$BMY · BRISTOL MYERS SQUIBB CO
Bristol Myers Squibb reported Q3 2026 results with total revenues of $13.069B, up 7% YoY. Growth Portfolio revenues rose 12% to $7.7B, while Legacy Portfolio inched up 1% to $5.4B. GAAP EPS was $1.05 and non-GAAP EPS was $1.35, both weighed down by $(0.58) in Acquired IPRD charges and licensing income. The company raised FY2026 revenue guidance to $49.75B–$50.25B but cut non-GAAP EPS guidance to $6.35–$6.55, reflecting a $(0.60) per share net impact from Acquired IPRD charges.
- Q3 total revenues of $13.069B, up 7% YoY (7% ex-FX)
- Growth Portfolio revenues hit $7.7B, up 12% YoY, driven by Breyanzi (+46%), Camzyos (+42%), and Reblozyl (+22%)
- GAAP EPS of $1.05 and non-GAAP EPS of $1.35, both hit by $(0.58) net Acquired IPRD charges and licensing income
- FY2026 revenue guidance raised to $49.75B–$50.25B (from $49.0B–$50.0B); non-GAAP EPS revised to $6.35–$6.55 (from $6.75–$7.00)
- Gross margin fell to 68.3% GAAP (from 71.9%) on product mix shift and a one-time contract termination charge
Extended-hours trading shows BMY at $61.50, +1.54% vs the regular close of $60.57, suggesting the market is rewarding the revenue beat and guidance raise despite the EPS guidance cut. No regular-session trading has occurred since filing.
BMY delivered a rare combination: a revenue beat and guidance raise paired with a material EPS guidance cut, forcing investors to weigh top-line momentum against deteriorating profitability from acquisition-related charges.
BMY's Growth Portfolio expansion (+12%) contrasts with the Legacy Portfolio's flat performance (+1%), highlighting the industry-wide patent-cliff transition. Eliquis remains the Legacy anchor at $4.69B (+25% YoY) but faces eventual LOE risk.
Non-GAAP EPS guidance was cut to $6.35–$6.55 from $6.75–$7.00, driven by $(0.60) per share in Acquired IPRD charges and licensing income — a sharp increase from the prior $(0.02) estimate. Gross margin compression of 360 bps GAAP (to 68.3%) signals product mix deterioration and cost pressure.