increasing pricing pressures from market access, pharmaceutical
pricing controls and discounting; market actions taken by private and government
payers to manage drug utilization and contain costs; government actions relating
to the imposition of new tariffs, trade restrictions and export regulations; the
company’s ability to retain patent and market exclusivity for certain products;
regulatory changes that result in lower prices, lower reimbursement rates and
smaller populations for whom payers will reimburse; changes under the 340B Drug
Pricing Program; the company’s ability to obtain and maintain regulatory
approval for its product candidates; the possibility of difficulties and delays
in product introduction and commercialization; increasing industry competition;
potential difficulties, delays
10
and disruptions in manufacturing, distribution or sale of products; the
company’s ability to identify potential strategic acquisitions, licensing
opportunities or other beneficial transactions; failure to complete, or delays
in completing, collaborations, acquisitions, divestitures, alliances and other
portfolio actions and the failure to achieve anticipated benefits from such
transactions and actions; exposure to litigation and/or regulatory actions or
investigations; the impact of any healthcare reform and legislation or
regulatory action in the United States and international markets; increasing
market penetration of lower-priced generic products; the failure of the
company’s suppliers, vendors, outsourcing partners, alliance partners and other
third parties to meet their contractual, regulatory and other obligations; the
impact of counterfeit or unregistered versions of the company’s products and
from stolen products; product label changes or other measures that could result
in declining sales; safety or efficacy concerns regarding the company’s products
or any product in the same class as the company’s products; the risk of cyber-
attacks and unauthorized disclosure of trade secrets or other confidential data;
the company’s ability to execute its financial, strategic and operational plans;
the company’s ability to attract and retain key personnel; the impact of the
company’s significant indebtedness; political and financial instability of
international economies and sovereign risk; interest rate and currency exchange
rate fluctuations, credit and foreign exchange risk management; risks relating
to the use of social media platforms; issuance of new or revised accounting
standards; risks relating to public health outbreaks, epidemics and pandemics;
and risks related to the use of artificial intelligence or other emerging
technologies in various facets of the company's operations, including
partnerships related to the use of, or the sharing of such technologies with
third parties, which may exacerbate competitive, regulatory, litigation,
cybersecurity, and other risk.
Forward-looking statements in this earnings release should be evaluated together
with the many risks and uncertainties that affect the company’s business and
market, particularly those identified in the cautionary statement and risk
factors discussion in the company’s Annual Report on Form 10-K for the year
ended December 31, 2025, as updated by the company’s subsequent Quarterly
Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the
SEC. The forward-looking statements included in this document are made only as
of the date of this document and except as otherwise required by applicable law,
the company undertakes no obligation to publicly update or revise any forward-
looking statement, whether as a result of new information, future events,
changed circumstances or otherwise.
11
BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited, dollars and shares in millions except per share data)
Three Nine
Months Months
Ended Ended
September Septemb…
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net
product $ 12,606 $ 11,850 $ 36,362 $ 34,645
sales
Allian…
and 463 372 1,169 1,047
other
revenu…
Total 13,069 12,222 37,532 35,692
Revenu…
Cost of
produc… 4,146 3,435 11,292 9,839
sold(a)
Sellin…
general 1,699 1,789 5,142 5,086
and
admini…
Resear…
and 2,365 2,528 7,973 7,365
develo…
Acquir… 1,558 633 1,651 2,328
IPRD
Amorti…
of
acquir… 458 831 1,332 2,491
intang…
assets
Other
(incom… 307 -108 279 725
net
Total 10,533 9,108 27,670 27,834
Expens…
Earnin…
Before 2,536 3,114 9,862 7,858
Income
Taxes
Income
tax 374 919 1,705 1,888
provis…
Net 2,162 2,195 8,156 5,970
Earnin…
Noncon… — -6 — 3
Intere…
Net
Earnin… $ 2,162 $ 2,201 $ 8,156 $ 5,967
Attrib…
to BMS
Weight…
Common
Shares
Outsta…
Basic 2,043 2,036 2,041 2,034
Diluted 2,053 2,039 2,049 2,039
Earnin…
per
Common
Share:
Basic $ 1.06 $ 1.08 $ 4.00 $ 2.93
Diluted 1.05 1.08 3.98 2.93
Other
(incom…
net
Intere… $ 403 $ 480 $ 1,220 $ 1,459
expense
Royalty
income — -286 — -844
-
divest…
Royalty
and -200 -276 -580 -697
licens…
income
Invest… -118 -161 -323 -438
income
Provis…
for 187 75 247 432
restru…
Litiga…
and 3 165 11 424
other
settle…
Contin… — — — 336
consid…
Equity
invest… 26 -190 -222 -90
(gains…
net
Integr… 10 36 46 110
expens…
Divest…
(gains… — 8 -162 1
net
Other -4 40 41 33
Other
(incom… $ 307 $ -108 $ 279 $ 725
net
(a) Excludes amortization of acquired intangible assets.
