BMY · Q1 2026 Earnings
CautiousBristol Myers Squibb
Reported April 30, 2026
30-second summary
Q1 FY2026 revenue of $11.49B (+3% YoY) and non-GAAP EPS of $1.58 came in cleanly inside the FY2026 framework, with management reaffirming the $46.0–$47.5B revenue and $6.05–$6.35 EPS ranges and explicitly noting the business is "tracking towards the upper end." The substantive change is what isn't being reiterated: the -12% to -16% FY2026 Legacy Portfolio decline guide from Q4 has been withdrawn without commentary, after Q1 Legacy printed just -6% reported / -8% Ex-FX. The tone shift toward "fastest-growing pharma into the next decade" is the most assertive long-term reframe BMS has offered, but the FY2026 math still rests on a sharper Legacy step-down later in the year and an unusually back-loaded pivotal readout cadence.
Headline numbers
EPS
Q1 FY2026
$1.58
Revenue
Q1 FY2026
$11.49B
+3.0% YoY
Gross margin
Q1 FY2026
70.2%
Key financials
Q1 FY2026| Metric | Q1 FY2026 | YoY | Q4 FY2025 | QoQ |
|---|---|---|---|---|
| Revenue | $11.49B | +3.0% | $12.50B | -8.1% |
| EPS | $1.58 | — | $1.26 | +25.4% |
| Gross margin | 70.2% | — | 71.9% | -170bps |
Guidance
Reaffirmed full-year FY2026 guidance across revenue ($46.0B–$47.5B) and non-GAAP EPS ($6.05–$6.35); company commentary signals confidence with business tracking toward upper end of ranges.
Guidance is issued for the full year only, refreshed each quarter. Prior and new below are the same FY updated this quarter.
Actuals vs prior guidance
| Metric | Period | Prior guide | Actual | Δ | Result |
|---|---|---|---|---|---|
| Revenue | Q1 FY2026 | Not explicitly guided | $11.489 billion | In-line with expectations; YoY +3% | Met |
| Non-GAAP EPS | Q1 FY2026 | Not explicitly guided | $1.58 | In-line | Met |
Changes to prior guidance
| Metric | Period | Prior guide | New guide | Δ | Result |
|---|---|---|---|---|---|
| Legacy Portfolio Revenue Decline | FY2026 | approximately 12-16% decline | Withdrawn — no replacement | — | Withdrawn |
Reaffirmed unchanged this quarter: Gross Margin % (~69% - 70%), Revenue ($46.0 billion to $47.5 billion), Non-GAAP EPS ($6.05 to $6.35), Eliquis Revenue Growth (10% - 15% YoY vs 2025)
Segment KPIs
Q1 FY2026| Segment | Q1 FY2026 | YoY |
|---|---|---|
| Growth Portfolio | $6.227B | +12.0% |
| Legacy Portfolio | $5.277B | -6.0% |
| Eliquis | $4.137B | +16.0% |
| Camzyos | $0.314B | +97.0% |
| Breyanzi | $0.411B | +56.0% |
| Reblozyl | $0.555B | +16.0% |
| Growth Portfolio Revenue Growth (Ex-FX) | 9% | — |
| Growth Portfolio Revenue Growth (Reported) | 12% | — |
| Legacy Portfolio Revenue Decline (Reported) | -6% | — |
| Legacy Portfolio Revenue Decline (Ex-FX) | -8% | — |
Other KPIs
Q1 FY2026| Segment | Q1 FY2026 | YoY |
|---|---|---|
| U.S. Revenues | $7.788B | -1.0% |
| International Revenues | $3.701B | +11.0% |
| Gross Margin (GAAP) | 70.2% | — |
| Gross Margin (Non-GAAP) | 70.3% | — |
| International Revenue Growth (Reported) | 11% | — |
| International Revenue Growth (Ex-FX) | 4% | — |
Management tone
Q4 anchor: "Data-rich" inflection year → Q1 FY2026 anchor: "Fastest-growing pharma into the next decade."
