Bristol Myers Squibb (NYSE:BMY) reported third-quarter 2026 earnings and revenue above analysts’ expectations on Thursday, raising its full-year sales forecast while updating its adjusted earnings guidance. Shares of the pharmaceutical company rose more than 2% following the announcement.
Adjusted earnings per share reached $1.35, exceeding the consensus estimate of $1.09. Revenue increased 7% to $13.07 billion from $12.22 billion a year earlier, surpassing analysts’ expectations of $12.72 billion.
Full-Year Revenue Guidance Raised
Bristol Myers Squibb increased its 2026 revenue forecast to between $49.75 billion and $50.25 billion, compared with its previous guidance of $49.0 billion to $50.0 billion.
The midpoint of the revised revenue range, $50.0 billion, was slightly above analysts’ consensus estimate of $49.89 billion.
The company also updated its adjusted earnings per share guidance to $6.35–$6.55, incorporating a negative $0.60 per-share impact from acquired in-process research and development (IPRD) charges and licensing income.
The midpoint of the adjusted earnings forecast, $6.45, was below the $6.49 analyst consensus.
Growth Portfolio Revenue Increases 12%
Revenue from Bristol Myers Squibb’s Growth Portfolio increased 12% to $7.7 billion, supported by sales of Opdivo Qvantig, Breyanzi, Reblozyl, Camzyos and Opdualag.
The Legacy Portfolio generated revenue of $5.4 billion, representing growth of 1%. Eliquis contributed $4.69 billion in revenue, an increase of 25% from the previous year.
Christopher Boerner, Ph.D., board chair and chief executive officer, commented:
“We delivered another quarter of double-digit growth in our Growth Portfolio, which increased 12% and reflects the continued momentum across our diversified portfolio.”
Adjusted Gross Margin Declines to 68.4%
Bristol Myers Squibb reported an adjusted gross margin of 68.4%, compared with 72.9% in the corresponding quarter of 2025.
The company attributed the decline primarily to changes in its product mix and a one-time charge associated with the termination of a contract.
The results showed higher quarterly revenue and adjusted earnings than analysts had anticipated, alongside a reduction in adjusted gross margin and revised full-year financial expectations.
Bristol Myers Squibb stock price
