On July 30, 2026 Bristol Myers Squibb (NYSE: BMY) reported results for the second quarter of 2026.

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"The Growth Portfolio continues to deliver, achieving 15% growth in the quarter, and represents an expanding share of our overall business," said Christopher Boerner, Ph.D., board chair and chief executive officer, Bristol Myers Squibb. "We are building from a position of strength and progressing a differentiated pipeline designed to generate long-term value. As a result of our consistent execution and continued momentum, we are raising our 2026 full-year outlook."

Second Quarter Results
$ in millions, except per share amounts 2026 2025 Change
Change Excl. FX**
Total Revenues $12,973 $12,269 6 % 5 %
Earnings/(Loss) Per Share – GAAP* 1.62 0.64 153 % N/A
Earnings/(Loss) Per Share – Non-GAAP* 2.04 1.46 40 % N/A
Acquired IPRD Charges and Licensing Income Net Impact on Earnings/(Loss) Per Share 0.01 (0.57) N/A N/A

*GAAP and Non-GAAP earnings/(loss) per share include the net impact of Acquired IPRD charges and licensing income.
**See "Use of Non-GAAP Financial Information".

1

SECOND QUARTER RESULTS*
•Growth Portfolio revenues of $7.6 billion increased 15%, or 14% Ex-FX. Revenue growth was primarily driven by Opdivo Qvantig, Reblozyl, Camzyos, Breyanzi and Opdualag.
•Legacy Portfolio revenues of $5.4 billion decreased 4%, or 5% Ex-FX. Demand increased for Eliquis, which was more than offset by expected continued generic impacts across the remainder of the Legacy Portfolio.
•Total revenues of $13.0 billion increased 6%, or 5% Ex-FX.
◦U.S. revenues of $9.0 billion increased 6%.
◦International revenues of $4.0 billion increased 6%, or 5% Ex-FX.
*All comparisons are made versus the same period in 2025 unless otherwise stated.

SECOND QUARTER PRODUCT REVENUE HIGHLIGHTS(e)

($ amounts in millions) Quarter Ended June 30, 2026
% Change from Quarter Ended June 30, 2025
% Change from Quarter Ended June 30, 2025 Ex-FX**

U.S.
Int’l
WW(d)
U.S.
Int’l
WW(d)
Int’l
WW(d)
Growth Portfolio
Opdivo $ 1,417 $ 1,068 $ 2,485 (6) % 1 % (3) % (1) % (4) %
Opdivo Qvantig 206 55 261 >200% >200% >200% >200% >200%
Orencia 801 233 1,034 13 % (8) % 7 % (8) % 7 %
Yervoy 481 288 769 7 % 4 % 6 % 2 % 5 %
Reblozyl 593 142 735 31 % 24 % 29 % 24 % 29 %
Breyanzi 354 131 484 39 % 48 % 41 % 47 % 41 %
Opdualag 294 55 349 17 % 72 % 23 % 65 % 22 %
Camzyos 310 105 416 45 % 129 % 60 % 124 % 59 %
Zeposia 116 53 169 11 % 17 % 12 % 14 % 12 %
Sotyktu 51 36 87 19 % 30 % 23 % 27 % 23 %
Krazati 47 8 55 1 % >200% 14 % >200% 14 %
Cobenfy 60 3 63 73 % >200% 81 % >200% 81 %
Other Growth Products(a)
244 409 653 (1) % 32 % 17 % 32 % 17 %
Total Growth Portfolio
4,974 2,585 7,560 14 % 15 % 15 % 13 % 14 %
Legacy Portfolio
Eliquis 3,357 1,124 4,481 27 % 9 % 22 % 7 % 21 %
Revlimid 352 72 425 (52) % (32) % (49) % (30) % (49) %
Pomalyst/Imnovid 131 73 204 (78) % (41) % (71) % (38) % (71) %
Sprycel 52 35 88 (23) % (32) % (27) % (30) % (26) %
Abraxane 12 43 55 (62) % (40) % (47) % (40) % (47) %
Other Legacy Products(b)
112 58 170 12 % (53) % (24) % (53) % (24) %
Total Legacy Portfolio 4,017 1,405 5,422 (4) % (7) % (4) % (7) % (5) %
Other Revenue(c)
— (9) (9) N/A N/A N/A N/A N/A
Total Revenues $ 8,991 $ 3,982 $ 12,973 6 % 6 % 6 % 5 % 5 %

