Bristol Myers Squibb (NYSE:BMY) reported second-quarter results that comfortably exceeded Wall Street expectations, driven by continued strength across its growth portfolio. The pharmaceutical company also raised its full-year 2026 financial outlook, sending its shares more than 1% higher in premarket trading on Thursday.
The stronger-than-expected performance reflected robust sales of several key medicines, helping offset continued pressure from generic competition within its legacy products.
Revenue and Earnings Surpass Forecasts
Bristol Myers Squibb posted adjusted earnings of $2.04 per share, well above analysts’ consensus estimate of $1.61.
Revenue reached $12.97 billion during the quarter, representing 5% growth excluding currency movements and comfortably exceeding the market forecast of $11.71 billion.
The company’s Growth Portfolio generated revenue of $7.6 billion, increasing 15%, or 14% excluding currency effects.
Sales were led by Opdivo Qvantig, Reblozyl, Camzyos, Breyanzi and Opdualag.
Meanwhile, revenue from the Legacy Portfolio declined 4%, or 5% excluding currency effects, to $5.4 billion. Stronger sales of Eliquis were not enough to offset ongoing generic competition affecting the remainder of the portfolio.
Growth Portfolio Continues to Drive Performance
“The Growth Portfolio continues to deliver, achieving 15% growth in the quarter, and represents an expanding share of our overall business,” said CEO Christopher Boerner in the press release. “As a result of our consistent execution and continued momentum, we are raising our 2026 full-year outlook.”
In the United States, revenue increased 6% to $9.0 billion.
International revenue also rose 6%, or 5% excluding currency effects, reaching $4.0 billion.
Adjusted gross margin narrowed to 71.4% from 72.6% a year earlier, primarily reflecting changes in product mix.
Company Raises 2026 Financial Outlook
Following the stronger second-quarter performance, Bristol Myers Squibb increased its full-year guidance for both earnings and revenue.
The company now expects adjusted earnings per share to range between $6.75 and $7.00, compared with previous guidance of $6.05 to $6.35. The updated forecast is also above the analyst consensus estimate of $6.34 per share.
Bristol Myers Squibb also raised its revenue outlook to between $49.5 billion and $50.0 billion, up from its prior projection of approximately $46.0 billion to $47.5 billion and ahead of Wall Street expectations of $47.5 billion.
Bristol Myers Squibb stock price
