01—Abstract
Summary
Summary of the 8-K filed July 30, 2026. Cited figures are marked; the original filing is the authoritative source.
Bristol Myers Squibb reported second-quarter 2026 results that beat the company's trajectory and raised full-year guidance.
Total revenues rose 6% (5% ex-FX) to $13.0 billiona, led by the Growth Portfolio, which grew 15% (14% ex-FX) to $7.6 billion on strength in Opdivo Qvantig, Reblozyl, Camzyos, Breyanzi and Opdualag. The Legacy Portfolio declined 4% to $5.4 billion, with Eliquis demand growth (up 22%) offsetting generic erosion from Revlimid, Pomalyst and others. Eliquis is now a key bright spot, with management guiding to 20%-25% worldwide growth for 2026.
Profitability was mixed. GAAP EPS was $1.62b versus $0.64 a year ago, helped by the absence of last year's $1.5 billion acquired IPR&D charge and lower acquired-intangible amortization. Non-GAAP EPS was $2.04, up 40%.
Gross margin slipped about 120 basis points on both bases due to product mix, and R&D rose 15% on a GAAP basis, driven by a priority review voucher purchase and higher IPR&D impairments. Net debt narrowed to about $31.7 billionc from $34.0 billion at year-end 2025. Management raised 2026 guidance: revenue to roughly $49.0-$50.0 billion (from $46.0-$47.5 billion), non-GAAP diluted EPS to $6.75-$7.00 (from $6.05-$6.35), and operating expenses to about $16.5 billion.
Gross margin, other expense and tax rate guidance were unchanged. Investors should note that guidance excludes future acquired IPR&D charges and licensing income, and that the 8-K's own forward-looking statements flag pricing pressure, generic competition and pipeline risk.
02—Key points
Key Highlights
- Q2 2026 total revenues of $13.0 billion, up 6% (5% ex-FX), with U.S. revenues up 6% to $9.0 billion and international up 6% to $4.0 billion.
- Growth Portfolio revenues grew 15% to $7.6 billion, now representing a larger share of total sales versus the Legacy Portfolio, which fell 4% to $5.4 billion.
- Eliquis revenue rose 22% to $4.5 billion in Q2, with U.S. demand and share gains driving the increase.
- GAAP EPS of $1.62 (vs. $0.64) and non-GAAP EPS of $2.04 (up 40%); the year-over-year GAAP comparison was flattered by a $1.5 billion acquired IPR&D charge in Q2 2025.
- Full-year 2026 guidance raised: revenue to ~$49.0-$50.0 billion, non-GAAP EPS to $6.75-$7.00, and Eliquis growth to 20%-25%.
- Gross margin declined to 71.3% (GAAP) from 72.5%, reflecting product mix, while R&D rose 15% on a GAAP basis on a priority review voucher purchase and IPR&D impairments.
- Net debt improved to ~$31.7 billion from ~$34.0 billion at December 31, 2025, with cash and marketable securities of ~$11.5 billion.
03—Questions
Frequently Asked Questions
Why did BMS raise its 2026 guidance?
Management attributed the increase to strong first-half results and broad, continuing momentum across the portfolio. The company now expects Growth Portfolio strength, a 4%-6% decline in the Legacy Portfolio, and 20%-25% worldwide Eliquis growth. Revenue guidance rose about $3 billion at the midpoint, and non-GAAP EPS guidance rose about $0.70 at the midpoint.
Is the GAAP EPS improvement from Q2 2025 sustainable?
Largely no. The year-over-year GAAP increase reflects the absence of last year's roughly $1.5 billion Acquired IPR&D charge and lower amortization of acquired intangibles, which fell 47% as Pomalyst amortization declined. Non-GAAP EPS, which excludes these items, rose a more modest 40%, still a meaningful improvement.
What are the main risks to the Legacy Portfolio?
Generic competition continues to erode key products. Revlimid fell 52% in the U.S. and Pomalyst fell 78% in the U.S. in Q2, with generic pomalidomide entering in March 2026. Management expects continued generic impact across the remaining Legacy Portfolio, which is guided to decline 4%-6% for the full year.
What pipeline catalysts should investors watch?
Near-term catalysts include the iberdomide PDUFA date of August 17, 2026, the Reblozyl sBLA with a March 11, 2027 PDUFA date, and the mezigdomide PDUFA date of May 13, 2027. Several registrational readouts are expected in 2026, including milvexian in stroke (LIBREXIA-STROKE1) and admilparant in IPF (ALOFT-IPF).
Does the guidance include potential future acquisitions or licensing deals?
No. Guidance excludes the impact of potential future acquisitions, divestitures, and Acquired IPR&D charges or licensing income incurred after June 30, 2026. Because BMS has been active in business development, including the Hengrui collaboration, future IPR&D charges could reduce reported GAAP and non-GAAP EPS relative to the guidance.
04—Continue