Release Date: July 30, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- Growth portfolio revenue increased 14% to $7.6 billion, now representing nearly 60% of total revenue.
- Strong performance from key assets like Reblozyl (up 29%), Breyanzi (up 41%), Camzyos (up 59%), and Qvantig (annualizing over $1 billion).
- Raised full-year 2026 revenue and adjusted EPS guidance due to strong first-half results and confidence in the second half.
- Pipeline progress with multiple upcoming pivotal readouts, including Admilparant, Arlo-cel, Iberdomide, Milvexian, and Sotyktu, representing multibillion-dollar peak sales potential.
- Strong financial position with $11.5 billion in cash and marketable securities, enabling balanced capital allocation including business development and shareholder returns.
Negative Points
- Milvexian atrial fibrillation study readout delayed to Q1 2027 due to slower-than-expected event accrual.
- Cobenfy ADEPT program readouts for Alzheimer's psychosis delayed to early 2027 due to slower enrollment and event accrual.
- Opdivo revenue declined 4% due to continued conversion to Qvantig in the US.
- Cobenfy sales growth in schizophrenia remains steady but faces challenges with slow physician titration to effective doses and repeat prescribing.
- Eliquis revenue growth of 21% is strong but expected to step down by $1.5-$2 billion in 2027 due to patent expiry in Europe and US LOE in April 2028.
Q & A Highlights
Q: Regarding Milvexian, the atrial fibrillation study timeline has shifted to Q1 2027. Can you provide context on what this means relative to initial assumptions? Is there something in the patient population that has changed?
A: Cristian Massacesi, Chief Medical Officer: The shift in the AFib timeline is simply a reflection of the pace at which we are recruiting events, which is lower than predicted. The Data Monitoring Committee (DMC) continues to oversee the study and endorse its continuation. I view this delay favorably, as it gives us more confidence that we are targeting both the primary endpoint of noninferiority and the secondary endpoint of superiority on bleeding. Milvexian has the potential to be the first Factor XI drug to be at parity on efficacy with Eliquis while being better on bleeding.
Q: Beyond the noninferiority primary endpoint for Milvexian, what type of hazard ratio is needed for broad adoption versus targeting an underserved segment? Can you also discuss the drivers of the guidance increase?
A: Adam Lenkowsky, Chief Commercialization Officer: It doesn't make sense to speculate on a specific hazard ratio. Our study is designed to demonstrate a superior bleeding profile compared to Eliquis with comparable efficacy. Fear of bleeding is the main reason clinicians hesitate to anticoagulate patients, with roughly 40% of eligible patients being undertreated. Milvexian has the potential to unlock these patients and shift first-line decision-making. David Elkins, CFO: The guidance increase is driven by pervasive strength across the growth portfolio, including strong growth from Opdualag, Reblozyl, Breyanzi, and Camzyos, coupled with strong demand for Eliquis.
Q: Can you walk us through what excites you in biotech for business development and what type of technologies or therapeutic areas would best fit within Bristol's portfolio?
A: Christopher Boerner, CEO: Business development remains a top allocation priority. We don't feel compelled to do deals, but we are looking for opportunities in therapeutic areas we know well, with compelling science and a strong financial case that can derisk our near-term growth profile. Cristian Massacesi, Chief Medical Officer: I am excited by new targets and innovative modalities for drug delivery. For example, our internal CELMoD BCL-6 degrader targets a transcription factor in lymphomas that was previously undruggable. In neuroscience, we are building our Alzheimer's portfolio and exploring how to deliver drugs against targets like amyloid and tau more effectively into the brain.
Q: On Cobenfy in schizophrenia, can you update us on educational efforts to optimize dosing and when that might be reflected in sales? Also, what is your confidence in Sotyktu's MOA for lupus?
A: Adam Lenkowsky, Chief Commercialization Officer: Cobenfy is showing positive trends in total script volumes and new prescribers. We are educating physicians on the importance of rapidly titrating to the effective 125mg dose, as too many patients remain on lower doses. We have seen an increase in 125mg prescribing since introducing our Phase 4 SWITCH study. For Sotyktu in lupus, there is a real need for more effective treatments that reduce steroid dependence. Our Phase 2 study was one of the largest and most compelling in SLE, meeting both primary and key secondary endpoints. Cristian Massacesi, Chief Medical Officer: Our confidence is based on the Phase 2 data. We have been able to closely mimic the Phase 2 study design in our Phase 3 studies, including patient demographics and trial management, which gives us confidence in the upcoming readout.
Q: On admilparant for IPF, can you contextualize expectations for the readout? If the clinical benefit is in line with current drugs, what is the use case? And is the PPF trial tracking to read out closely after?
A: Cristian Massacesi, Chief Medical Officer: Admilparant targets LPA1, a novel target that works on fibrotic, inflammatory, and epithelial repair pathways. Our conviction is based on positive Phase 2 results in both IPF and PPF. In Phase 3, we have two shots on goal with 60mg and 120mg doses. The PPF readout will follow just a few months after the IPF readout. Adam Lenkowsky, Chief Commercialization Officer: There is significant unmet need for therapies that slow disease progression and are well tolerated. 50-60% of IPF patients stop current medications by 12 months due to GI tolerability issues. The recent launch of a competitor validates the market opportunity for a second-line add-on and switch market. We believe admilparant has the potential to be foundational, with the versatility to be used in combination.
Q: How do you see the CELMoDs contributing to growth revenue in 2028-2030? What kind of contribution do you see from the existing indications?
A: Adam Lenkowsky, Chief Commercialization Officer: CELMoDs represent a significant commercial opportunity. We are launch-ready for iberdomide with its upcoming PDUFA date, and mezigdomide has a PDUFA date in May 2027. Both drugs offer a balance of high potency, manageable toxicity, and oral convenience. Our goal is to make iberdomide and mezigdomide foundational in myeloma, replacing REV and POM in second-line treatment over time. We also look forward to upcoming readouts for golcadomide in follicular lymphoma. These three drugs will provide meaningful contributions to growth.
Q: On the IPF program, can you discuss the 120mg dose and how you feel about its efficacy and risk/benefit, particularly regarding blood pressure? Also, can you confirm that for Milvexian, noninferiority is a win as long as the upper bound is above 1.0?
A: Cristian Massacesi, Chief Medical Officer: We introduced the 120mg dose based on modeling that showed a dose-response relationship. The DMC cleared this dose after a randomized run-in. While there was a question about hypotension, the blinded safety profile has been very reassuring, and the studies are fully powered for both doses. For Milvexian, you are correct. The noninferiority margin is around 1.0, and the study is designed and powered to show that Milvexian is as good as Eliquis on stroke and systemic embolism while being better on bleeding. Adam Lenkowsky, Chief Commercialization Officer: Physicians and payers are not anchored on a specific percentage threshold for bleeding reduction. They are looking for a clinically meaningful reduction in major bleeding that translates into fewer events and hospitalizations.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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