Q2 2026 Bristol-Myers Squibb Co Earnings Call Transcript
Key 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.
- 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.
Welcome to the Bristol-Myers Squibb second 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. Please go ahead.
Thank you, and good morning, everyone. We appreciate you joining our second 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
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