BMY earnings analysis
What we found in BMY's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth of 3%
- Total revenues for Q1 2026 were $11.5 billion, up from $11.2 billion in Q1 2025.
- Stable Operating Margin
- Operating margin remained relatively stable at 11.4% compared to 11.4% in the previous quarter.
- Strong Performance from Eliquis
- Eliquis revenue increased by 16% to $4.137 billion, driven by higher U.S. demand.
- Growth Portfolio Expansion
- Total Growth Portfolio revenues increased 12% year-over-year, totaling $6.227 billion.
- Cost-cutting Initiatives
- Expected annual cost savings of approximately $2.0 billion by end of 2027 due to operational improvements.
- International Revenue Surge
- International revenues rose 11% to $3.444 billion, with a foreign exchange impact of 8%.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Generic Competition Pressures
- Significant revenue declines in key legacy products, such as Revlimid, which fell 63% due to generics.
- Regulatory Pressures
- Ongoing price pressures from governmental actions under the IRA could lead to lower sales.
- Eliquis Patent Concerns
- Potential generic competition approaching for Eliquis ahead of its patent expiration in 2026, jeopardizing revenue.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.31
- Operating margin
- 11.4%
- Segment
- Growth Portfolio
- Segment
- Legacy Portfolio
What they said about what is next.
Management reaffirms revenue guidance for 2026, with expectations trending towards upper range.
The filing reads about the same as the one before it.
What came before.
- 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,…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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