Bristol Myers Squibb (NYSE:BMY) reported second-quarter 2026 revenue of approximately $13 billion, up 5% from a year earlier, as growth in newer products offset declines across its legacy portfolio. The company raised its full-year revenue and adjusted diluted earnings-per-share guidance, citing first-half performance and its outlook for the remainder of the year.
Chief Executive Officer Chris Boerner said the company’s growth portfolio increased revenue 14% to $7.6 billion and represented nearly 60% of total sales. He said Bristol Myers is pursuing a transition toward durable long-term growth through commercial execution, pipeline development and disciplined capital allocation.
Product Growth Offsets Legacy Declines
ELIQUIS demand helped nearly offset generic-entry-related declines across the rest of the legacy portfolio. Elkins said REVLIMID sales remained more resilient despite full generic availability in the U.S. Bristol Myers now expects total legacy portfolio revenue to decline between 4% and 6% this year, a less severe decrease than previously projected.
Several growth products posted double-digit gains during the quarter:
- REBLOZYL revenue increased 29%, supported by uptake in first-line MDS-associated anemia and continued strength in second-line use.
- BREYANZI sales rose 41%, driven by demand across approved U.S. and international indications.
- CAMZYOS revenue climbed 59% to $416 million, reflecting new prescribers, new patients and deeper penetration in community settings.
- COBENFY revenue increased 81% to $63 million, with the company reporting roughly 15% quarter-over-quarter growth in total prescriptions.
- Sotyktu generated $261 million in revenue and was annualizing at more than $1 billion, according to management.
OPDIVO revenue declined 4% to approximately $2.5 billion, primarily because of continued U.S. conversion to OPDIVO Qvantig. Elkins said OPDIVO Qvantig had reached 15% share and was annualizing at more than $1 billion. OPDUALAG also delivered double-digit growth, driven by global demand and its position in first-line melanoma in the U.S.
Pipeline Readouts and Regulatory Dates
Boerner highlighted several expected pivotal readouts by year-end, including studies involving admilparant in pulmonary fibrosis, arlo-cel in relapsed or refractory multiple myeloma, iberdomide, milvexian in secondary stroke prevention, RYZ101 in GEP-NETs and Sotyktu in lupus.
The company is awaiting an Aug. 17 FDA decision on iberdomide, which could become the first commercialized CELMoD therapy. Bristol Myers also said the FDA accepted its application for mezigdomide, setting a May 13, 2027, PDUFA date. A supplemental application for CAMZYOS in adolescents with obstructive hypertrophic cardiomyopathy has a Sept. 30 PDUFA date.
Management said it continues to expect more than 10 potential new medicines and more than 30 lifecycle-management opportunities by the end of the decade. The company also referenced positive Phase III data presented at ASCO for mezigdomide in relapsed or refractory multiple myeloma, as well as data from studies of its antibody-drug conjugate programs in solid tumors.
Milvexian and COBENFY Timelines Move Into 2027
Bristol Myers moved the anticipated readout of its milvexian atrial fibrillation study to the first quarter of 2027 from late 2026 because event accumulation has been slower than projected. Chief Medical Officer and Head of Global Drug Development Cristian Massacesi said the study remains blinded and continues to be monitored by an independent data monitoring committee, which has endorsed its continuation.
Massacesi said the trial is designed to assess non-inferiority versus ELIQUIS for stroke and systemic embolism and superiority on bleeding. The company needs 430 events for the primary endpoint and 530 bleeding events before database lock, he said.
The ADEPT program for COBENFY in Alzheimer’s psychosis is also now expected to begin producing top-line data in early 2027, with results spread throughout the year. Management attributed the timing to slower enrollment in ADEPT-2 and ADEPT-4 and slower-than-projected psychotic-relapse events in ADEPT-1. Bristol Myers plans to share safety and efficacy data later this year from the open-label lead-in portion of ADEPT-1 and from the ADEPT-3 rollover study.
Phase III BALSAM-1 and BALSAM-2 studies of COBENFY in bipolar I disorder are enrolling and are expected to read out in the first half of 2027.
Financial Position and Investment Priorities
Bristol Myers reported adjusted diluted earnings per share of $2.04 for the quarter, a gross margin of 71.4% and operating expenses of $4.1 billion. The company ended June with approximately $11.5 billion in cash equivalents and marketable securities, generated about $3.4 billion in operating cash flow during the quarter, and repaid another $1.2 billion of debt.
Elkins said full-year operating-expense expectations were increased slightly to support accelerated prelaunch activities for iberdomide and mezigdomide, the expanding pomalidomide development program and additional growth-portfolio opportunities. Boerner said business development remains a capital-allocation priority, though the company does not feel compelled to pursue deals absent compelling science, strategic fit and financial value.
The company also said it recently announced partnerships with Anthropic and NVIDIA to expand the use of artificial intelligence in research and enterprise operations, including disease-biology analysis, candidate-molecule design and development decision-making.
About Bristol Myers Squibb (NYSE:BMY)
Bristol Myers Squibb is a global biopharmaceutical company headquartered in Princeton, New Jersey, focused on discovering, developing and delivering medicines for serious diseases. The company’s core activities include research and development, clinical development, manufacturing and commercialization of prescription pharmaceuticals across multiple therapeutic areas. BMS concentrates on advancing therapies in oncology, hematology, immunology, cardiovascular disease and specialty areas through both small molecules and biologics.
BMS’s marketed portfolio and late‑stage pipeline reflect a strong emphasis on cancer and immune‑mediated conditions.
