Bristol Myers beats, raises 2026 EPS guidance to $6.35–$6.55 as Eliquis and new launches drive

 

Bristol Myers beats Q3 2026 estimates and raises 2026 EPS guidance to $6.35–$6.55 as Eliquis and new launches drive growth

• Q3 2026 non-GAAP EPS was $1.35, down 17% year over year, beating consensus estimates.
• Q3 2026 revenue was $13.1B, up 7% year over year, beating expectations; growth portfolio increased 12%.
• Raised 2026 non-GAAP EPS guidance to $6.35–$6.55; full-year revenue guidance not disclosed.
• Company issued 2026 revenue guidance of $49.75–$50.25B alongside updated EPS outlook.
• Eliquis grew 26% to $4.7B, with Europe loss-of-exclusivity expected to begin impacting results in Q4.
• Key growth brands Reblozyl, Breyanzi, Camzyos and Qvantig delivered strong revenue increases ranging from 22% to 48%.
• Pipeline de-risking highlighted Zenbexus approval, Admiperant positive data in IPF and Raise101 GepNET radiopharmaceutical success.
• Admiperant 120mg dose missed statistical significance, raising questions ahead of the larger PPF outcome readout.
• Gross margin was 68.4%, pressured by product mix and a one-time contract termination expense.
• Autoimmune CAR-T zolacel program was voluntarily paused; root cause addressed and regulators engaged to restart clinical trials.
• Management tone remained confident, citing diversified growth drivers, productivity savings and a robust late-stage pipeline cadence.
• Investors focused on Milvexian stroke and AF data, Admiperant upside, business development deployment and AI opportunities.
• Main concern is durability of post-LOE growth as Eliquis patents expire and pivotal pipeline readouts carry execution risk.
• Quarter characterized as strong, driven by Eliquis outperformance, broad-based growth portfolio strength and multiple positive late-stage pipeline readouts.

https://finviz.com/stock?t=BMY&p=d