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BMY's Q1 Earnings Top Estimates, Breyanzi, Camzyos Drive Sales
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Key Takeaways
Bristol-Myers posted Q1 EPS of $1.58, beating estimates, with revenues rising 3% y/y to $11.5B.
BMY Growth Portfolio sales rose 12%, driven by Camzyos, Breyanzi and Reblozyl strength.
BMY Legacy Portfolio fell 6% on generic erosion, though Eliquis sales jumped 16%.
Bristol-Myers Squibb Company (BMY - Free Report) reported first-quarter 2026 adjusted earnings per share (EPS) of $1.58, which beat the Zacks Consensus Estimate of $1.44. However, the reported EPS was down 12% from $1.80 in the year-ago quarter.
Total revenues of $11.5 billion surpassed the Zacks Consensus Estimate of $10.9 billion. Revenues were up 3% from the year-ago period’s level on a reported basis.
The stock is trading down in response to the quarterly results probably due to disappointing Opdivo sales.
Nonetheless, BMY’s shares have gained 6.7% year to date against the industry's decline of 3.2%.
Image Source: Zacks Investment Research
Revenues were down 1% year over year to $7.8 billion in the United States. International revenues increased 11% year over year to $3.7 billion.
Growth Portfolio Powers BMY’s Top Line in Q1
BMY’s Growth Portfolio comprises drugs like Opdivo, Opdivo Qvantig, Orencia, Yervoy, Reblozyl, Breyanzi, Opdualag, Camzyos, Zeposia, Sotyku, Krazati and Cobenfy.
Revenues from the Growth portfolio totaled $6.2 billion, up 12% year over year, driven by Camzyos, Breyanzi and Reblozyl. Sales grew 9% when adjusted for foreign exchange impacts.
Total sales of the immuno-oncology drug Opdivo, approved for multiple cancer indications, were down 5% year over year to $2.15 billion. The figure missed the Zacks Consensus Estimate of $2.22 billion and our model estimate of $2.17 billion.
Opdivo Qvantig generated sales of $163 million.
Sales of the rheumatoid arthritis drug Orencia increased 6% to $818 million.
Melanoma drug Yervoy contributed $651 million to the top line. The figure increased 4% year over year. Yervoy sales missed the Zacks Consensus Estimate of $657 million but marginally beat our model estimate of $650 million.
Reblozyl sales rose 16% year over year to $555 million. Reblozyl sales missed the Zacks Consensus Estimate of $590 million and our model estimate of $602 million.
Breyanzi sales surged 56% to $411 million and beat the Zacks Consensus Estimate of $373 million and our model estimate of $375 million.
Opdualag sales grew 17% to $295 million. The figure beat the Zacks Consensus Estimate of $293 million but missed our model estimate of $304 million.
Camzyos sales skyrocketed 97% to $314 million.
Sales of Zeposia totaled $118 million, up 11% year over year.
Sotyktu sales totaled $69 million. Krazati raked in sales of $50 million. The newly approved schizophrenia drug, Cobenfy, generated sales of $56 million.
BMY’s Legacy Portfolio Continues to Decline in Q1
Revenues for the Legacy Portfolio decreased 6% to $5.3 billion due to the continued generic impact on Revlimid, Pomalyst, Sprycel and Abraxane, which offset the increase in Eliquis sales.
Eliquis sales increased 16% year over year to $4.1 billion, driven by growth in demand. The drug is the top revenue generator for BMY. Sales beat both the Zacks Consensus Estimate of $3.8 billion and our model estimate of $3.9 billion.
Please note that Bristol-Myers has a collaboration agreement with Pfizer (PFE - Free Report) for Eliquis. The companies collaborated in 2007. Profits and losses are shared equally on a global basis, except in certain countries where Pfizer commercializes Eliquis and pays BMY a sales-based fee.
Multiple myeloma (MM) drug Revlimid revenues plummeted 63% to $349 million due to lower demand on account of generic erosion. Sales beat both the Zacks Consensus Estimate of $241 million and our model estimate of $168 million.
MM drug Pomalyst generated sales of $513 million, down 22% year over year.
Leukemia drug Sprycel sales nosedived 58% year over year to $73 million due to generic competition.
Abraxane revenues plunged 53% to $50 million.
Q1 Costs and Margin
Adjusted gross margin decreased to 70.3% from 73.1% in the year-ago quarter due to a change in product mix. Adjusted research and development expenses were flat year over year to $2.2 billion. Adjusted marketing, selling and administrative expenses increased 2% to $1.6 billion.