** See "Use of Non-GAAP Financial Information".
(a) Includes Abecma, Augtyro, Onureg, Inrebic, Nulojix, Empliciti and royalty revenues, including royalties received from Merck on Winrevair.
(b) Includes other mature brands.
(c) Includes revenue hedging activities in 2026.
(d) Worldwide (WW) includes U.S. and International (Int’l).
(e) For the above table and all subsequent tables, certain totals may not sum due to rounding. Percentages have been calculated using unrounded amounts.
2

SECOND QUARTER COST & EXPENSES
The table below presents selected line-item information.

GAAP Non-GAAP**
Three months ended June 30, Three months ended June 30,
($ amounts in millions)
2026
2025
Change
2026
2025
Change
Cost of products sold
$ 3,726 $ 3,372 11% $ 3,711 $ 3,356 11%
Gross margin
71.3 % 72.5 % (120) bps 71.4 % 72.6 % (120) bps
Selling, general and administrative
1,826 1,713 7% 1,826 1,691 8%
Research and development
2,959 2,580 15% 2,316 2,263 2%
Acquired IPRD(a)
— 1,508 (100)% — 1,508 (100)%
Amortization of acquired intangible assets
437 830 (47)% — — N/A
Other (income)/expense, net
(61) 494 NM 126 (108) NM
Effective tax rate
18.8 % 25.9 % (710) bps 16.5 % 16.1 % 40 bps

** See "Use of Non-GAAP Financial Information" and refer to the Specified Items schedule below for further detail.
NM Not meaningful.
(a) Non-GAAP Acquired IPRD does not include adjustments to GAAP Acquired IPRD.

•Gross margin decreased from 72.5% to 71.3% on a GAAP basis, and from 72.6% to 71.4% on a non-GAAP basis, primarily reflecting a change in product mix.
•Selling, general and administrative expenses of $1.8 billion increased 7% on a GAAP basis and 8% on a non-GAAP basis, primarily driven by investments in new product launches.
•Research and development expenses of $3.0 billion increased 15% on a GAAP basis, primarily driven by the purchase of a priority review voucher and higher IPRD impairment charges in 2026. Non-GAAP research and development expenses of $2.3 billion increased 2%.
•Amortization of acquired intangible assets of $437 million decreased 47% on a GAAP basis, primarily driven by lower amortization expense related to Pomalyst.
•Other (income)/expense, net of $(61) million and $126 million on a GAAP and non-GAAP basis, respectively, reflects the expiry of royalty income on diabetes products at the end of 2025.
•Effective tax rate decreased from 25.9% to 18.8% on a GAAP basis and increased from 16.1% to 16.5% on a non-GAAP basis, primarily driven by jurisdictional earnings mix.
•Net income attributable to Bristol Myers Squibb of $3.3 billion, or $1.62 per share, increased from $1.3 billion, or $0.64 per share, on a GAAP basis. On a non-GAAP basis, net income attributable to Bristol Myers Squibb of $4.2 billion, or $2.04 per share, increased from $3.0 billion, or $1.46 per share. GAAP and non-GAAP EPS include the impacts of Acquired IPRD charges and licensing income.

PRODUCT AND PIPELINE UPDATES
Entries organized by date and inclusive of second quarter and recent updates.
Asset(s)
Date Announced
Milestone
Reblozyl (luspatercept)
July 30
The U.S. Food and Drug Administration (FDA) accepted the supplemental Biologics License Application for Reblozyl with concomitant janus kinase inhibitor therapy in adult patients with myelofibrosis-associated anemia receiving red blood cell transfusions. The acceptance was supported by results from the Phase 3 INDEPENDENCE study. The FDA granted a Prescription Drug User Fee Act (PDUFA) date of March 11, 2027.
mezigdomide July 13
The FDA accepted a New Drug Application for mezigdomide in combination with carfilzomib and dexamethasone (MeziKd) in patients with relapsed or refractory multiple myeloma (RRMM), granting a PDUFA date of May 13, 2027. The filing was based on the positive results from the Phase 3 SUCCESSOR-2 trial.