12
BRISTOL-MYERS SQUIBB COMPANY
PRODUCT REVENUES
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025
(Unaudited, dollars in millions)
──────────────────────────────────────────────────────────────────────────────
** See "Use of Non-GAAP Financial Information".
(a) Includes Abecma , Augtyro , Empliciti, Inrebic, Nulojix , Onureg , Zenbexus
and royalty revenues, including royalties received from Merck on Winrevair .
(b) Includes other mature brands.
(c) Includes revenue hedging activities in 2026.
(d) Worldwide (WW) includes U.S. and International (Int'l).
13
BRISTOL-MYERS SQUIBB COMPANY
PRODUCT REVENUES
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025
(Unaudited, dollars in millions)
──────────────────────────────────────────────────────────────────────────────
** See "Use of Non-GAAP Financial Information".
(a) Includes Abecma , Augtyro , Empliciti, Inrebic, Nulojix , Onureg , Zenbexus
and royalty revenues, including royalties received from Merck on Winrevair .
(b) Includes other mature brands.
(c) Includes revenue hedging activities in 2026.
(d) Worldwide (WW) includes U.S. and International (Int'l).
14
BRISTOL-MYERS SQUIBB COMPANY
INTERNATIONAL REVENUES
FOREIGN EXCHANGE IMPACT (%)
(Unaudited)
