Bristol Myers Squibb Tops Estimates at $13.1 Billion; Raises Revenue Outlook

Bristol Myers Squibb (NYSE: BMY) reported third-quarter revenue of $13.1 billion, above the $12.73 billion analysts expected, and adjusted EPS of $1.35 against the $1.22 consensus estimate, in an 8-K filed Thursday.

Revenue rose 7% from a year earlier. GAAP EPS was $1.05, compared with $1.08 a year earlier. Non-GAAP EPS fell 17% from $1.63. Both figures include a net $(0.58) per share impact from Acquired IPRD charges and licensing income.

Growth Portfolio leads sales

Growth Portfolio revenues rose 12% to $7.7 billion, driven by Opdivo Qvantig, Breyanzi, Reblozyl, Camzyos and Opdualag. Legacy Portfolio revenues increased 1% to $5.4 billion, with growth in Eliquis partly offset by generic impacts on other legacy products.

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

Margins and expenses

GAAP gross margin fell to 68.3% from 71.9%. The company said the decline primarily reflected product mix and, to a lesser extent, a one-time charge related to a contract termination. Acquired IPRD charges were $1.6 billion, up from $633 million a year earlier.

Other expense, net, reflected the expiry of royalty income on diabetes products at the end of 2025.

Guidance

Bristol Myers Squibb raised its 2026 revenue guidance to a range of $49.75 billion to $50.25 billion, from about $49.0 billion to $50.0 billion. Analysts expected $49.90 billion for the full year. The company said the update primarily reflects broad-based momentum across its portfolio.

Non-GAAP EPS guidance was updated to $6.35 to $6.55, from $6.75 to $7.00. The range includes a $(0.60) impact from Acquired IPRD and licensing income. The full-year consensus EPS estimate was $6.54.

Shares closed at $60.57 on Oct. 28, the last trading session before the filing, giving the company a market value of about $123.7 billion.