Bristol Myers Squibb’s newer medicines generated more quarterly revenue than its legacy portfolio as the pharmaceutical company raised its full-year 2026 revenue outlook by as much as $3 billion.
The company reported second-quarter revenue of approximately $13 billion, increasing 6% year-over-year, or 5% excluding foreign exchange. Its Growth Portfolio generated $7.6 billion in revenue, representing a 15% increase, while Legacy Portfolio revenue declined 4% to $5.4 billion.
The results indicate that Bristol Myers Squibb’s newer products are becoming large enough to offset increasing generic competition affecting several of its mature medicines. Growth Portfolio revenue represented approximately 58% of total quarterly revenue and exceeded Legacy Portfolio revenue by more than $2.1 billion.
Bristol Myers Squibb increased its full-year revenue guidance from a previous range of approximately $46 billion to $47.5 billion to a new range of approximately $49 billion to $50 billion. The lower end increased by $3 billion, while the upper end rose by $2.5 billion.
The company also raised its non-GAAP diluted earnings per share outlook from between $6.05 and $6.35 to between $6.75 and $7. Bristol Myers Squibb attributed the revised outlook primarily to broad-based and continuing momentum across its portfolio.
The guidance increase came despite plans to invest more heavily in new products and pipeline programs. Expected full-year operating expenses increased from approximately $16.3 billion to $16.5 billion, while the company maintained its projected gross margin of approximately 69% to 70%.
Several newer medicines produced substantial second-quarter growth. Opdivo Qvantig revenue increased more than 200% to $261 million. The subcutaneous formulation is intended to offer an alternative method of administering Opdivo.
Camzyos revenue increased 60% to $416 million, including 45% growth in the United States and 129% growth internationally. Camzyos is used to treat certain patients with obstructive hypertrophic cardiomyopathy.
Breyanzi revenue rose 41% to $484 million, Reblozyl increased 29% to $735 million, Opdualag grew 23% to $349 million, and Cobenfy revenue jumped 81% to $63 million.
Sotyktu revenue increased 23% to $87 million, while Zeposia rose 12% to $169 million. The overall Growth Portfolio generated $7.56 billion, compared with $6.6 billion in the prior-year quarter.
The performance of Opdivo Qvantig contrasted with a decline in the original intravenous Opdivo product. Traditional Opdivo revenue fell 3% to $2.49 billion as a 6% decline in U.S. sales more than offset a 1% increase internationally.
The company identified Opdivo Qvantig, Reblozyl, Camzyos, Breyanzi, and Opdualag as the main contributors to Growth Portfolio expansion.
Eliquis remained Bristol Myers Squibb’s largest individual product and delivered stronger-than-expected performance. Worldwide Eliquis revenue increased 22% to $4.48 billion, including a 27% increase in the United States and a 9% international gain.
The company doubled the growth range underlying its Eliquis outlook. Bristol Myers Squibb now expects worldwide Eliquis revenue to increase between 20% and 25% in 2026, compared with its previous expectation of 10% to 15% growth.
Eliquis helped moderate the decline in Bristol Myers Squibb’s Legacy Portfolio, but it could not fully offset generic pressure affecting other products.
Revlimid revenue declined 49% to $425 million, while Pomalyst and Imnovid revenue fell 71% to $204 million. Abraxane revenue decreased 47% to $55 million, and Sprycel declined 27% to $88 million.
Total Legacy Portfolio revenue decreased to $5.42 billion from $5.67 billion. Excluding foreign exchange, the portfolio declined 5%.
The diverging product trends reflect Bristol Myers Squibb’s transition away from medicines facing loss of exclusivity and toward products that remain in earlier stages of their commercial lifecycles.
For the first half of 2026, Growth Portfolio revenue increased 13% to $13.79 billion. Legacy Portfolio revenue declined 5% to $10.7 billion during the same period.
Camzyos produced one of the strongest first-half performances, with revenue rising 74% to $729 million. Cobenfy revenue increased 92% to $119 million, Breyanzi grew 48% to $896 million, and Reblozyl increased 23% to $1.29 billion.
The company’s earnings also increased substantially. GAAP net income attributable to Bristol Myers Squibb rose to approximately $3.3 billion from $1.3 billion. GAAP diluted earnings per share increased 153% to $1.62 from $0.64.
On a non-GAAP basis, net income increased to $4.2 billion from $3 billion, while diluted earnings per share rose 40% to $2.04 from $1.46.
The GAAP comparison benefited from unusually high acquired research and development expenses during the prior-year quarter. Bristol Myers Squibb recorded approximately $1.51 billion of acquired in-process research and development charges in the second quarter of 2025, compared with none in the 2026 quarter.
However, the company recorded $420 million of research and development impairment charges and spent $220 million to acquire a priority review voucher during the latest quarter. Total specified research and development items reached $643 million.
Growth also brought increased costs and some margin pressure. Gross margin declined 120 basis points to 71.3% on a GAAP basis and 71.4% on a non-GAAP basis, primarily because of changes in product mix.
Selling, general, and administrative expenses increased 7% to approximately $1.83 billion as Bristol Myers Squibb invested in new product launches. GAAP research and development expenses rose 15% to approximately $2.96 billion, while non-GAAP research and development expenses increased 2% to $2.32 billion.
Bristol Myers Squibb also reported multiple regulatory and clinical milestones that could support future Growth Portfolio expansion.
The FDA accepted the company’s application for mezigdomide in combination with carfilzomib and dexamethasone for certain patients with relapsed or refractory multiple myeloma. The application received a May 13, 2027, target decision date.
Mezigdomide became the second Bristol Myers Squibb CELMoD medicine to receive an FDA target date during 2026, following iberdomide, which has an August 17, 2026, target date.
The company also reported that mezigdomide reduced the risk of disease progression or death by 52% compared with carfilzomib and dexamethasone alone in the Phase 3 SUCCESSOR-2 study.
Bristol Myers Squibb and SystImmune announced positive interim Phase 3 results for izalontamab brengitecan in triple-negative breast cancer and esophageal squamous cell carcinoma. The treatment produced statistically significant and clinically meaningful improvements in overall survival and progression-free survival.
The FDA also accepted Camzyos for priority review as a potential treatment for adolescents between the ages of 12 and 18 with symptomatic obstructive hypertrophic cardiomyopathy.
Beyond product development, Bristol Myers Squibb is expanding its use of artificial intelligence. The company announced plans to deploy NVIDIA’s Vera Rubin NVL72 infrastructure to run predictive models and train large models using its internal data.
Bristol Myers Squibb also entered an agreement to deploy Anthropic’s Claude across research, clinical development, manufacturing, commercial, and corporate functions. The company said Claude will serve as a shared intelligence platform across its enterprise.
The quarter shows that Bristol Myers Squibb’s portfolio transition is gaining momentum. While generic competition continues to produce steep declines in several established products, newer medicines have become the company’s largest portfolio and are supporting a substantially higher revenue and earnings outlook.
KEY QUOTES:
“The Growth Portfolio continues to deliver, achieving 15% growth in the quarter, and represents an expanding share of our overall business. 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.”
Christopher Boerner, Board Chair And Chief Executive Officer Of Bristol Myers Squibb