The narrative arc moved toward claiming the growth-pharma title. This quarter management offered explicit positioning: "we are very pleased with our results in the quarter as we build upon our objective to reshape and redefine BMS as one of the fastest-growing pharmaceutical companies into the next decade." This is the most assertive long-term reframe BMS has offered, and it is happening against a flat-to-down FY revenue backdrop — the variance between the rhetoric and the FY2026 P&L math has never been wider.
Growth Portfolio language tightened from "offsetting" to "foundational." Q4 framed Growth as "nearly offsetting" the Legacy decline. This quarter management called Growth Portfolio assets "differentiated, durable assets that treat serious diseases and remain early in their life cycles, and they continue to strengthen our foundation for long-term growth." The shift from offset-narrative to foundation-narrative is meaningful — it asks investors to value Growth Portfolio assets on their own trajectory rather than as a hedge against Legacy erosion. Q1 FY2026's Camzyos +97% and Breyanzi +56% provide the immediate evidence, but the durability claim is the testable one as these assets reach mid-lifecycle.
Pipeline framing concentrated on a back-loaded 2026 cadence. Management framed the readout calendar tightly: "the latter part of 2026 is shaping up to include an increasing cadence of pivotal readouts that are expected to further define and de-risk our long-term growth profile." Milvexian AFib/SSP, Cobenfy in Alzheimer's psychosis, amilparant in IPF, and iberdomide PFS are all clustered in H2. The back-loading raises execution risk concentration — a single negative readout in Q4 would land against a thinner offsetting positive backdrop.
Cost discipline reframed as innovation-velocity enablement. Q4 framed the $2B Strategic Productivity Initiative as funding investment alongside cost reduction. This quarter management introduced a new metric: "30% reduction in cycle times versus just a few years ago." The pivot from dollar savings to time-compression is a narrative shift toward operational excellence as a competitive moat — a more confident framing than dollar-cost messaging but harder to disconfirm and harder to value. In discussing operating expense drivers, management cited incremental investment behind pumitamig (BNT327) and Cobenfy as largely offset by SPI savings.
Eliquis remains the most testable claim. Management reiterated the +10–15% FY2026 WW guide; Q1 FY2026 Ex-FX printed +13%, in-range. The hedge in Q&A — "We anticipate this build to reverse in the second quarter" and "We expect this to be more than offset later in the year through lower rebate payments" — implies management still expects Eliquis growth dynamics to shift into the back half as the inventory build reverses and rebate timing normalizes.
Recurring themes management leaned on this quarter:
Risks management surfaced:
Q&A highlights
Asad Haider · Goldman Sachs
Quantitative confidence levels and success bars for key programs (Formal Vaccine AF and Coventry ADEPT trials), and how timing of readouts impacts BD strategy and aperture sizing.
Management expressed unchanged confidence in Malvexian AFib/SSP recruitment on track with DMC oversight recommending continuation. Coventry ADEPT1, 2, and 4 expected by year-end; base case requires two positive studies. Amilparant IPF/PPF readouts on track. BD remains top capital allocation priority with financial flexibility for multiple deal sizes in areas of scientific expertise.
Seamus Fernandez · Guggenheim Securities
Amilparant commercial opportunity and key risks in phase 2 to phase 3 transition, including statistical design (Bayesian analysis, limited background therapy in phase 2) and competitive positioning versus standard of care dropout rates.
LPA1 inhibition works across three dimensions (fibrosis, inflammation, repair). Phase 2 showed >60% improvement versus placebo in lung function decline at 60mg BID with clear dose relationship. Phase 3 testing both 60mg and 120mg doses. DMC monitoring ongoing with no safety flags on hypotension or syncope. Phase 2 and phase 3 populations similar; stratification by prior treatment included. Expected to be foundational first-line option with improved tolerability profile addressing 50-60% discontinuation rate from current standard of care.
