BMS Q2 2026 revenue rose 5.7% to $12.97B as Eliquis jumped 22% after a U.S. list-price cut and the Growth Portfolio grew 15%, outrunning Revlimid/Pomalyst generic erosion; GAAP EPS of $1.62 lapped a $1.5B BioNTech charge and 2026 guidance was raised.
Revenue
$13.0B
+5.7% YoY
Net income
$3.3B
+153.2% YoY
Diluted EPS
$1.62
+153.1% YoY
Operating margin
31.0%
Overview
Bristol Myers Squibb's second quarter of 2026 (three months ended June 30, 2026) had three moving parts. The newer drugs kept growing. The blood thinner Eliquis sold far more than expected. And the older cancer drugs that have lost patent protection kept falling. Total revenue rose 5.7% to $12.97 billion. Net income attributable to BMS rose from $1.31 billion to $3.32 billion, and diluted EPS went from $0.64 to $1.62.
Most of that profit jump comes from a one-off in last year's quarter, not from this quarter's business. Q2 2025 carried a $1.5 billion upfront payment to BioNTech that was expensed immediately as "acquired IPRD" (in-process research and development: drug programs bought or licensed before they are approved). Q2 2026 had no such charge.
On the back of the quarter, management raised its full-year 2026 revenue guidance by about $3 billion, to ~$49.0–50.0 billion. It also raised non-GAAP EPS guidance to $6.75–7.00, up from $6.05–6.35. Both figures come from the earnings release filed as Exhibit 99.1 to the July 30, 2026 Form 8-K.
Key metrics
Metric
Q2 2026
Q2 2025
YoY Change
Total revenues
$12,973M
$12,269M
+5.7%
Growth Portfolio revenue
$7,560M
$6,596M
+14.6%
Legacy Portfolio revenue
$5,422M
$5,673M
-4.4%
Eliquis revenue
$4,481M
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U.S. gross-to-net adjustments (discounts and rebates as % of gross sales)
34%
52%
-18 pts
Note on operating margin: BMS's income statement has no "operating income" line. We computed it as revenue minus cost of products sold, SG&A, R&D, acquired IPRD and amortization of acquired intangibles. That is every expense line except "Other (income)/expense, net", which mixes interest expense, royalty income, investment gains and restructuring. The result is $4,025M on $12,973M of revenue this quarter, versus $2,266M on $12,269M a year earlier. This is our calculation, not a figure BMS reports.
Year to date (six months):
Revenue: $24,462M, up 4.2% from $23,470M.
Net income attributable to BMS: $5,994M, up 59.2% from $3,766M.
Diluted EPS: $2.93, up 58.4% from $1.85.
Growth Portfolio: now 58% of sales
BMS splits its drugs into two groups:
Growth Portfolio: newer drugs with years of patent protection left.
Legacy Portfolio: older drugs, most of them facing or already hit by generic competition.
The Growth Portfolio rose 14.6% to $7.56 billion. It made up 58% of revenue, up from 54% a year earlier. Year to date it is up 13.4% to $13.79 billion.
Growth product
Q2 2026
Q2 2025
Change
Filing's explanation
Opdivo
$2,485M
$2,560M
-3%
Lower U.S. demand as patients shift to Opdivo Qvantig
Opdivo Qvantig
$261M
$30M
>200%
Launched in 2025
Orencia
$1,034M
$963M
+7%
Higher U.S. demand and net prices
Yervoy
$769M
$728M
+6%
International demand, FX
Reblozyl
$735M
$568M
+29%
Higher demand
Breyanzi
$484M
$344M
+41%
Higher demand
Camzyos
$416M
$260M
+60%
Higher demand
Opdualag
$349M
$284M
+23%
Higher demand
Zeposia
$169M
$150M
+12%
Higher net prices and demand
Sotyktu
$87M
$70M
+23%
Higher net prices and demand
Cobenfy
$63M
$35M
+81%
Higher U.S. demand
A few points stand out:
Opdivo is losing sales to BMS's own injectable version, not to a competitor. Opdivo is an immunotherapy given by IV drip, and it fell 3%. Opdivo Qvantig is the same drug given as an injection under the skin, and it went from $30M to $261M. Together they were $2,746M, up 6.0%. The switch matters because the injectable form has its own patent protection that runs longer.
The heart and cell-therapy drugs are doing the heavy lifting. Camzyos rose 60%; it treats obstructive hypertrophic cardiomyopathy, a thickened heart muscle. Breyanzi rose 41%; it is a CAR-T cell therapy for blood cancers. Reblozyl, used for anemia in blood disorders, added $167M.