BMY recorded acquired IPRD charges of $94 million in the quarter.
BMY Reiterates 2026 Guidance
Bristol-Myers reiterated its annual revenue guidance of $46-$47.5 billion for 2026. The company expects adjusted earnings to be in the range of $6.05-$6.35 for the full year.
Eliquis revenues are expected to increase by 10%-15% in 2026.
BMY’s Key Pipeline Updates
The FDA approved Sotyktu for treating adults with active psoriatic arthritis (PsA). The approval is supported by positive data from the pivotal POETYK PsA-1 and POETYK PsA-2 studies, making Sotyktu the first tyrosine kinase 2 inhibitor authorized for PsA.
The regulatory body has also approved Opdivo in combination with doxorubicin, vinblastine and dacarbazine for treating adults and patients aged 12 and older with previously untreated Stage III or IV classical Hodgkin lymphoma (cHL).
Additionally, the European Commission approved Opdivo in combination with brentuximab vedotin for children aged 5 and above, adolescents and adults up to 30 years old with relapsed or refractory cHL following one prior line of therapy.
Our Take on BMY’s Q1 Performance
While drugs like Breyanzi, Reblozyl and Camzyos are driving top-line growth for BMY enabling it to offset generic competition for legacy drugs, the decline in Opdivo sales in the first quarter was disappointing.
Bristol Myers Squibb Company Price, Consensus and EPS Surprise
Over the past 60 days, estimates for Agenus’ 2026 earnings per share have risen from 54 cents to $1.30, while loss-per-share estimates for 2027 have narrowed from $1.91 to $1.52. AGEN shares have gained 22.3% year to date.
Agenus’ earnings beat estimates in two of the trailing four quarters, while missing the same on the remaining two occasions, with the average surprise being 31.42%.
Over the past 60 days, Amarin's loss-per-share estimates for 2026 have narrowed from $7.32 to $6.36, and the same for 2027 have narrowed from $5.97 to $4.64.
Amarin's earnings beat estimates in three of the trailing four quarters, while missing the same on the remaining occasion, with the average surprise being 50.02%.
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BMY's Q1 Earnings Top Estimates, Breyanzi, Camzyos Drive Sales
Key Takeaways
Bristol-Myers Squibb Company (BMY - Free Report) reported first-quarter 2026 adjusted earnings per share (EPS) of $1.58, which beat the Zacks Consensus Estimate of $1.44. However, the reported EPS was down 12% from $1.80 in the year-ago quarter.
Total revenues of $11.5 billion surpassed the Zacks Consensus Estimate of $10.9 billion. Revenues were up 3% from the year-ago period’s level on a reported basis.
The stock is trading down in response to the quarterly results probably due to disappointing Opdivo sales.
Nonetheless, BMY’s shares have gained 6.7% year to date against the industry's decline of 3.2%.
Image Source: Zacks Investment Research
Revenues were down 1% year over year to $7.8 billion in the United States. International revenues increased 11% year over year to $3.7 billion.
Growth Portfolio Powers BMY’s Top Line in Q1
BMY’s Growth Portfolio comprises drugs like Opdivo, Opdivo Qvantig, Orencia, Yervoy, Reblozyl, Breyanzi, Opdualag, Camzyos, Zeposia, Sotyku, Krazati and Cobenfy.
Revenues from the Growth portfolio totaled $6.2 billion, up 12% year over year, driven by Camzyos, Breyanzi and Reblozyl. Sales grew 9% when adjusted for foreign exchange impacts.
Total sales of the immuno-oncology drug Opdivo, approved for multiple cancer indications, were down 5% year over year to $2.15 billion. The figure missed the Zacks Consensus Estimate of $2.22 billion and our model estimate of $2.17 billion.
Opdivo Qvantig generated sales of $163 million.
Sales of the rheumatoid arthritis drug Orencia increased 6% to $818 million.
Melanoma drug Yervoy contributed $651 million to the top line. The figure increased 4% year over year. Yervoy sales missed the Zacks Consensus Estimate of $657 million but marginally beat our model estimate of $650 million.
Reblozyl sales rose 16% year over year to $555 million. Reblozyl sales missed the Zacks Consensus Estimate of $590 million and our model estimate of $602 million.
Breyanzi sales surged 56% to $411 million and beat the Zacks Consensus Estimate of $373 million and our model estimate of $375 million.