Nine
Three Months
Months Ended
Ended Septem…
Septemb… 30,
30, 2026 2026
──────────────────────────────────────────────────────────────────────────────
F/X % Revenue Revenue F/X % Revenue
Revenue Favora… Change % Change Favorab… Change
Change % (Unfav… Ex- F/X % (Unfavo… % Ex-
** ** ** F/X **
Growth
Portfo…
Opdivo (4)% —% (4)% 1% 3% (2)%
Opdivo >200% NM >200% >200% NM >200%
Qvantig
Orencia (6)% (1)% (4)% (3)% 2% (4)%
Yervoy 10% (1)% 10% 12% 3% 9%
Rebloz… 16% (1)% 18% 23% 2% 21%
Breyan… 53% (4)% 57% 62% 2% 61%
Opdual… 57% 1% 56% 72% 7% 65%
Camzyos 111% 2% 109% 127% 7% 121%
Zeposia 11% (2)% 13% 11% 3% 8%
Sotyktu 27% 1% 26% 32% 4% 29%
Krazati (1)% —% —% 61% 5% 56%
Cobenfy >200% NM >200% >200% NM >200%
Other
Growth 16% (1)% 17% 26% 1% 26%
Produc…
Total
Growth 12% (1)% 13% 16% 2% 13%
Portfo…
Legacy
Portfo…
Eliquis (7)% (2)% (5)% 5% 3% 2%
Revlim… (29)% (1)% (28)% (36)% (1)% (35)%
Pomaly… (27)% (4)% (23)% (37)% (2)% (35)%
Sprycel (39)% (2)% (37)% (32)% (1)% (31)%
Abraxa… 10% —% 11% (27)% —% (27)%
Other
Legacy (43)% (1)% (42)% (42)% 1% (43)%
Produc…
Total
Legacy (12)% (2)% (10)% (7)% 2% (9)%
Portfo…
Other N/A N/A N/A N/A N/A N/A
Revenu…
Total 3% (1)% 4% 6% 2% 4%
Revenu…
NM Not meaningful
** See "Use of Non-GAAP Financial Information".
(a) Includes Abecma , Augtyro , Empliciti, Inrebic, Nulojix , Onureg , Zenbexus
and royalty revenues, including royalties received from Merck on Winrevair .
(b) Includes other mature brands.
(c) Includes revenue hedging activities in 2026.
15
BRISTOL-MYERS SQUIBB COMPANY
WORLDWIDE REVENUES
(a)
FOREIGN EXCHANGE IMPACT (%)
(Unaudited)
Nine
Three Months
Months Ended
Ended Septem…
Septemb… 30,
30, 2026 2026
──────────────────────────────────────────────────────────────────────────────
F/X % Revenue Revenue F/X % Revenue
Revenue Favora… Change % Change Favorab… Change
Change % (Unfav… Ex- F/X % (Unfavo… % Ex-
** ** ** F/X **
Growth
Portfo…
Opdivo (6)% —% (6)% (5)% 1% (6)%
Opdivo >200% NM >200% >200% NM >200%
Qvantig
Orencia 2% —% 2% 5% —% 5%
Yervoy 7% —% 8% 6% 1% 5%
Rebloz… 22% —% 22% 23% —% 23%
Breyan… 46% (1)% 48% 47% —% 47%
Opdual… 23% —% 23% 21% 1% 20%
Camzyos 42% —% 42% 61% 1% 60%
Zeposia 5% (1)% 5% 9% 1% 8%
Sotyktu 26% —% 25% 24% 1% 23%
Krazati 10% —% 10% 9% —% 9%
Cobenfy 33% —% 33% 68% —% 68%
Other
Growth 12% —% 13% 15% —% 14%
Produc…
Total
Growth 12% —% 12% 13% 1% 12%
Portfo…
Legacy
Portfo…
Eliquis 25% —% 26% 21% 1% 20%
Revlim… (47)% —% (47)% (54)% —% (54)%
Pomaly… (81)% —% (80)% (59)% —% (58)%
Sprycel (38)% (1)% (38)% (44)% —% (43)%
Abraxa… (13)% —% (12)% (40)% —% (40)%
Other
Legacy (13)% —% (13)% (20)% —% (20)%
Produc…
Total
Legacy 1% —% 1% (3)% 1% (4)%
Portfo…
Other N/A N/A N/A N/A N/A N/A
Revenu…
Total 7% —% 7% 5% 1% 5%
Revenu…
NM Not meaningful
** See "Use of Non-GAAP Financial Information".
(a) Worldwide (WW) includes U.S. and International (Int'l).
(b) Includes Abecma , Augtyro , Empliciti, Inrebic, Nulojix , Onureg , Zenbexus
and royalty revenues, including royalties received from Merck on Winrevair .
(c) Includes other mature brands.
(d) Includes revenue hedging activities in 2026.
