Bristol Myers raises 2026 revenue forecast, cuts EPS range on R&D charges

Bristol Myers Squibb (BMY) topped third-quarter profit estimates and raised its 2026 revenue forecast, while lowering its earnings per share range.

The company said on Oct. 29 in a regulatory filing that third-quarter revenue rose 7% to $13.07 billion.

Non-GAAP earnings per share of $1.35 topped the $1.21 consensus estimate compiled by Finnhub.

Revenue of $13.07 billion was above the $12.87 billion consensus estimate compiled by Finnhub.

Here's how the company did:

• Revenue: $13.07 billion vs. $12.22 billion a year earlier, and $12.87 billion expected, according to Finnhub
• GAAP EPS: $1.05 vs. $1.08 a year earlier
• Non-GAAP EPS: $1.35 vs. $1.63 a year earlier, and $1.21 expected, according to Finnhub

The Growth Portfolio rose 12% to $7.7 billion, while the Legacy Portfolio grew 1% to $5.4 billion.

U.S. revenue was $9.1 billion, up 9%, and international revenue was $4.0 billion, up 3%, or 4% excluding foreign exchange.

Worldwide Eliquis revenue rose 25% to $4.69 billion.

Board Chair and Chief Executive Officer Christopher Boerner said, "We delivered another quarter of double-digit growth in our Growth Portfolio, which increased 12% and reflects the continued momentum across our diversified portfolio."

2026 guidance

The company raised its 2026 revenue forecast to a range of $49.75 billion to $50.25 billion, from the approximately $49.0 billion to $50.0 billion range it gave on July 30.

It lowered its non-GAAP EPS forecast to $6.35 to $6.55, from $6.75 to $7.00. The range includes a 60 cents per share net impact from acquired in-process research and development, or IPRD, charges and licensing income.

Other income and expense is now expected to be about $650 million of expense, down from about $700 million, due to favorable net interest.

The company left its operating expense forecast at about $16.5 billion and its tax rate at about 18% unchanged. It reaffirmed that worldwide Eliquis revenue is expected to increase in 2026 compared with 2025.

Segment results

Opdivo Qvantig revenue rose to $334 million from $67 million a year earlier.

Camzyos revenue rose 42% to $420 million, and Breyanzi rose 46% to $526 million.

Revlimid revenue fell 47% to $303 million, and Pomalyst/Imnovid revenue fell 81% to $130 million. The company said it expects continued generic impacts across the rest of the Legacy Portfolio.

Costs and charges

GAAP gross margin fell to 68.3% from 71.9%, primarily reflecting a change in product mix and, to a lesser extent, a one-time charge related to a contract termination.

Acquired IPRD charges were $1.6 billion, primarily reflecting recent license agreements and charges tied to ongoing collaborations.

GAAP research and development expenses fell 6% to $2.4 billion, and selling, general and administrative expenses fell 5% to $1.7 billion.

The net debt position was $29.9 billion as of Sept. 30, 2026, compared with $34.0 billion at Dec. 31, 2025.

Cash and capital returns

The company said it remains committed to its dividend and had about $5 billion of share repurchase authorization remaining as of Sept. 30, 2026.