Bristol Myers Squibb reported a solid start to 2026 with Q1 revenues and GAAP EPS exceeding prior year results, driven by strong performance in its Growth Portfolio. The company reaffirmed its full-year guidance, indicating confidence in achieving its financial targets.
Total revenues increased 3% year-over-year to $11.5 billion, with an Ex-FX increase of 1%.
positiveGrowth Portfolio revenues surged 12% (9% Ex-FX) to $6.2 billion, primarily driven by Camzyos, Breyanzi, and Reblozyl.
positiveGAAP EPS increased 9% year-over-year to $1.31.
positiveInternational revenues grew 11% (4% Ex-FX), indicating strong performance in global markets.
positiveReaffirmed full-year 2026 guidance for total revenues ($46.0 - $47.5 billion) and non-GAAP EPS ($6.05 - $6.35), with results trending toward the upper end of ranges.
positiveLegacy Portfolio revenues decreased 6% (8% Ex-FX) to $5.3 billion, impacted by expected generic competition for Revlimid and other mature brands.
attentionNon-GAAP EPS decreased 12% year-over-year to $1.58, impacted by specified items and a higher effective tax rate.
attentionGAAP Gross margin decreased by 270 bps to 70.2% and non-GAAP Gross margin decreased by 280 bps to 70.3%, primarily due to a change in product mix.
attentionResearch and development expenses increased 17% on a GAAP basis to $2.6 billion, primarily due to IPRD impairment charges in 2026.
attentionEffective tax rate increased from 17.1% to 17.3% on a GAAP basis and from 15.1% to 18.3% on a non-GAAP basis.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total | CC |
|---|---|---|---|---|---|
Growth Portfolio | N/A | — | — | — | +9.0% |
Legacy Portfolio | N/A | — | — | — | -8.0% |
| Total Revenue | $0.00M | — | — | 100.0% | — |
Segment performance shows business unit health and growth drivers. Constant currency (CC) removes FX impact for like-for-like comparison.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
Results reflect sustained momentum across our Growth Portfolio and disciplined execution.
Multiple pivotal data readouts and opportunities ahead.
Focused on advancing our differentiated pipeline and translating progress into meaningful outcomes for patients and shareholders.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.