Analyst Conference Summary

biotechnology

conference date: April 30, 2026 @ 5:00 AM Pacific Time
for quarter ending: March 31, 2026 (first quarter 2026, Q1)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ billion, up % sequentially from $12.50 billion and up % from $ billion year-earlier.

Net income was $ billion, down % sequentially from $1.09 billion and way up from $ million year-earlier.

EPS (earnings per share), diluted, were $, down % sequentially from $0.53, and well up from $ year-earlier.

Guidance:

Conference Highlights:

Chris Boerner, CEO, said "" 2026 to 2028 will be a data-rich period.

In January 2026 Camzyos Phase 3 trial for adolescents with symptomatic obstructive hypertrophic cardiomyopathy reported positive results across endpoints.

Sotyktu for active psoriatic psoriasis was approved by the FDA on March 6, 2026. Based on positive Phase 3 results detailed in October 2025. Phase 2 results for moderate-to-severe systemic lupus erythematosus were positive for up to four years of treatment.

In Q4 2025 Opdivo was granted priority review by the FDA, in combination with chemo, for previously untreated classical Hodgkin Lymphoma, with PDUFA date of April 8, 2026. EMA also reviewing.

In Q4 2025 the FDA approved Breyanzi as the first and CART treatment for adult patients with relapsed or refractory marginal zone lymphoma, after receiving at least two prior lines of systemic therapy.

In Q4 2025, along with J&J, stopped Phase 3 milvexian trial for recent coronary event syndrome. But stroke and AF studies continue.

On December 5, 2025 FDA had approved a supplemental BLA for Breyanzi for relapsed or refractory marginal zone lymphoma, 3rd line.

Non-GAAP numbers: diluted EPS $, down % sequentially from $1.26 and down % from $ year-earlier. Net income $ billion, down % sequentially from $2.6 billion, and down 24% from $ billion year-earlier.

Cash and equivalents ended at $ billion down sequentially from $11.1 billion. Cash flow from operations $ billion. Long-term debt was $43 billion, short term $2.3 billion. $0 billion used for stock repurchases, but $5 billion remains authorized.

US revenue increased % to $ billion; international up % to $ billion.

Bristol-Myers has an extensive clinical and preclinial pipeline. See BMY Pipeline.

Cost of products sold was $ billion. SG&A $ billion. R&D $ billion. Amortization of acquired intangible assets $ million. Acquired IRPD $ billion. Other income $ million. Total expenses $ billion. Operating profit $ billion. Tax $ million.

Q&A selective summary:

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