Bristol Myers Lifts 2026 Revenue Outlook After Third-Quarter Gain

The Tip Desk · October 29, 2026 · 3 min read

The pharmaceutical company raised its 2026 revenue range to $49.75 billion to $50.25 billion after third-quarter sales of $13.1 billion and a $1.6 billion acquired-IPRD charge.

Bristol Myers Squibb (BMY) raised its 2026 revenue outlook to a range of $49.75 billion to $50.25 billion after third-quarter sales of $13.1 billion, up 7% from a year earlier, and updated non-GAAP earnings guidance to $6.35 to $6.55 a share, inclusive of a $(0.60) net impact from acquired IPRD charges and licensing income.

The company said the revenue update primarily reflects broad-based and continuing momentum across the portfolio. Full-year other income/(expense) is now expected to be about $650 million of expense, versus about $700 million in the July guide, due to favorable net interest.

Growth Portfolio revenues were $7.7 billion, up 12%, after 15% growth in the second quarter. Chief executive Christopher Boerner said the result reflects continued momentum across the diversified portfolio and cited the approval of Zenbexus, the first-in-class CELMoD, for multiple myeloma.

Legacy Portfolio revenues of $5.4 billion increased 1%, reversing a 4% decline in the second quarter and a 6% decline in the first quarter. The company said growth was primarily driven by Eliquis, partially offset by expected continued generic impacts across the remainder of the Legacy Portfolio. Worldwide Eliquis revenue in the quarter was $4.7 billion. The company continues to expect 2026 worldwide Eliquis revenues to increase 20% to 25% versus 2025.

U.S. revenues of $9.1 billion increased 9%. International revenues of $4.0 billion increased 3%, or 4% excluding foreign exchange.

GAAP earnings were $1.05 a share, and non-GAAP earnings were $1.35 a share, both including a $(0.58) net impact from acquired IPRD charges and licensing income. Acquired IPRD charges were $1.6 billion, versus zero in the second quarter, primarily reflecting recent license agreements and charges associated with ongoing collaborations.

GAAP gross margin compressed to 68.3% from 71.3% in the second quarter; non-GAAP gross margin fell to 68.4% from 71.4%. The company attributed the year-over-year decline primarily to a change in product mix and, to a lesser extent, a one-time charge related to a contract termination in 2026.

Selling, general and administrative expenses of $1.7 billion decreased 5%, reversing a 7% GAAP increase in the second quarter that had been driven by new-product launch investments. Research and development expenses of $2.4 billion decreased 6% on a GAAP basis, reversing a 15% GAAP increase in the second quarter that had included a priority review voucher and higher IPRD impairments.

In the Growth Portfolio, Opdivo Qvantig worldwide revenue was $334 million, up more than 200%. Breyanzi was $526 million, up 46%. Reblozyl was $750 million, up 22%. Camzyos was $420 million, up 42%. Opdualag was $367 million, up 23%. Opdivo was $2.4 billion, down 6%. Zenbexus, FDA-approved on August 13, 2026, appears in Other Growth Products.

The company also reported late-stage pipeline updates, including positive Phase 3 results for Zenbexus in combination with daratumumab and dexamethasone in relapsed/refractory multiple myeloma, FDA approval of Camzyos for symptomatic obstructive hypertrophic cardiomyopathy in adults and pediatric patients weighing 30 kg or more, and positive Phase 3 data for RYZ101 and admilparant.

Gross-margin guidance of about 69% to 70% and operating-expense guidance of about $16.5 billion were unchanged. The 2026 financial guidance excludes any potential future strategic acquisitions, divestitures, specified items not yet identified and quantified, and acquired IPRD charges and licensing income incurred after September 30, 2026.