01—Abstract
Summary
Summary of the 8-K filed April 30, 2026. Cited figures are marked; the original filing is the authoritative source.
Bristol Myers Squibb reported first-quarter 2026 results on April 30, 2026.
Total revenues rose 3% (+1% ex-FX) to $11.5 billiona, driven by the Growth Portfolio, which grew 12% (+9% ex-FX) to $6.2 billion on Camzyos, Breyanzi and Reblozyl. The Legacy Portfolio fell 6% (8% ex-FX) to $5.3 billion, as Eliquis demand gains (+16%) were more than offset by generic erosion from Revlimid, Pomalyst and Sprycel. GAAP EPS was $1.31 (up 9%), while non-GAAP EPS fell 12% to $1.58, largely because royalty income on diabetes products expired at the end of 2025 and the non-GAAP effective tax rate rose to 18.3% from 15.1%.
Non-GAAP gross margin compressed about 280 bps to 70.3%, reflecting product mix. GAAP results were helped by a $410 millionb IPRD impairment charge in R&D, which was excluded from non-GAAP figures. Management reaffirmed full-year 2026 guidance of $46.0–$47.5 billion in revenue and non-GAAP EPS of $6.05–$6.35, and said both are trending toward the upper end of the ranges.
Eliquis worldwide revenue is still guided to grow 10–15%c in 2026, and the Legacy Portfolio is expected to decline 12–16%. The quarter also included regulatory and data milestones: Sotyktu received FDA approval for psoriatic arthritis, Opdivo was approved for Hodgkin lymphoma, and the company reported positive Phase 3 data for mezigdomide and Camzyos in adolescents.
Net debt was $33.6 billiond at quarter-end, down from $34.0 billion at year-end 2025, and about $5 billion of share repurchase authorization remained. Investors will be watching the 2026 pipeline readouts and the delivery of the remaining $2 billion in cost savings by the end of 2027.
02—Key points
Key Highlights
- Revenue grew 3% (1% ex-FX) to $11.5B, with the Growth Portfolio up 12% to $6.2B and now more than half of total revenue.
- Non-GAAP EPS fell 12% to $1.58 versus $1.80, mainly due to expiry of diabetes royalty income and a higher non-GAAP tax rate of 18.3%; GAAP EPS rose 9% to $1.31.
- Non-GAAP gross margin declined about 280 bps to 70.3%, driven by product mix.
- A $410M IPRD impairment in R&D lifted GAAP R&D expenses 17%; it is excluded from non-GAAP results.
- 2026 guidance reaffirmed (revenue $46.0–$47.5B, non-GAAP EPS $6.05–$6.35), with both tracking toward the upper end of the ranges.
- Camzyos (+82% U.S., +97% WW), Breyanzi (+56% WW) and Reblozyl (+16% WW) led Growth Portfolio gains; Eliquis rose 16% WW.
- Net debt improved slightly to $33.6B from $34.0B at year-end 2025, with about $5B of buyback authorization remaining.
03—Questions
Frequently Asked Questions
Why did non-GAAP EPS decline even though revenue grew?
Non-GAAP EPS fell 12% to $1.58 because royalty income on diabetes products expired at the end of 2025, which reduced other income by about $300M compared with the prior year. The non-GAAP effective tax rate also rose to 18.3% from 15.1%, and gross margin compressed to 70.3% from 73.1% on product mix.
Is the Legacy Portfolio decline a concern for investors?
The decline is expected. Legacy revenue fell 6% (8% ex-FX) to $5.3B, mainly from generic entry for Revlimid (-66%), Pomalyst (-18%) and Sprycel (-71%). Management guides the Legacy Portfolio down 12–16% for 2026, and Eliquis growth partly offsets the erosion.
What drove the GAAP-to-non-GAAP difference this quarter?
The main adjustments were a $410M IPRD impairment charge in R&D and $437M of amortization of acquired intangibles, partly offset by $140M of other income items such as equity investment gains. Together these produced a $0.27 per-share gap, with GAAP EPS at $1.31 and non-GAAP EPS at $1.58.
Does the company expect to hit its 2026 guidance?
Management reaffirmed the 2026 ranges and said revenue and EPS are trending toward the upper end. Growth Portfolio momentum and continued Eliquis growth of 10–15% support that view, but the company notes that guidance excludes future acquisitions and future IPRD charges.
What are the key upcoming catalysts?
The company expects multiple 2026 pivotal readouts, including iberdomide PFS data (EXCALIBER-RRMM), milvexian in atrial fibrillation (LIBREXIA-AF) and stroke (LIBREXIA-STROKE), admilparant in IPF, and Cobenfy in Alzheimer's disease psychosis. Iberdomide also has an FDA PDUFA date of August 17, 2026.
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