Bristol Myers Squibb BMY used its second-quarter 2026 earnings call to highlight continued momentum from newer medicines and a stronger pipeline outlook. Management raised its full-year outlook as growth products offset pressure from legacy brands.

Executives focused on portfolio transformation, upcoming clinical milestones and disciplined capital deployment as key drivers of long-term growth.

BMY Expands Growth Portfolio Momentum

BMY CEO and chairman Christopher Boerner said the company’s growth portfolio continued to perform strongly, with sales increasing 14% in the quarter. He highlighted Reblozyl, Breyanzi, Camzyos, Opdualag and Opdivo Qvantig as important contributors.

The company reported second-quarter revenues of $12.97 billion, which beat the Zacks Consensus Estimate of $11.67 billion. Non-GAAP EPS came in at $2.04, surpassing the consensus mark of $1.59. Growth portfolio revenues increased 15% to $7.56 billion, helping offset a 4% decline in the legacy portfolio.

Bristol Myers Squibb Company Price, Consensus and EPS Surprise

Bristol Myers Squibb Company Price, Consensus and EPS Surprise

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

Management said the growth portfolio now represents nearly 60% of revenues, reinforcing its strategy of shifting the business toward newer products with longer growth runways.

Bristol Myers Advances Pipeline Priorities

Bristol Myers highlighted several pipeline programs that could shape future growth, including iberdomide, mezigdomide, milvexian, admilparant, RYZ101 and Sotyktu in lupus.

Chief medical officer Cristian Massacesi discussed progress across oncology and neuroscience programs, including positive mezigdomide data and continued development of Cobenfy. He said the company remains focused on advancing differentiated medicines.

Management also noted that it expects more than 10 new medicines could be introduced by the end of the decade, along with more than 30 lifecycle management opportunities.

BMY Raises 2026 Outlook

BMY increased its full-year 2026 revenue guidance to approximately $49-$50 billion from its prior range of $46-$47.5 billion. Non-GAAP EPS guidance was raised to $6.75-$7.00.

Chief financial officer David Elkins said the updated outlook reflects strong first-half performance, higher Eliquis expectations and improved momentum across growth products.

The company also raised its Eliquis revenue growth outlook for 2026 to 20%-25% compared with its previous expectation of 10%-15% growth.

Bristol Myers Builds Commercial Strength

Bristol Myers executives pointed to broad product momentum across therapeutic areas. Qvantig revenues reached $261 million and were described as annualizing above $1 billion.

Reblozyl revenues increased 29%, Breyanzi grew 41%, Camzyos surged 59%, and Sotyktu revenues rose 23% during the quarter.

Cobenfy revenues soared 81% to $63 million, with management citing continued prescription growth and opportunities from future label expansions.

BMY Faces Key Clinical Questions

A Citigroup analyst asked about delays in the ADEPT and milvexian studies. Management said slower event accumulation reflected trial dynamics and maintained confidence in the programs.

Massacesi said the Cobenfy ADEPT timeline was affected by slower psychotic relapse events and enrollment pacing, while milvexian timing moved to the first quarter of 2027 because of event rates.

A JPMorgan analyst questioned milvexian’s commercial potential. Management emphasized the opportunity in patients with bleeding concerns and said the study was designed around comparable efficacy with a superior bleeding profile.

Bristol Myers Maintains Investment Flexibility

Bristol Myers emphasized disciplined capital allocation while continuing investments in research, business development and shareholder returns. The company ended the quarter with approximately $11.5 billion in cash equivalents and marketable securities.

Management also discussed partnerships with NVIDIA and Anthropic to expand artificial intelligence capabilities across research and enterprise operations.

Boerner said the company’s strategy remains centered on execution, pipeline advancement and maintaining flexibility for future opportunities.

BMY’s Zacks Signals

BMY currently carries a Zacks Rank #3 (Hold). The stock has a Value Score of A, Growth Score of D, Momentum Score of D and VGM Score of B. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Style Scores evaluate value, growth, momentum and combined characteristics, with higher grades indicating stronger attributes within each category. The Zacks Rank can change as analysts revise earnings estimates following reported results.

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