Cobenfy is still small. The schizophrenia drug was the most-watched launch in the portfolio. At $63M in the quarter it is still less than 1% of revenue. Its 81% growth comes off a low base.
Orencia has a clock on it. In April 2026 BMS signed agreements with Dr. Reddy's, according to the filing. They allow Dr. Reddy's to sell an IV Orencia biosimilar (a near-copy of a biologic drug) in the U.S. once it is approved. A self-injected version can follow as early as February 2028. Orencia has also been picked for Medicare price negotiation, with government-set prices starting in 2028.
Legacy Portfolio: Eliquis up, the rest collapsing
Legacy product
Q2 2026
Q2 2025
Change
Eliquis
$4,481M
$3,680M
+22%
Revlimid
$425M
$838M
-49%
Pomalyst/Imnovid
$204M
$708M
-71%
Sprycel
$88M
$120M
-27%
Abraxane
$55M
$105M
-47%
Other legacy
$170M
$223M
-24%
Excluding Eliquis, the Legacy Portfolio fell 53%, from $1,993M to $941M. The causes are specific:
Revlimid (a multiple myeloma drug) fell 49%. The volume limits on U.S. generic lenalidomide ended on January 31, 2026, so generic makers can now sell as much as they want.
Pomalyst (another myeloma drug) fell 71% after U.S. generics entered in March 2026. The year-to-date decline is smaller (-48%) only because generics were on the market for just part of Q1.
Eliquis is the surprise, and part of its growth comes from a pricing change rather than more patients. Eliquis (apixaban) is a blood thinner. It is still classed as Legacy because its European exclusivity has expired and generics are selling in some European countries. Yet it grew 22% (21% excluding currency).
The filing credits higher demand plus higher U.S. net selling prices, and it explains why: "In 2026, the Company reduced the list price for Eliquis in the U.S., which resulted in higher realized average net selling prices due to lower rebates." In plain terms, BMS lowered the sticker price, paid out much less in rebates and discounts, and kept more per prescription.
The change shows up across the company's numbers:
Gross product sales fell 18% to $18.2 billion, while net product sales rose 6%.
Total discounts and rebates fell 46%.
Medicaid and Medicare rebates alone fell from $4,516M to $1,759M.
The U.S. gross-to-net percentage (the share of list-price sales given back in discounts and rebates) dropped from 52% to 34%.
The Inflation Reduction Act's government-set Medicare price for Eliquis (the "maximum fair price") also took effect in 2026, on January 1. The 10-Q confirms the timing but gives no dollar figure for the Medicare price impact. So the quarter's numbers show the list-price cut and the IRA price combined, and the two can't be separated. Pomalyst's IRA price starts January 1, 2027, though generics have already taken most of its sales.
The price cut has a cost elsewhere. Operating cash flow for the six months fell $1.4 billion to $4.5 billion. The filing attributes this to "lower net customer receipts, primarily due to a list price reduction for Eliquis." Our reading: BMS is probably still paying the old, larger rebates on sales made before the cut, while new sales come in at the lower list price.
U.S. vs. international
Region
Q2 2026
Q2 2025
Change
Currency effect
United States
$8,991M
$8,519M
+6%
—
International
$3,664M
$3,481M
+5%
+2 pts
Other (royalties, alliances)
$318M
$270M
+18%
-3 pts
U.S. growth came from higher demand and higher net prices for Growth Portfolio drugs and Eliquis, minus generic losses on the rest of Legacy. Year to date, average U.S. net selling prices rose 4%.
International revenue rose 4% in the quarter excluding currency. Over the first half, it rose 8% as reported but only 3% excluding currency, so a weaker dollar supplied most of that growth.
Costs, one-offs and what's behind the EPS jump
Expense
Q2 2026
Q2 2025
Change
Cost of products sold
$3,726M
$3,372M
+11%
SG&A
$1,826M
$1,713M
+7%
R&D
$2,959M
$2,580M
+15%
Acquired IPRD
$0
$1,508M
-100%
Amortization of acquired intangibles
$437M
$830M
-47%
Other (income)/expense, net
$(61)M
$494M
n/m
Gross margin slipped. Cost of products sold grew faster than revenue (+11% vs +5.7%). As a result, gross margin (the share of revenue left after production costs, excluding amortization) fell from 72.5% to 71.3%. The filing blames "higher alliance profit sharing." That fits with Eliquis being the fastest-growing big product, since BMS shares Eliquis profits with its partner Pfizer.
