Q1 2026 Bristol-Myers Squibb Co Earnings Call Transcript
Key Points
- Bristol-Myers Squibb Co (BMY) reported a 9% year-over-year increase in growth portfolio sales, driven by key products like Reblozyl, Breyanzi, and Opdualag.
- The company achieved significant regulatory milestones, including FDA acceptance of iberdomide for relapsed or refractory multiple myeloma with breakthrough therapy designation.
- Bristol-Myers Squibb Co (BMY) is on track to deliver $2 billion in cost savings from its strategic productivity initiative by the end of 2027.
- The company is leveraging AI and laboratory automation to enhance R&D productivity, aiming for a 30% reduction in cycle times.
- Bristol-Myers Squibb Co (BMY) maintains a strong financial position with approximately $11 billion in cash equivalents and marketable securities as of March 31, 2026.
- Opdivo revenue decreased by 8% to approximately $2.1 billion, primarily due to inventory drawdowns and conversion to Cobenfy.
- The gross margin declined by 280 basis points in the first quarter to 70.3%, driven by product mix.
- The company faces challenges from increased generic entry impacting several brands within its legacy portfolio.
- There is uncertainty regarding the normalization of Opdivo inventory levels at the wholesaler level.
- Bristol-Myers Squibb Co (BMY) anticipates a reversal of the Eliquis inventory build in the second quarter, which could impact future revenue.
Welcome to the Bristol-Myers Squibb first quarter 2026 earnings conference call. (Operator Instructions) Please note, this event is being recorded.
I would now like to turn the conference over to Chuck Triano, Senior Vice President and Head of Investor Relations. Go ahead.
Thank you, and good morning, everyone. We appreciate you joining our first quarter 2026 earnings call. With me this morning with prepared remarks are Chris Boerner, our Board Chair and Chief Executive Officer; and David Elkins, our Chief Financial Officer. Also participating in today's call is Adam Lenkowsky, our Chief Commercialization Officer; and Cristian Massacesi, our Chief Medical Officer and Head of Global Drug Development. Earlier this morning, we posted our quarterly slide presentation to bms.com that you can use to follow along with Chris and David's remarks.
Before we get started, I'll remind everybody that during this call, we will make statements about the company's
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