Alexandra Hammond · Wolf Research
Malvexian subgroup analysis strategy if top-line primary endpoint not met cleanly, particularly for patient populations with more favorable risk-reward profiles for factor XI inhibitor therapy.
Management reiterated on-track recruitment by year-end with DMC oversight. Study tests non-inferiority (0.8 to 1.3 margin) versus Apixaban with superiority testing for bleeding. Study well-sized with 20,500 patients and fully powered. Confidence in showing both non-inferiority and bleeding superiority based on phase 2 data and dose selection. Commercial opportunity significant given unmet need for low-bleeding-risk anticoagulant; roughly 40% of patients who should be anticoagulated are untreated, underdosed, or discontinue due to bleeding concerns.
Evan Seibergen · BMO Capital Markets
Aspects of Malvexian AFib trial design and patient selection that increased confidence in successful readout, including dose selection rationale.
Phase 2 dose-ranging study in total knee replacement (good surrogate for antithrombotic agents) led to 100mg BID selection for AFib. Phase 2 work included modeling and multiple dose levels tested. Non-inferiority design (0.8-1.3 margin) with superiority testing on bleeding endpoints. Study well-sized and powered. Recruitment proceeding as expected. Management confident in ability to demonstrate non-inferiority on efficacy while showing bleeding superiority.
Terrence Flynn · Morgan Stanley
Specific powering for superiority on bleeding endpoint versus Eliquis and clinically relevant bleeding differential needed to drive payer reimbursement coverage.
Study powered to show non-inferiority first (0.8-1.3 margin), then superiority on bleeding. Focus on both measured bleedings and clinically relevant non-measured bleedings. Payers prioritize clinically meaningful and statistically credible reduction in major bleeds translating to fewer hospitalizations. Payers not anchored to specific percentage threshold but seek major bleeding reduction with clinical and economic importance. Improved benefit-risk profile expected as strong value proposition.
Answers to last quarter's watch list
What to watch into next quarter
Q2 FY2026 Eliquis YoY growth vs. the +10–15% FY2026 guide — Management explicitly said the Q1 FY2026 inventory build reverses in Q2 FY2026 and rebate timing offsets later. A meaningful Q2 FY2026 deceleration would be inside management's expectation; a negative print would force a guide-credibility conversation. The Q2 FY2026 Eliquis number is the single most testable claim in the FY2026 framework.
Whether Legacy Portfolio decline guide is reinstated or remains absent — The -12% to -16% FY2026 Legacy guide was dropped this quarter without commentary. Watch whether Q2 FY2026 commentary reinstates it (suggesting the absence was an oversight), tightens it (suggesting confidence), or remains silent (suggesting management is preserving optionality on a sharper back-half step-down).
Milvexian Librexia AFib top-line readout cadence — DMC has cleared continuation but the analyst community is converging on the H2 2026 readout as the single highest-stakes binary catalyst. Watch for any incremental management commentary on event accrual rates and interim DSMB reads.
ADEPT-1, -2, and -4 readouts by year-end 2026 — Two of three must be positive for an Alzheimer's psychosis filing. Watch for explicit cadence on the next print.
Amilparant IPF Phase 3 enrollment/interim signals — The 60mg BID Phase 2 efficacy bar was high (>60% improvement vs. placebo); management's reaffirmation of dose selection and DMC safety review is the cleanest pipeline read on the call. Watch for IPF Phase 3 enrollment milestones.
Other income/(expense) Q2 FY2026 print — The FY2026 -$700M guide remains unaddressed in granular detail. Watch for management quantification of the royalty/licensing erosion (structural) versus FX/interest (cyclical) split.
Sources
- BMY Q1 FY2026 Press Release (8-K Ex. 99.1), filed April 30, 2026 — https://www.sec.gov/Archives/edgar/data/14272/000001427226000008/a2026q1ex991.htm
- BMY Q1 FY2026 earnings call commentary (management prepared remarks and Q&A)
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