Opdualag sales grew 17% to $295 million. The figure beat the Zacks Consensus Estimate of $293 million but missed our model estimate of $304 million.
Camzyos sales skyrocketed 97% to $314 million.
Sales of Zeposia totaled $118 million, up 11% year over year.
Sotyktu sales totaled $69 million. Krazati raked in sales of $50 million. The newly approved schizophrenia drug, Cobenfy, generated sales of $56 million.
BMY’s Legacy Portfolio Continues to Decline in Q1
Revenues for the Legacy Portfolio decreased 6% to $5.3 billion due to the continued generic impact on Revlimid, Pomalyst, Sprycel and Abraxane, which offset the increase in Eliquis sales.
Eliquis sales increased 16% year over year to $4.1 billion, driven by growth in demand. The drug is the top revenue generator for BMY. Sales beat both the Zacks Consensus Estimate of $3.8 billion and our model estimate of $3.9 billion.
Please note that Bristol-Myers has a collaboration agreement with Pfizer (PFE - Free Report) for Eliquis. The companies collaborated in 2007. Profits and losses are shared equally on a global basis, except in certain countries where Pfizer commercializes Eliquis and pays BMY a sales-based fee.
Multiple myeloma (MM) drug Revlimid revenues plummeted 63% to $349 million due to lower demand on account of generic erosion. Sales beat both the Zacks Consensus Estimate of $241 million and our model estimate of $168 million.
MM drug Pomalyst generated sales of $513 million, down 22% year over year.
Leukemia drug Sprycel sales nosedived 58% year over year to $73 million due to generic competition.
Abraxane revenues plunged 53% to $50 million.
Q1 Costs and Margin
Adjusted gross margin decreased to 70.3% from 73.1% in the year-ago quarter due to a change in product mix. Adjusted research and development expenses were flat year over year to $2.2 billion. Adjusted marketing, selling and administrative expenses increased 2% to $1.6 billion.
BMY recorded acquired IPRD charges of $94 million in the quarter.
BMY Reiterates 2026 Guidance
Bristol-Myers reiterated its annual revenue guidance of $46-$47.5 billion for 2026. The company expects adjusted earnings to be in the range of $6.05-$6.35 for the full year.
Eliquis revenues are expected to increase by 10%-15% in 2026.
BMY’s Key Pipeline Updates
The FDA approved Sotyktu for treating adults with active psoriatic arthritis (PsA). The approval is supported by positive data from the pivotal POETYK PsA-1 and POETYK PsA-2 studies, making Sotyktu the first tyrosine kinase 2 inhibitor authorized for PsA.
The regulatory body has also approved Opdivo in combination with doxorubicin, vinblastine and dacarbazine for treating adults and patients aged 12 and older with previously untreated Stage III or IV classical Hodgkin lymphoma (cHL).
Additionally, the European Commission approved Opdivo in combination with brentuximab vedotin for children aged 5 and above, adolescents and adults up to 30 years old with relapsed or refractory cHL following one prior line of therapy.
Our Take on BMY’s Q1 Performance
While drugs like Breyanzi, Reblozyl and Camzyos are driving top-line growth for BMY enabling it to offset generic competition for legacy drugs, the decline in Opdivo sales in the first quarter was disappointing.
Bristol Myers Squibb Company Price, Consensus and EPS Surprise
Bristol Myers Squibb Company price-consensus-eps-surprise-chart | Bristol Myers Squibb Company Quote
Despite this decline, the company reiterated its annual guidance which was positive.
BMY’s Zacks Rank & Stock to Consider
Bristol-Myers currently carries a Zacks Rank #3 (Hold).
A couple of top-ranked stocks in the drug/biotech sector are Agenus (AGEN - Free Report) and Amarin (AMRN - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 60 days, estimates for Agenus’ 2026 earnings per share have risen from 54 cents to $1.30, while loss-per-share estimates for 2027 have narrowed from $1.91 to $1.52. AGEN shares have gained 22.3% year to date.
Agenus’ earnings beat estimates in two of the trailing four quarters, while missing the same on the remaining two occasions, with the average surprise being 31.42%.
Over the past 60 days, Amarin's loss-per-share estimates for 2026 have narrowed from $7.32 to $6.36, and the same for 2027 have narrowed from $5.97 to $4.64.
Amarin's earnings beat estimates in three of the trailing four quarters, while missing the same on the remaining occasion, with the average surprise being 50.02%.