Bristol Myers Raises Outlook as Drug Portfolio Growth Accelerates
The drugmaker lifted its 2026 revenue forecast to $49.0 billion-$50.0 billion.
Bristol Myers Squibb (BMY), the biopharmaceutical company, raised its annual outlook after second-quarter revenue growth accelerated to 6% and non-GAAP earnings increased 40%.
Revenue rose to $12.973 billion from a year earlier, improving from growth of 3% in the first quarter and 1% in the fourth quarter. Sales increased 12.9% sequentially, while non-GAAP earnings reached $2.04 a share, up from $1.58 in the first quarter and $1.26 in the fourth quarter.
The Growth Portfolio supplied the momentum, with revenue rising 15% to $7.560 billion and climbing about 22% from the first quarter. The Legacy Portfolio declined 4% to $5.422 billion, a narrower contraction than the 6% drop in the first quarter and the 15% decrease in the fourth quarter.
U.S. revenue rose 6% to $8.991 billion, reversing a 1% first-quarter decline, while international growth slowed to 6% from 11%. Eliquis sales jumped 22% to $4.481 billion, including 27% growth in the U.S. Revlimid revenue fell 49% to $425 million, and Pomalyst and Imnovid sales dropped 71% to $204 million as generic competition weighed on older products.
Opdivo revenue declined 3% to $2.485 billion after growing 9% in the fourth quarter. Sales of the newer subcutaneous Opdivo Qvantig reached $261 million, nearly twice the fourth quarter's $133 million.
Other newer medicines recorded double-digit growth, led by Cobenfy, which rose 81% to $63 million, and Camzyos, which increased 60% to $416 million. Breyanzi advanced 41% to $484 million, while Reblozyl grew 29% to $735 million. Bristol Myers increased selling, general and administrative expense 7% on a GAAP basis to about $1.8 billion, primarily because of investment in new-product launches.
GAAP earnings rose 153% to $1.62 a share as acquired in-process research and development charges fell to zero from $1.508 billion a year earlier. Net income attributable to Bristol Myers increased to $3.317 billion from $1.310 billion, while the GAAP gross margin improved sequentially to 71.3% from 70.2%.
Bristol Myers now expects 2026 non-GAAP earnings of $6.75 to $7.00 a share, up from its previous forecast of $6.05 to $6.35. The company expects operating expenses of about $16.5 billion, compared with $16.3 billion previously, and maintained its gross-margin forecast of 69% to 70%. It also doubled its worldwide Eliquis growth forecast to 20% to 25% from 10% to 15%.