Bristol Myers’ Adjusted EPS of $1.35 Tops Third-Quarter Forecasts
Key Facts
Bristol Myers Squibb reported third-quarter 2026 results that topped analysts’ estimates for adjusted earnings per share and revenue, according to Investing.com on Oct. 29. Adjusted EPS was $1.35, compared with an average forecast of $1.09, beating the estimate by $0.26. Revenue reached $13.07 billion, above analysts’ forecast of $12.72 billion. Revenue also rose 7% from $12.22 billion in the same period a year earlier. Chief Executive Christopher Boerner said the company “delivered another quarter of double-digit growth in our growth portfolio,” whose revenue increased 12%.
The revenue increase came from growth in the newer medicines portfolio, whose revenue rose 12% to $7.7 billion during the quarter. The company attributed the performance to Opdivo Qvantig, Breyanzi, Reblozyl, Camzyos and Opdualag. Meanwhile, revenue from its legacy portfolio increased 1% to $5.4 billion, with Eliquis making a major contribution. Eliquis sales rose 25% to $4.69 billion, according to results details reported by Investing.com. The figures show a gap between growth in the newer medicines portfolio and the limited increase in the legacy portfolio, although the latter still generates substantial revenue for the company.
The company’s update included more than raising its annual revenue outlook: it also lowered its 2026 adjusted EPS guidance range to $6.35–$6.55. The range includes a negative impact of $0.60 per share from acquired in-process research and development and licensing charges. The company had previously forecast adjusted EPS of $6.75–$7.00, according to Reuters in a report published by AOL. Its annual revenue forecast rose to a range of $49.75–$50.25 billion, from $49–$50 billion previously. The midpoint of the new revenue range is $50.0 billion, slightly above analysts’ consensus of $49.89 billion, while the EPS midpoint of $6.45 is below the consensus of $6.49.
Revenue growth came alongside a decline in the adjusted gross profit margin to 68.4% in the third quarter, from 72.9% in the same period a year earlier. The company attributed the decline mainly to product mix changes and one-time charges related to the termination of a contract, according to Investing.com. Among the drug results, intravenous Opdivo sales fell 6% year over year to $2.37 billion. Sales of the newer version, Opdivo Qvantig, a subcutaneous formulation of the same drug, more than tripled to $334 million, Reuters reported. This contrast places growth in the newer version alongside a decline in intravenous sales, as the company attributed broader portfolio growth to the performance of a group of medicines.
In the stock market, Investing.com reported that the company’s shares rose more than 2% after the results were announced on Oct. 29. But EL7 data records the stock’s close at $60.57 on Oct. 28, after closing at $61.55 on Oct. 27 and $61.61 on Oct. 26. The stock had closed at $61.48 on Oct. 23, then at $63 on Oct. 22; therefore, the Oct. 28 close does not confirm a gain during that session. Looking ahead, a company commercial official said Bristol is working with the U.S. Food and Drug Administration to resume patient enrollment in trials of its experimental cell therapy zolacabtagene autoleucel for autoimmune diseases in early 2027. Enrollment had been voluntarily paused for a safety data review, Reuters reported, citing the official.