Bristol‑Myers Squibb (BMY) reported first‑quarter 2026 results on April 30, 2026, with total revenue of $11.49 billion and non‑GAAP diluted earnings per share of $1.58, beating the consensus estimate of $1.42. The company’s full‑year 2026 guidance for revenue of $46.0 billion to $47.5 billion and adjusted EPS of $6.05 to $6.35 remained unchanged.
Revenue rose 3.4% from the $11.2 billion reported in Q1 2025, driven by a 12% year‑over‑year increase in the growth portfolio that includes Camzyos, Breyanzi and Reblozyl. The legacy portfolio declined 6% YoY, reflecting the impact of generic competition and a shift in product mix. Gross margin contracted to 70.3% from 73.1% in the prior year, largely due to the lower‑margin legacy mix.
The $0.16 EPS beat—an 11.3% outperformance of expectations—was largely attributable to disciplined cost management and the favorable mix shift toward higher‑margin growth products. While the legacy portfolio’s margin compression weighed on overall profitability, the growth portfolio’s stronger pricing power and volume growth helped offset the decline.
BMY reaffirmed its full‑year 2026 outlook, signaling confidence that the company’s portfolio transformation is on track. Management indicated that performance is tracking toward the upper end of the guidance range, underscoring expectations for continued momentum in the growth portfolio and the pipeline’s upcoming data readouts.
“We are off to a good start in 2026, with first quarter results reflecting sustained momentum across our Growth Portfolio and disciplined execution throughout the business,” said Christopher Boerner, Ph.D., board chair and chief executive officer, Bristol Myers Squibb.
The company faces ongoing headwinds from generic erosion in its legacy portfolio and pricing pressures, but tailwinds include robust international sales growth of 11% YoY and a pipeline of pivotal data readouts that could further accelerate the growth portfolio’s contribution to revenue and margin.
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