Bristol Myers (BMY) Reports Q1 Earnings: What Key Metrics Have to Say
📈 Bristol Myers Squibb reported Q1 adjusted earnings of $1.58 per share, beating the analyst average expectation of $1.42.
💰 Revenue came in at $11.49 billion, surpassing expectations of approximately $10.9 billion and driving shares up 4%.
💉 Sales of Eliquis reached $4.14 billion, a 16% increase year-over-year with new prescription share exceeding 75%.
🚀 Growth portfolio sales rose 12% to $6.23 billion, accounting for more than half of the company's total revenue.
🛡️ Newer cancer medicines like Breyanzi and Camzyos helped offset steep declines in older products facing generic competition.
⚠️ Analysts noted that Opdivo sales fell 5% to $2.15 billion, missing estimates due to wholesalers reducing inventory levels.
🔬 The company added another $163 million in revenue from Opdivo Qvantig, the subcutaneously injected version launched last year.
💡 Bristol Myers reaffirmed its 2026 outlook for revenue between $46.0 billion and $47.5 billion with earnings trending toward the higher end.
🤖 The CEO announced AI use in R&D will speed up drug molecule identification by 50% and cut clinical development times by 30%.
💸 Ongoing cost-cutting efforts have delivered $1 billion of planned savings, with a target to hit the full $2 billion by year-end.
📉 Analyst Trung Huynh highlighted mixed performance in growth drivers like Opdivo and Reblozyl as key considerations for future quarters.
📅 Analysts believe 2026 catalysts such as next-generation cancer drug approvals and late-stage study results will be critical.
- Bristol Myers Squibb reported first-quarter adjusted earnings of $1.58 per share, significantly beating analyst expectations of $1.42.
- Revenue reached $11.49 billion, surpassing the estimated target of approximately $10.9 billion.
- Shares rose 4% following the strong quarterly performance driven by better-than-expected growth in key medicines.
- Eliquis sales grew 16% year-over-year to $4.14 billion, with new prescription share now surpassing 75% of the market.
- Growth from newer cancer medicines and the expansion of Opdivo Qvantig helped offset declines in older products facing generic competition.
- Sales from the growth portfolio increased 12% to $6.23 billion, accounting for more than half of total revenue.
- The company reaffirmed its 2026 revenue guidance of $46.0 billion to $47.5 billion with results trending toward the higher end.
- CEO Chris Boerner highlighted that AI usage will accelerate drug molecule identification by about 50% and reduce clinical development cycle times by 30%.
- Cost-cutting efforts have delivered $1 billion in savings, with the full $2 billion target on track to be met by the end of 2026.
- Ongoing investment in newer medicines and dividend growth is supported by current cost-saving initiatives.
- Revenue growth from older products is being offset by steep declines in key legacy medicines due to generic competition, such as Revlimid.
- Sales of the original formulation of Opdivo dropped 5% to $2.15 billion, missing analyst estimates of $2.33 billion due to wholesalers reducing inventory levels.
- Finance chief David Elkins expressed uncertainty about whether inventory levels will normalize over the balance of the year regarding Opdivo sales.
- Analyst Trung Huynh warned that the beat was outweighed by mixed performance in some growth drivers, specifically noting declines for cancer drug Opdivo and anemia treatment Reblozyl.
- The company's reliance on newer medicines has increased, with the growth portfolio accounting for more than half of total revenue at $6.23 billion.
- Future stock performance may depend less on 2026 quarters and more on late-stage study results from milvexian and Cobenfy in H2 2026, introducing execution risk.