16
BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
(Unaudited, dollars in millions)
Three Nine
Months Months
Ended Ended
September September
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Invento…
purchase
price $ 13 $ 13 $ 38 $ 38
account…
adjustm…
Site
exit and — 110 3 114
other
costs
Cost of
products 13 122 41 152
sold
Acquisi…
related — — — 19
charges
Site
exit and — 1 1 6
other
costs
Selling,
general — 1 1 25
and
adminis…
IPRD — 85 830 385
impairm…
Priority
review — — 220 —
voucher
Site
exit and 1 10 6 49
other
costs
Research
and 1 95 1,056 434
develop…
Amortiz…
of
acquired 458 831 1,332 2,491
intangi…
assets
Interest -9 -12 -27 -36
expense
Provisi…
for 187 75 247 432
restruc…
Litigat…
and — 179 — 425
other
settlem…
Conting… — — — 336
conside…
Equity
investm… 26 -190 -222 -92
(gains)…
net
Integra… 10 36 46 110
expenses
Divesti…
(gains)… — 10 -160 3
net
Other — — 3 13
Other
(income… 214 98 -113 1,189
net
Increase
to
earning… 687 1,148 2,316 4,291
before
income
taxes
Income
taxes on -81 -190 -296 -447
items
above
Specifi…
tax — 160 — 160
charge/…
Income -81 -31 -296 -287
taxes
Increase
to net
earning… $ 606 $ 1,117 $ 2,020 $ 4,004
attribu…
to BMS
(a) Includes changes to tax reserves during 2025 related to certain matters
under IRS audit.
17
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF CERTAIN GAAP LINE ITEMS TO CERTAIN NON-GAAP LINE ITEMS
(Unaudited, dollars and shares in millions except per share data)
T… N…
M… M…
E… E…
S… S…
3… 3…
2… 2…
──────────────────────────────────────────────────────────────────────────────
G… S… N… … … …
I… …
…
… $ 4… $ -… $ 4… $ 1… $ -… $ 1…
…
…
…
… 1… — 1… 5… -1 5…
…
…
…
… 2… -1 2… 7… -… 6…
…
…
…
… 4… -… — 1… -… —
…
…
…
… 3… -… 93 2… 1… 3…
…
…
… 2… 6… 3… 9… 2… 1…
…
…
…
… 3… 81 4… 1… 2… 2…
…
…
…
…
…
… $ 2… $ 6… $ 2… $ 8… $ 2… $ 1…
…
…
…
…
…
…
… 2… 2… 2… 2… 2… 2…
…
…
…
… $ 1… $ 0… $ 1… $ 3… $ 0… $ 4…
…
…
… 6… % 0… % 6… % 6… % 0… % 7… %
…
…
… 1… % -… % 1… % 1… % -… % 1… %
…
T… …
M… …
E… …
S… …
3… …
2… …
G… S… N… … … …
I… …
…
… $ 3… $ -… $ 3… $ 9… $ -… $ 9…
…
…
…
… 1… -1 1… 5… -… 5…
…
…
…
… 2… -… 2… 7… -… 6…
…
…
…
… 8… -… — 2… -… —
…
…
…
… -… -… -… 7… -… -…
…
…
… 3… 1… 4… 7… 4… 1…
…
…
…
… 9… 31 9… 1… 2… 2…
…
…
…
…
…
… $ 2… $ 1… $ 3… $ 5… $ 4… $ 9…
…
…
…
…
…
…
… 2… 2… 2… 2… 2… 2…
…
…
…
… $ 1… $ 0… $ 1… $ 2… $ 1… $ 4…
…
…
… 7… % 1… % 7… % 7… % 0… % 7… %
…
…
… 2… % -… % 2… % 2… % -… % 1… %
…
(a) Refer to the Specified Items schedule above for further details. Effective
tax rate on the Specified Items represents the difference between the GAAP and
Non-GAAP
effective tax rate.
(b) Gross margin represents Revenue less Cost of products sold, as a percentage
of Revenues.
18
BRISTOL-MYERS SQUIBB COMPANY
NET DEBT CALCULATION
AS OF SEPTEMBER 30, 2026 AND DECEMBER 31, 2025
(Unaudited, dollars in millions)
September 30, December 31,
2026 2025
──────────────────────────────────────────────────────────────────────────────
Cash and cash equivalents $ 9,574 $ 10,209
Marketable debt securities - current 3,007 464
Marketable debt securities - 378 396
non-current
Cash, cash equivalents and marketable $ 12,959 $ 11,069
debt securities
Short-term debt obligations -1,028 -2,261
Long-term debt -41,849 -42,850
Net debt position $ -29,918 $ -34,043
19