Mezigdomide is the second BMS CELMoD to be granted a PDUFA date this year for an RRMM indication, joining iberdomide, which has a PDUFA date of August 17, 2026.
izalontamab brengitecan
(iza-bren) June 2
Announced with SystImmune that SystImmune’s parent company, Sichuan Biokin Pharmaceutical Co., Ltd., reported positive results from prespecified interim analyses of two Phase 3 studies evaluating iza-bren. In the studies, iza-bren achieved statistically significant and clinically meaningful improvements in overall survival and progression-free survival (PFS) in heavily pretreated, unresectable, locally advanced or metastatic triple-negative breast cancer and recurrent or metastatic esophageal squamous cell carcinoma.
Camzyos (mavacamten)
June 1
The FDA accepted for priority review a supplemental New Drug Application (sNDA) for Camzyos as a potential treatment for adolescents ages 12 to <18 years with symptomatic obstructive hypertrophic cardiomyopathy. The sNDA submission was based on data from the Phase 3 SCOUT-HCM trial.
Opdivo (nivolumab)
June 1
The European Commission (EC) approved Opdivo in combination with doxorubicin, vinblastine and dacarbazine for the treatment of adult and adolescent patients 12 years of age and older with previously untreated Stage III or IV classical Hodgkin Lymphoma. The EC approval is based on data from the Phase 3 SWOG 1826 (Study CA2098UT).
pumitamig May 30
Interim Phase 2 data, announced with BioNTech SE, from the global Phase 2/3 ROSETTA Lung-02 trial evaluating pumitamig plus chemotherapy in patients with previously untreated advanced non-small cell lung cancer (NSCLC) demonstrated robust anti-tumor activity with high response rates observed in both non-squamous and squamous NSCLC and at each PD-L1 expression level.
mezigdomide May 29
Announced positive results from the Phase 3 SUCCESSOR-2 trial of MeziKd versus carfilzomib and dexamethasone alone (Kd) in patients with RRMM. MeziKd demonstrated a clinically meaningful and statistically significant improvement in PFS, representing a 52% reduction in the risk of disease progression or death compared with Kd.
Sotyktu (deucravacitinib)
May 8
The EC approved Sotyktu, alone or in combination with methotrexate, for the treatment of psoriatic arthritis (PsA) in adults who have had an inadequate response or who have been intolerant to a prior disease-modifying antirheumatic therapy. The EC approval is based on positive results from the pivotal POETYK PsA-1 and POETYK PsA-2 Phase 3 clinical trials.

Our Strategy
At Bristol Myers Squibb, our goal is to build a company that is financially strong and delivers industry-leading, sustainable growth into the 2030s and beyond.
As we advance our multi-year strategy to position the company for long-term growth, we are guided by the following priorities:
•Focusing R&D on high-impact, transformational medicines to treat life-threatening diseases;
•Embedding rigorous operational execution across the organization to build momentum in our Growth Portfolio comprised primarily of medicines early in their lifecycles; and
•Maintaining disciplined capital allocation to drive sustainable cash flow generation, balance sheet strength and long-term shareholder returns.

Business Development
The company recently entered into multiple transactions that strengthen its pipeline and operational capabilities.

In July 2026, the company announced an expansion of its existing collaboration with NVIDIA to deploy NVIDIA’s newest AI infrastructure, Vera Rubin NVL72, for running predictive models at scale and training large AI models on BMS’s own data. Through this latest agreement, BMS scientists have the potential to understand disease biology more deeply, design and test candidate molecules faster, and gain deeper insights from clinical outcomes sooner. We expect this to ensure the company can continue pursuing the right targets and advancing stronger candidates, ultimately working toward smarter, more targeted clinical trial design and earlier, better-informed decisions about which programs to move forward.

