Bristol Myers Raises Revenue Outlook but Cuts EPS Guidance on Acquired R&D Charge

Bristol Myers Squibb raised its 2026 revenue forecast on Thursday after third-quarter sales rose 7% to $13.1 billion, but cut its full-year adjusted earnings outlook to absorb a jump in charges tied to recent licensing deals, according to the earnings release it filed with an 8-K.

The drugmaker now expects 2026 revenue of about $49.75 billion to $50.25 billion, up from roughly $49.0 billion to $50.0 billion, citing "broad-based and continuing momentum across the portfolio." It lowered its non-GAAP EPS forecast to $6.35 to $6.55 from $6.75 to $7.00. The new range includes a 60-cent-per-share hit from acquired in-process research and development charges and licensing income, compared with 2 cents in the July outlook.

Growth Portfolio carries the quarter

Revenue from the Growth Portfolio rose 12% to $7.7 billion, led by Opdivo Qvantig, Breyanzi, Reblozyl, Camzyos and Opdualag. Breyanzi sales jumped 46% to $526 million, Camzyos rose 42% to $420 million, and Reblozyl climbed 22% to $750 million. Sales of Opdivo, the company's biggest cancer drug, fell 6% to $2.37 billion, while the subcutaneous Opdivo Qvantig reached $334 million.

The Legacy Portfolio grew 1% to $5.4 billion. Blood thinner Eliquis rose 25% to $4.69 billion, offsetting continued generic erosion elsewhere: Revlimid sales fell 47% and Pomalyst/Imnovid dropped 81%.

"We delivered another quarter of double-digit growth in our Growth Portfolio," Board Chair and CEO Christopher Boerner said in the release. He called the approval of multiple myeloma drug Zenbexus, "the first-in-class CELMoD," one of several recent pipeline milestones.

Deal charges weigh on profit

GAAP EPS slipped 3% to $1.05 from $1.08, and non-GAAP EPS fell 17% to $1.35 from $1.63. Both figures included a 58-cent net hit from acquired IPRD charges and licensing income, versus 20 cents a year earlier.

Acquired IPRD charges rose 146% to $1.6 billion, mainly from recent license agreements and ongoing collaborations. Gross margin narrowed to 68.3% from 71.9%, reflecting product mix and, to a lesser degree, a one-time contract termination charge. Research and development expense fell 6% to $2.4 billion, and selling, general and administrative costs fell 5% to $1.7 billion.

Pipeline news

The release listed a run of recent readouts, including positive Phase 3 results for admilparant in idiopathic pulmonary fibrosis at the 60mg dose and for RYZ101 in neuroendocrine tumors. In late October, partner SystImmune's parent reported positive interim Phase 3 results for iza-bren in lung and breast cancer.

By the numbers

• $13.1 billion: third-quarter revenue, up 7%
• 12%: Growth Portfolio revenue growth, to $7.7 billion
• $4.69 billion: Eliquis sales, up 25%
• $1.35: non-GAAP EPS, down from $1.63
• $6.35 to $6.55: new 2026 non-GAAP EPS range

Bristol Myers also reaffirmed its forecast for 20% to 25% worldwide Eliquis revenue growth in 2026.

Sources

1. Bristol Myers Squibb Form 8-K with third-quarter 2026 earnings release (Exhibit 99.1), filed Oct. 29, 2026 (accession 0000014272-26-000022)

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