10-K · February 11, 2026
Bristol-Myers Squibb (BMS) describes a strategy of combining the scale of a large pharmaceutical company with biotech-like agility to focus on transformational medicines in oncology, hematology, immunology,…
Earnings analysis · 10-Q
BMY earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
Bristol-Myers Squibb reported revenue of $11.5 billion for Q1 2026, a 3% increase from the previous period and slightly above estimates. However, EPS of $1.31 fell short of the expected $1.43, mainly due to generic…
Read full summary
Bristol-Myers Squibb reported revenue of $11.5 billion for Q1 2026, a 3% increase from the previous period and slightly above estimates. However, EPS of $1.31 fell short of the expected $1.43, mainly due to generic competition impacting revenues from the Legacy Portfolio. The company reaffirms its 2026 revenue guidance of $46.0 billion to $47.5 billion, with expectations trending towards the upper limits.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.31
- Operating margin
- 11.4%
- Segment
- Growth Portfolio
- Segment
- Legacy Portfolio
What stood out
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Revenue Growth of 3%
Total revenues for Q1 2026 were $11.5 billion, up from $11.2 billion in Q1 2025.
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Stable Operating Margin
Operating margin remained relatively stable at 11.4% compared to 11.4% in the previous quarter.
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Strong Performance from Eliquis
Eliquis revenue increased by 16% to $4.137 billion, driven by higher U.S. demand.
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Growth Portfolio Expansion
Total Growth Portfolio revenues increased 12% year-over-year, totaling $6.227 billion.
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Cost-cutting Initiatives
Expected annual cost savings of approximately $2.0 billion by end of 2027 due to operational improvements.
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International Revenue Surge
International revenues rose 11% to $3.444 billion, with a foreign exchange impact of 8%.
What to watch
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Generic Competition Pressures
Significant revenue declines in key legacy products, such as Revlimid, which fell 63% due to generics.
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Regulatory Pressures
Ongoing price pressures from governmental actions under the IRA could lead to lower sales.
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Eliquis Patent Concerns
Potential generic competition approaching for Eliquis ahead of its patent expiration in 2026, jeopardizing revenue.
Management's outlook
Management reaffirms revenue guidance for 2026, with expectations trending towards upper range.
Earlier filings 4
10-Q · October 30, 2025
Bristol-Myers Squibb reported Q3 revenue of $12,222 million (up $330 million YoY from $11,892 million) and diluted EPS of $1.08 (vs $0.60 a year ago), beating consensus. Operating profitability improved materially…
10-Q · July 31, 2025
Bristol-Myers Squibb reported Q2 2025 revenue of $12,269 million (up $68 million vs Q2 2024) with diluted EPS of $0.64 (down $0.19 vs Q2 2024). Growth-product sales led the top-line: Growth Portfolio revenue rose to…
10-Q · April 25, 2024
Bristol-Myers Squibb reported quarterly revenues of $11,865 million, up $528 million versus the prior year quarter, but posted a large net loss of $11,911 million (BMS attributable) and diluted EPS of $(5.89) driven by…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.