Event: Thursday, July 30, 2026, before the U.S. market opens; conference call at 8:15 a.m. ET. (bristolmyers2016ir.q4web.com)
BMY enters 2Q26 with a better operating setup than its headline revenue growth suggests: the Growth Portfolio is scaling, Eliquis remains a large cash generator, and management said after 1Q that both revenue and EPS were tracking toward the upper end of full-year guidance. The central earnings question is whether 2Q confirms that favorable trajectory after known quarterly inventory movements in Eliquis and Opdivo.
The bigger investment debate, however, remains unchanged: can the commercial portfolio bridge the loss-of-exclusivity drag from Revlimid/Pomalyst and older brands until the late-2026 pipeline catalysts begin to establish BMY’s post-LOE growth profile? This report is unlikely to settle the pipeline question, but it can strengthen—or weaken—confidence in the base business ahead of those readouts.
| Metric | Street expectation | 2Q25 actual | Read-through |
|---|---|---|---|
| Non-GAAP EPS | ~$1.60 | $1.46 | Earnings expected to grow despite legacy-product erosion |
| Revenue | ~$11.74B | $12.27B | Revenue likely declines year over year, reflecting generic pressure and a difficult prior-year comparison |
Consensus is approximately $1.60 in EPS and $11.74 billion of revenue. (marketbeat.com) Last year’s 2Q revenue was $12.27 billion and non-GAAP EPS was $1.46; that quarter included a sizable acquired-IPRD charge, making reported and adjusted comparability important. (bms.com)
BMY’s reiterated 2026 framework calls for:
Management’s 1Q message was that both revenue and EPS were trending toward the upper end of those ranges. (bms.com)
Eliquis was the standout in 1Q, with worldwide sales of $4.14 billion, up 16% reported and 13% ex-FX. But management attributed part of that strength to a wholesaler inventory build following the U.S. list-price reduction that took effect at the start of 2026, and it expected the build to reverse in 2Q.
That makes 2Q Eliquis revenue potentially noisy. A sequential decline alone should not be read as a deterioration in underlying demand. The key is whether BMY maintains its full-year 10%–15% Eliquis growth outlook after absorbing the expected inventory unwind. (bms.com)
Investor focus: commentary on underlying prescription demand, price/rebate dynamics, and whether 2Q inventory normalization is fully behind the company.
In 1Q, Opdivo revenue declined 5% reported and 8% ex-FX to $2.15 billion. Management blamed much of the weakness on a U.S. wholesaler inventory drawdown, with channel inventory at the low end of its typical range. That leaves room for 2Q normalization—but also creates a high bar for interpreting the print.
The mitigating factor is Opdivo Qvantig, which generated $163 million in 1Q as BMY continued converting IV patients to the subcutaneous formulation. Management has said Qvantig had converted more than 10% of U.S. IV business and targets approximately 30%–40% conversion over two years. The combined Opdivo/Qvantig franchise, not IV Opdivo alone, is the cleaner measure of franchise health. (bms.com)
Investor focus:
- Does the total Opdivo franchise stabilize after 1Q?
- Is Qvantig conversion sustaining or accelerating?
- Is there any change to expectations around biosimilar and IRA exposure?
The Growth Portfolio delivered $6.23 billion in 1Q revenue, up 12% reported and 9% ex-FX. Its durability is important because the Legacy Portfolio fell 6% reported and 8% ex-FX, led by sharp generic erosion in Revlimid, Pomalyst/Imnovid, Sprycel and Abraxane. (bms.com)
The main commercial proof points for 2Q are:
| Product | 1Q26 sales | What investors need to see |
|---|---|---|
| Camzyos | $314M | Continued patient-start momentum and resilience as competition enters the HCM market |
| Reblozyl | $555M | Sustained uptake in MDS-associated anemia and evidence of further indication-driven runway |
| Breyanzi | $411M | Continued cell-therapy demand and international scaling |
| Opdualag | $295M | Ongoing melanoma-led growth |
| Cobenfy | $56M | Steady schizophrenia adoption; expectations should remain measured ahead of label-expansion data |
| Sotyktu | $69M | Benefit from the psoriatic arthritis approval and broader immunology adoption |
Camzyos, Reblozyl, Breyanzi and Cobenfy are particularly important because they embody the company’s effort to diversify beyond Eliquis and legacy hematology brands. The 1Q starting point was strong—Camzyos nearly doubled year over year, Breyanzi rose 56%, and Reblozyl rose 16%—but the market will want evidence that growth remains broad rather than concentrated in a few assets. (bms.com)
The 1Q non-GAAP gross margin was 70.3%, already near the high end of the company’s 69%–70% full-year guide. Product mix drove the year-over-year decline, while non-GAAP R&D was broadly flat and productivity savings offset incremental launches and pipeline investment. (bms.com)
For 2Q, an EPS beat driven by tax, FX, licensing income, or lower-than-expected spend would be less constructive than one driven by product sales and a sustainable gross-margin outcome.
BMY has pre-disclosed a modest $16 million of licensing income for 2Q and no acquired-IPRD charge, implying little unusual noise from this category. (bms.com)
A clean beat without a change in tone may not be enough after the recent share-price run. BMY closed at $63.67 on July 29, up about 19.1% year to date and nearly 17.9% from its June 18 low, suggesting investors have already begun to price in better execution and an improved earnings outlook.
BMY has a dense second-half catalyst calendar. The most immediate event is the August 17, 2026 PDUFA date for iberdomide in relapsed/refractory multiple myeloma. Later in 2026, investors are focused on pivotal readouts for milvexian in atrial fibrillation and secondary stroke prevention, Cobenfy in Alzheimer’s disease psychosis, and admilparant in idiopathic pulmonary fibrosis; these programs are central to the longer-term re-rating case. (bms.com)
The 2Q call should therefore be watched for:
2Q26 is primarily an execution-and-guidance quarter, not a fundamental pipeline-resolution event. The favorable setup is that BMY’s Growth Portfolio is broadening, Eliquis remains powerful, expense control is visible, and management entered the quarter pointing to the upper end of guidance. The risk is that inventory swings in Eliquis and Opdivo expose softer underlying demand, while legacy erosion remains severe.
For the stock, the most constructive result would be a clean organic-growth print, stable margins, reaffirmed Eliquis expectations, clear Opdivo/Qvantig franchise stabilization, and more conviction around upper-end 2026 guidance. That would reinforce the argument that BMY can manage the patent-cliff transition while investors wait for its unusually consequential late-2026 pipeline catalysts.