Bristol Myers Squibb Q2 2026: revenue up 6.0%, EPS $1.62, guidance raised
Bristol Myers Squibb beat on both lines and raised full-year revenue and EPS guidance, so this quarter reads Bullish on execution rather than on one-off gains. Read it in three layers: $12.97 billion of revenue grew 6.0%, gross margin slipped to 71.3%, and GAAP EPS of $1.62 came in against a $1.6038 consensus.
1 · Expected vs. Actual
Free preview belowGAAP EPS of $1.62 more than doubled from $0.64, flattered by last year's $1.51 billion Acquired IPRD charge that did not repeat. Non-GAAP EPS of $2.04 beat the $1.6038 consensus by $0.44, or 27.2%. The quality is decent but not pristine: GAAP R&D rose 15.0% and gross margin fell 1.2 points to 71.3%.
Revenue of $12.97 billion rose 6.0% from $12.27 billion a year earlier, and 5.0% stripping out currency. The mix matters more than the total: the Growth Portfolio delivered $7.56 billion, up 15.0%, while the Legacy Portfolio fell to $5.42 billion, down 4.0%. Eliquis alone produced $4.48 billion, up 22.0%, or 34.5% of total revenue.
Management raised full-year revenue guidance to roughly $49.0 billion to $50.0 billion from $46.0 billion to $47.5 billion, and non-GAAP EPS to $6.75–$7.00 from $6.05–$6.35. The new mid-point of about $49.5 billion sits 5.9% above the prior mid-point of $46.75 billion. Operating expenses guidance went up to $16.5 billion from $16.3 billion, so the raise is not coming from cost cuts.
Log in to read 35 analyses a week for free
Create a free account to read 35 full earnings analyses each week — all five steps: expected vs. actual, guidance tracker, money flow, balance sheet and risks. Members get unlimited access.
Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
Answers are based on the earnings release and the analysis above. Free accounts get 3 questions a week; members get 30 a day.