Bristol Myers Raises Revenue Forecast to $50.25 Billion and Cuts EPS Outlook
Key Facts
Bristol Myers Squibb raised its 2026 revenue forecast to a range of $49.75 billion to $50.25 billion, but at the same time cut its adjusted earnings per share outlook to $6.35–$6.55. The company said acquisition-related and research and development charges amounted to 58 cents per share in the third quarter. The announcement came as shares rose 2.3% in premarket trading on October 29, according to Reuters. The outlook revision reflects two different paths: higher expected annual revenue and adjusted earnings below the previous range. The company had previously forecast revenue of $49 billion to $50 billion and adjusted earnings of $6.75 to $7 per share.
On revenue, the midpoint of the new range was $50.0 billion, slightly above analysts' average estimate of $49.89 billion. The midpoint of the new adjusted earnings per share range, at $6.45, was below the average estimate of $6.49. The comparison shows that the higher revenue forecast was not accompanied by a similar increase in the earnings outlook. The charges reported by the company in the third quarter explain part of the cut to the adjusted earnings range, while the revenue estimate remained slightly above analysts' consensus. The annual guidance therefore split between modest improvement in revenue and a decline in adjusted earnings.
Sales of the company's newer drugs grew 12% year over year in the third quarter, driven by products including Breyanzi, a cancer cell therapy, and Reblozyl, a drug for anemia. This growth gives the newer product portfolio an important role in supporting revenue, even as results vary among individual drugs. Adam Lenkowsky, chief commercial officer, said the company delivered "strong commercial performance with the medicines we have today, and we've also made real progress on what's coming through the pipeline." His remarks linked the performance of current products with progress in the pipeline. The quarterly figures show growth across the newer portfolio as a whole, without erasing differences in performance among its products.
In the older portfolio, revenue rose 1% to $5.4 billion, with Eliquis the main driver of the increase. Sales of the drug grew 25% to $4.69 billion in the third quarter. The figures show that growth in the older portfolio was limited overall, but clearly benefited from Eliquis' performance. By comparison, sales of newer drugs grew at a faster 12% pace, the company said. The comparison places Eliquis as a support for current revenue, while products such as Breyanzi and Reblozyl add momentum to the newer growth stream.
In its pipeline, Bristol Myers is working with the U.S. Food and Drug Administration to resume patient enrollment in early 2027 in trials of its experimental cell therapy zolacabtagene autoleucel for autoimmune diseases. The company voluntarily halted the studies in September to review safety data. The target date depends on completing work with the regulator after that review. This is part of the pipeline Lenkowsky referred to, alongside the products that grew in the third quarter. Resuming enrollment in early 2027 marks the next announced milestone for the experimental program.