Bristol-Myers Squibb Company (BMY Quick QuoteBMY - Free Report) reported second-quarter 2026 adjusted earnings per share (EPS) of $2.04, which comfortably beat the Zacks Consensus Estimate of $1.59. The reported EPS was up 40% from $1.46 in the year-ago quarter.

Total revenues of $13 billion surpassed the Zacks Consensus Estimate of $11.7 billion. Revenues were up 6% from the year-ago period’s level on a reported basis.

The stock is trading up in response to the better-than-expected quarterly results.

BMY’s shares have gained 17% year to date compared with the industry's growth of 2.8%.

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Revenues were up 6% year over year to $9 billion in the United States. International revenues increased 6% year over year to $4 billion.

Growth Portfolio Powers BMY’s Top Line in Q2

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 $7.6 billion, up 15% year over year, driven by Opdivo Qvantig, Reblozyl, Camzyos, Breyanzi and Opdualag. Sales grew 14% when adjusted for foreign exchange impacts.

Total sales of the immuno-oncology drug Opdivo, approved for multiple cancer indications, were down 3% year over year to $2.48 billion. The figure beat both the Zacks Consensus Estimate and our model estimate of $2.42 billion.

Opdivo Qvantig (nivolumab and hyaluronidase-nvhy injection for subcutaneous use) generated sales of $261 million, which beat the Zacks Consensus Estimate of $232 million and our model estimate of $250 million.

Sales of the rheumatoid arthritis drug Orencia increased 7% to $1 billion.

Melanoma drug Yervoy contributed $769 million to the top line. The figure increased 6% year over year. Yervoy sales beat the Zacks Consensus Estimate of $726 million and our model estimate of $728.5 million.

Reblozyl sales rose 29% year over year to $735 million. The figure beat the Zacks Consensus Estimate of $660 million and our model estimate of $642 million.

Breyanzi sales surged 41% to $484 million and beat the Zacks Consensus Estimate of $447 million and our model estimate of $432 million.

Opdualag sales grew 23% to $349 million. The figure beat the Zacks Consensus Estimate of $331 million and our model estimate of $334 million.

Camzyos sales skyrocketed 60% to $416 million. The figure beat the Zacks Consensus Estimate of $351 million and our model estimate of $338 million.

Sales of Zeposia totaled $169 million, up 12% year over year.

Sotyktu sales totaled $87 million. Krazati raked in sales of $55 million. The newly approved schizophrenia drug, Cobenfy, generated sales of $63 million.

BMY’s Legacy Portfolio Continues to Decline in Q2

Revenues from the Legacy Portfolio decreased 4% to $5.4 billion due to the continued generic impact on Revlimid, Pomalyst, Sprycel and Abraxane, which offset the increase in Eliquis sales.

Eliquis sales increased 22% year over year to $4.48 billion, driven by growth in demand. The drug is the top revenue generator for BMY. Sales beat both the Zacks Consensus Estimate and our model estimate of $4 billion.

Please note that Bristol-Myers has a collaboration agreement with Pfizer (PFE Quick QuotePFE - 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 49% to $425 million due to lower demand on account of generic erosion. Sales beat both the Zacks Consensus Estimate of $189 million and our model estimate of $136 million.

MM drug Pomalyst generated sales of $204 million, which nosedived 71% year over year.

Leukemia drug Sprycel sales plunged 27% year over year to $88 million due to generic competition.

Abraxane revenues plunged 47% to $55 million.

Q2 Costs and Margin

Adjusted gross margin decreased to 71.4% from 72.6% in the year-ago quarter due to a change in product mix. Adjusted research and development expenses increased 2% year over year to $2.3 billion. Adjusted marketing, selling and administrative expenses increased 8% to $1.8 billion.

BMY Raises 2026 Guidance

Bristol Myers raised its 2026 revenue guidance to $49.0-$50.0 billion from the previous projection of $46.0-$47.5 billion, reflecting continued broad-based strength and sustained momentum across its portfolio.

The company also raised its full-year 2026 operating expense outlook to approximately $16.5 billion, led by higher investments in key pipeline programs and the launch of new products.

Consequently, the company now expects adjusted earnings for 2026 to be in the range of $6.75 -$7, up from the earlier projected range of $6.05-$6.35.

The company also upped its annual Eliquis revenue growth guidance. It now expects sales to increase 20-25% year over year, up from its previous forecast of 10-15% growth, reflecting stronger-than-anticipated demand.

BMY’s Key Pipeline Updates

The FDA accepted the company’s supplemental biologics license application (sBLA) seeking approval of Reblozyl, in combination with a Janus kinase (JAK) inhibitor, for the treatment of adults with myelofibrosis-associated anemia requiring red blood cell transfusions. The sBLA is supported by positive results from the phase III INDEPENDENCE study. The regulatory body assigned a target action date of March 11, 2027.

The FDA accepted the company’s new drug application (NDA) for mezigdomide in combination with carfilzomib and dexamethasone (MeziKd) to treat patients with relapsed or refractory multiple myeloma (RRMM). The NDA is supported by positive phase III SUCCESSOR-2 trial results, and the agency has set a target action date of May 13, 2027.

Mezigdomide is BMY’s second CELMoD candidate to receive a target action date this year for an RRMM indication, following iberdomide, which is scheduled for FDA review by Aug. 17, 2026.

Our Take on BMY’s Q2 Performance

Bristol Myers delivered impressive second-quarter results, beating earnings and revenue estimates on strong demand for its Growth Portfolio, led by Camzyos, Reblozyl, Breyanzi, Opdualag and Opdivo Qvantig, while robust Eliquis sales more than offset continued generic erosion of legacy brands.

Bristol Myers Squibb Company Price, Consensus and EPS Surprise

Bristol Myers Squibb Company price-consensus-eps-surprise-chart | Bristol Myers Squibb Company Quote

Management's decision to raise its 2026 revenue, earnings and Eliquis guidance reflects growing confidence in sustained business momentum.

Although higher operating expenses are expected due to increased pipeline investments and new product launches, recent FDA acceptances for Reblozyl and mezigdomide add meaningful regulatory catalysts, reinforcing the company's long-term growth outlook.

BMY’s Zacks Rank & Stocks to Consider

Bristol-Myers currently carries a Zacks Rank #3 (Hold). A couple of better-ranked stocks in the biotech sector are Harmony Biosciences (HRMY Quick QuoteHRMY - Free Report) and Liquidia Corporation (LQDA Quick QuoteLQDA - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Over the past 60 days, estimates for Harmony Biosciences’ 2026 earnings per share have risen from $3.20 to $3.30, while those for 2027 EPS have increased from $3.64 to $3.87 during the same time frame.

Harmony Biosciences’ earnings missed estimates in each of the trailing four quarters, with the average negative surprise being 25.16%.

Over the past 60 days, estimates for Liquidia’s 2026 earnings per share have risen from $2.97 to $3.02, while those for 2027 EPS have increased from $4.81 to $5.31 during the same time frame. LQDA shares have surged 147.7% year to date.

Liquidia’s earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 54.40%.