In May 2026, the company announced a strategic agreement with Anthropic to deploy Claude across Bristol Myers Squibb’s research, clinical development, manufacturing, commercial and corporate functions. Claude will serve as the shared intelligence platform between enterprise functions, enabling the company to unlock its data and accelerate innovation.

Also in May 2026, the company entered into global strategic collaboration and licensing agreements with Hengrui Pharma to advance a portfolio of 13 early-stage programs in oncology, hematology and immunology. The collaboration furthers Bristol Myers Squibb’s efforts to accelerate early-stage clinical development and make informed, responsible decisions that contribute to the company’s growth potential.

Financial Guidance
Bristol Myers Squibb is increasing its full-year, non-GAAP revenue guidance from a range of approximately $46.0 billion to $47.5 billion to a range of approximately $49.0 billion to $50.0 billion. This update primarily reflects broad-based and continuing momentum across the portfolio.
Full-year operating expenses in 2026 are now expected to be approximately $16.5 billion, due to increased investment behind key pipeline programs and new product launches.
As a result of these guidance updates, non-GAAP EPS is increasing to an anticipated range of $6.75 – $7.00.
2026 Non-GAAP1,2 Line-Item Guidance
April
(Prior) July
(Updated)
Total Revenues
(Reported & Ex-FX)
~$46.0 – $47.5 billion
~$49.0 – $50.0 billion
Gross Margin % ~69% – 70% No change
Operating Expenses3
~$16.3 billion ~$16.5 billion
Other income/(expense) ~($700 million) No change
Effective tax rate
~18%
No change
Diluted EPS
$6.05 – $6.35
$6.75 – $7.00

1 See "Use of Non-GAAP Financial Information."
2 April was calculated based on mid-April 2026 foreign exchange rates, and July was calculated based on mid-July exchange rates.
3 Operating Expenses = SG&A and R&D.

The company continues to expect total Worldwide Eliquis revenues to increase in 2026 when compared to 2025, and is raising its projected range as shown in the table below.

2026 Eliquis Revenue Guidance
April
(Prior) July
(Updated)
2026 WW Revenue Growth* 10% – 15% 20% – 25%

* Compared to 2025 Worldwide Eliquis revenues.

The 2026 financial guidance provided excludes the impact of any potential future strategic acquisitions, divestitures, specified items that have not yet been identified and quantified, and the impact of Acquired IPRD charges and licensing income incurred after June 30, 2026. To the extent we have quantified the impact of significant R&D charges or other income resulting from upfront or contingent milestone payments in connection with asset acquisitions or licensing of third-party intellectual property rights, we may update this information from time to time on our website, www.bms.com, in the "Investors" section. Non-GAAP guidance assumes exchange rates as of the date noted. The financial guidance is subject to risks and uncertainties applicable to all forward-looking statements as described elsewhere in this press release.

A reconciliation of forward-looking non-GAAP measures, including non-GAAP EPS, to the most directly comparable GAAP measures is not provided because comparable GAAP measures for such measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. Namely, we are not, without unreasonable effort, able to reliably predict the impact of accelerated depreciation and impairment charges, legal and other settlements, gains and losses from equity investments and other adjustments. In addition, the company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. These items are uncertain, depend on various factors and may have a material impact on our future GAAP results. See "Cautionary Statement Regarding Forward-Looking Statements" and "Use of Non-GAAP Financial Information."

Conference Call Information
Bristol Myers Squibb will host a conference call today, Thursday, July 30, 2026, at 8:15 a.m. ET, during which company executives will review financial results with the investment community.
Investors and the general public are invited to listen to a live webcast of the call at View Source." target="_blank" title="View Source." rel="nofollow">View Source Materials related to the call will be available at View Source prior to the start of the conference call.
A replay of the webcast will be available at View Source approximately three hours after the conference call concludes.

(Press release, Bristol-Myers Squibb, JUL 30, 2026, View Source [SID1234669527])