Bristol‑Myers Squibb (BMS) (NYSE: BMY) reported third‑quarter 2026 worldwide revenue of USD 13.1 billion, up 7% year‑on‑year, supported by strong sales of its newer oncology, hematology, and cardiovascular treatments. The company raised its full‑year revenue guidance to USD 49.75–50.25 billion, compared with its previous forecast of USD 49–50 billion, while trimming non‑GAAP earnings guidance on charges tied to acquired R&D and licensing agreements.
Raised to USD 49.75–50.25 bn (prior: USD 49–50 bn)
FY2026 Non‑GAAP EPS Guidance
Reduced to USD 6.35–6.55 – reflecting charges from acquired R&D and licensing agreements
Product Performance
Product
Q3 2026 Sales
YoY Change
Notes
Eliquis (apixaban)
USD 4.69 bn
+25%
Largest product; higher US net selling prices and demand
Opdivo (nivolumab)
USD 2.37 bn
−6%
Partly reflecting uptake shift to newer subcutaneous formulation
Opdivo Qvantig (subcutaneous)
USD 334 mn
More than tripled (vs. USD 67 mn a year earlier)
Next‑generation delivery of the Opdivo franchise
Reblozyl (luspatercept)
USD 750 mn
+22%
Anemia treatment
Breyanzi (lisocabtagene maraleucel)
USD 526 mn
+46%
CAR‑T therapy
Camzyos (mavacamten)
USD 420 mn
+42%
Cardiovascular treatment
Opdualag (nivolumab/relatlimab)
USD 367 mn
+23%
Oncology combination
Cobenfy (xanomeline/trospium chloride)
USD 57 mn
+33%
Newer schizophrenia treatment
Revlimid (lenalidomide)
USD 303 mn
−47%
Generic erosion
Pomalyst/Imnovid (pomalidomide)
USD 130 mn
−81%
Generic erosion
Geographic Revenue – US Growth Outpaces International Markets
Region
Q3 2026 Revenue
YoY Change
United States
USD 9.07 bn
+9% – higher demand and realized prices for Eliquis; continued Growth Portfolio expansion
International (ex‑certain royalty/alliance income)
USD 3.59 bn
Broadly flat (vs. USD 3.60 bn a year earlier); +1% at constant currency
International – 9M 2026
USD 10.7 bn
+5% – higher demand for newer treatments, partly offset by generic competition on older products
China – Development Partnerships Expand with Hengrui Mega‑Deal Completed
Licensing Agreements Completed: During Q3, BMS completed a series of licensing agreements with Jiangsu Hengrui Pharmaceuticals covering 13 early‑stage oncology, hematology, and immunology assets.
Deal Terms: The agreements – announced in May 2026 and closed in July – grant BMS exclusive rights outside mainland China, Hong Kong, and Macau, while Hengrui retains rights in those markets.
Financials: The transaction included an upfront payment of USD 600 million and potential milestone payments of up to USD 14.3 billion.
Market Impact & Outlook
Eliquis Resilience: With sales up 25% to USD 4.69 billion on US pricing and demand, Eliquis remains BMS’s single largest earnings pillar even as its exclusivity horizon approaches.
Growth Portfolio Carrying the Transition:12% growth to USD 7.66 billion – now approaching 60% of total revenue – validates the post‑Revlimid strategy, with Breyanzi (+46%), Camzyos (+42%), and Opdualag (+23%) scaling rapidly.
Subcutaneous Conversion Underway:Opdivo Qvantig more than tripling to USD 334 million shows successful formulation migration protecting the broader Opdivo franchise despite the IV product’s 6% decline.
Guidance Raise With a Caveat: The lifted revenue outlook was accompanied by a lowered EPS range (USD 6.35–6.55) reflecting deal‑related charges – trading near‑term accounting earnings for pipeline depth, headlined by the Hengrui licensing package.
Generic Erosion Contained: Steep declines in Revlimid (−47%) and Pomalyst/Imnovid (−81%) are now largely absorbed by growth‑portfolio momentum rather than dragging total revenue.
Forward‑Looking Statements This brief contains forward‑looking statements regarding BMS’s revenue and EPS guidance, Growth Portfolio expansion, subcutaneous formulation uptake, and licensing milestone achievement. Actual results may differ materially due to risks including generic competition, pricing and reimbursement pressures, clinical and regulatory outcomes for acquired assets, milestone timing, and foreign‑exchange fluctuations. Figures are as reported in the company’s Q3 2026 results.-Fineline Info & Tech
Insight, China's Pharmaceutical Industry Fineline Info & Tech is a comprehensive global pharmaceutical database that spans the entire product lifecycle. Its mission is to equip professionals and executives across all sectors of the life sciences industry with a standardized data language, offering a holistic view of the Chinese pharmaceutical competitive landscape. Flcube.com furnishes critical data essential for informed decision-making, drawing on global industry news, policy insights, competitive intelligence, and advanced analytical tools.
