A fixed rule set over this filing's XBRL figures and the number of high-severity risks found in it — no model judgement.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
In Q2 FY2026, Bristol-Myers Squibb delivered strong financial results with revenue growing 5.7% YoY to $12.97B and net income surging 153.2% YoY to $3.32B, driven by 15% growth in its new product portfolio and reduced Acquired IPRD charges.
Revenue
$12.97B
+5.74% YoY
EPS (Diluted)
$1.62
+153.13% YoY
Bristol Myers Squibb (BMY) reported Q2 FY2026 revenue of $12.97B, up 5.7% year over year. The company posted net income of $3.32B, up 153.2% from a year earlier, with diluted EPS of $1.62. BMY's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
Bristol-Myers Squibb delivered strong Q2 FY2026 financial results as GAAP net income rose 153.2% YoY to $3.32B on $12.97B in revenue, fueled by 15% Growth Portfolio expansion despite generic competition on legacy products.
Last 4 quarters: 4 beats
Adjusted (non-GAAP) EPS of $2.04 versus the $1.60 analyst consensus — a +27.4% beat for Jun 2026. Analyst consensus is quoted on the adjusted (non-GAAP) basis the street uses. GAAP diluted EPS for this quarter was $1.62.
Total Growth Portfolio revenue rose 15% YoY to $7.56B in Q2 FY2026, powered by strong performances from Camzyos (+60% to $416M), Breyanzi (+41% to $484M), and Reblozyl (+29% to $735M). This growth helped offset a 4% decline in Legacy Portfolio revenue ($5.42B) caused by generic erosion in Revlimid (-49% to $425M) and Pomalyst (-71% to $204M).
Source: 10-Q Item 2 MD&A, p.32-35
Eliquis revenues increased 22% YoY to $4.48B in Q2 FY2026, supported by higher demand and higher average net selling prices in the U.S., where a list price reduction resulted in lower gross-to-net rebates.
Source: 10-Q Item 2 MD&A, p.31, 35
The U.S. HHS established 'maximum fair prices' under the Inflation Reduction Act for Eliquis (effective January 2026) and Pomalyst (effective January 2027) in Medicare, while Orencia was selected in January 2026 for price negotiations taking effect in 2028.
Source: 10-Q Item 2 MD&A, p.28
BMY is executing an enterprise-wide operating model streamlining across R&D, manufacturing, and commercial functions, expecting to achieve $2.0B in annual cost savings by the end of 2027.
Source: 10-Q Item 2 MD&A, p.27
Loss of exclusivity and generic competition have significantly reduced revenues for legacy drugs such as Revlimid, Pomalyst, and Sprycel. Approaching patent expirations or biosimilar entries for key products like Eliquis and Orencia threaten ongoing top-line stability.
Source: 10-Q Item 2 MD&A, p.35
Implementation of maximum fair pricing under the Inflation Reduction Act in the U.S. and overseas pricing mandates directly constrain product margins and reimbursement coverage, risking material impacts on future revenues.
Source: 10-Q Item 2 MD&A, p.28
With long-term debt of $42.86B and a debt-to-equity ratio of 2.93, the company faces substantial ongoing financial obligations that limit capital deployment options.
Source: 10-Q Balance Sheet (XBRL)
This analysis does not extract a guidance section. Companies issue revenue and EPS outlook in the 8-K press release and on the earnings call rather than in the 10-Q itself — though the filing's management discussion can contain forward-looking statements, which appear in the highlights above where they were material.
Bristol Myers Squibb (BMY) is next expected to report on , when the following quarter's results and any updated outlook will be available.
See the BMY earnings preview — expected date, analyst estimates and what to watch →
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $12.97B | $12.27B | +5.74% |
Cost of Revenue | $3.73B | $3.37B | +10.50% |
Net Income | $3.32B | $1.31B | +153.21% |
EPS (Basic) | $1.62 | $0.64 | +153.13% |
EPS (Diluted) | $1.62 | $0.64 | +153.13% |
R&D Expense | $2.96B | $2.58B | +14.69% |
SG&A Expense | $1.83B | $1.71B | +6.60% |
In Q2 FY2026, Bristol-Myers Squibb reported total revenue of $12.97B (+5.7% YoY) and GAAP net income of $3.32B (+153.2% YoY). Diluted EPS reached $1.62 compared to $0.64 in Q2 FY2025.
The 153.2% YoY increase in GAAP net income was primarily driven by the non-recurrence of a $1.51B Acquired IPRD charge from Q2 FY2025 related to the BioNTech collaboration, along with lower amortization of acquired intangible assets and 6% top-line revenue growth.
BMY's Growth Portfolio generated $7.56B in revenue, up 15% YoY. Notable top performers included Camzyos (+60% to $416M), Breyanzi (+41% to $484M), Reblozyl (+29% to $735M), and Sotyktu (+23% to $87M).
Generic competition continues to erode BMY's Legacy Portfolio, which dropped 4% YoY to $5.42B in Q2 FY2026. Sales of Revlimid fell 49% YoY to $425M and Pomalyst fell 71% YoY to $204M due to generic market entry.
Bristol Myers Squibb (BMY) is next expected to report earnings on Oct 29, 2026. The date comes from the analyst earnings calendar and can shift until the company confirms it.
Expected release date, analyst estimates & what to watch
Bristol-Myers Squibb delivered Q1 2026 revenue of $11.49B (+2.6% YoY) and net income of $2.68B (+9.0% YoY), though operating cash flow fell sharply by 43.5% to $1.10B amid a 17.4% surge in R&D spending and elevated long-term debt of $44.1B.
Bristol-Myers Squibb returned to profitability in FY2025 with net income of $7.05B (vs. a loss of $8.95B in the prior year), driven by significant cost reductions in R&D and SG&A, even as revenue remained essentially flat at $48.19B.
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