Most of the R&D growth is one-offs. R&D included $420M of IPRD impairments, meaning write-downs of the value of pipeline drugs. The main one was "a partial write-down of an oncology asset based on recent clinical results and development plan changes." R&D also included a $220M priority review voucher, a transferable FDA voucher that speeds up review of a future application. BMS lists $643M of one-off R&D items this year and $318M last year. Without them, R&D was $2,316M vs $2,262M, up only 2.4%.
Amortization halved because the Pomalyst marketed-product intangible was fully amortized in Q4 2025. Amortization is an accounting charge, not cash. Even so, the drop adds about $0.4 billion a quarter to pre-tax profit compared with last year.
Other (income)/expense improved by $555M, for mixed reasons:
Last year's quarter included a $336M charge for the Mirati contingent value rights and $223M of restructuring.
This year had $114M of equity investment gains and a $109M gain on selling BMS's 60% stake in Sino-American Shanghai Squibb.
Against that, the diabetes royalty income from AstraZeneca ($286M in Q2 2025) ended on December 31, 2025, and it is permanently gone.
The tax rate fell to 18.8% from 25.9%.
BMS strips out a set of "specified items" to calculate its non-GAAP figures. Those items added $0.42 to EPS this quarter, versus $0.82 a year ago. Non-GAAP EPS rose 39.7% to $2.04. Most of that gain also comes from not repeating last year's $1.5B BioNTech charge, because BMS does not remove acquired IPRD from its non-GAAP numbers. The filing says the non-GAAP increase was "primarily due to the aforementioned Acquired IPRD charge and higher revenues, partially offset by the expiry of royalty income on diabetes products."
Cost savings and balance sheet
BMS says its "strategic productivity initiative" is expected to deliver about $2.0 billion of annual cost savings by the end of 2027. The filing says these savings partly offset launch spending in SG&A and the growth in R&D. The linked 2023 Restructuring Plan is expected to cost about $2.5 billion in total, with $1.8 billion spent so far.
Net debt (debt minus cash and marketable securities) fell to $31.7 billion from $34.0 billion at year-end. Over the six months, operating cash flow of $4.5 billion covered $2.6 billion of dividends, and BMS repaid $1.7 billion of maturing debt.
Takeaway: The 153% jump in GAAP EPS mostly reflects last year's $1.5 billion BioNTech charge not repeating. The real story is Eliquis. Cutting its U.S. list price shrank rebates sharply and lifted its revenue 22%, and that is the main reason full-year revenue guidance rose about $3 billion. But Eliquis is a Legacy product with limited remaining patent life. Meanwhile, the Growth Portfolio is growing about 15%, which is only just enough to outrun the collapse of Revlimid and Pomalyst.
Guidance and outlook
BMS raised its full-year 2026 non-GAAP guidance, per the July 30, 2026 earnings release (8-K Exhibit 99.1):
2026 guidance item
April (prior)
July (updated)
Total revenues
~$46.0–47.5B
~$49.0–50.0B
Gross margin
~69–70%
No change
Operating expenses (SG&A + R&D)
~$16.3B
~$16.5B
Other income/(expense)
~($700M)
No change
Effective tax rate
~18%
No change
Non-GAAP diluted EPS
$6.05–6.35
$6.75–7.00
Worldwide Eliquis revenue growth
10–15%
20–25%
The Eliquis growth range roughly doubled, so much of the revenue raise traces back to that one drug. The release says the higher operating-expense guidance reflects "increased investment behind key pipeline programs and new product launches."
Our read: we expect the second half to look similar. The Growth Portfolio should keep growing in the mid-teens, Eliquis should keep benefiting from the pricing reset, and the remaining Revlimid and Pomalyst sales should keep shrinking.
Three things to watch:
Whether the Eliquis net-price gain holds once the old rebates are fully paid out. Operating cash flow is the best signal.
Upcoming regulatory decisions listed in the 10-Q:
Camzyos for adolescents: FDA decision date (PDUFA) September 30, 2026.
Iberdomide in multiple myeloma: PDUFA August 17, 2026.
Mezigdomide in multiple myeloma: PDUFA May 13, 2027.
Whether Cobenfy becomes a meaningful product. At $63M a quarter, it isn't one yet.
The bigger structural question hasn't changed. Eliquis, at $4.5B a quarter, will eventually face U.S. generics. Orencia faces both biosimilars and Medicare-negotiated prices from 2028. The Growth Portfolio has to get big enough to absorb those losses as well.
Source: Bristol-Myers Squibb Form 10-Q for the quarter ended June 30, 2026 (filed July 30, 2026). Guidance and the Ex-FX headline growth rates are from the Q2 2026 earnings release, Exhibit 99.1 to the Form 8-K filed July 30, 2026. Non-GAAP EPS is a company-defined measure that excludes items BMS designates as specified; it is not a GAAP figure.