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: Modest revenue growth, continued pipeline advancement.

Basic data (GAAP):

Revenue was $11.49 billion, down 8% sequentially from $12.50 billion and up 3% from $11.20 billion year-earlier.

Net income was $2.68 billion, up 146% sequentially from $1.09 billion and up 9% from $2.46 billion year-earlier.

EPS (earnings per share), diluted, were $1.31, up 128% sequentially from $0.53, and up 9% from $1.20 year-earlier.

Guidance:

Unchanged: 2026 revenue $46 to $47.5 billion. Diluted non-GAAP EPS $6.05 to $6.35.

Conference Highlights:

Chris Boerner, CEO, said "We are off to a good start in 2026, with first quarter results reflecting sustained momentum across our Growth Portfolio and disciplined execution throughout the business. With multiple pivotal data readouts and opportunities ahead, we remain focused on advancing our differentiated pipeline and translating this progress into meaningful outcomes for patients and shareholders." 2026 to 2028 will be a data-rich period. Hopes to deliver 10 new medicines by 2030. Planst to deliver $2 billion in cost savings by end of 2027. Tracking to upper end of guidance. Gross margin was down y/y in Q1, driven by product mix.

Increasingly using AI tools to develop new molecules.

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 March 2026 Opdivo was approved by the FDA, in combination with chemo, for previously untreated classical Hodgkin Lymphoma. EMA also approved.

In Q1 2026 Cobenfy Phase 4 data for switching to it, for schizophrenia, safety and tolerability.

In Q1 2026 mezigdomide (CELMoD program) interim Phase 3 results were positive for multiple myeloma.

In Q1 2026 the FDA accepted the NDA for iberdomide (CELMoD program) for multiple myeloma. PDUFA 8/17/2026.

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 $1.58, up 25% sequentially from $1.26 and down 12% from $ 1.80year-earlier. Net income $3.2 billion, up 23% sequentially from $2.6 billion, and down 14% from $3.7 billion year-earlier.

Cash and equivalents ended at $10.9 billion down sequentially from $11.1 billion. Cash flow from operations $1.1 billion. Long-term debt was $42 billion, short term $2.3 billion. $0 billion used for stock repurchases, but $5 billion remains authorized.

US revenue decreased 1% to $7.89 billion; international up 11% to $3.70 billion.

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

Cost of products sold was $3.42 billion. SG&A $1.62 billion. R&D $2.65 billion. Amortization of acquired intangible assets $437 million. Acquired IRPD $94 million. Other expense $32 million. Total expenses $8.25 billion. Operating profit3.24 $ billion. Tax $561 million.

Q&A selective summary:

Business Development? We have a data-rich 2026 [repeated many prior expected data point]. BD is a top priority for us, it would not be influenced by late stage data readouts. Focus is on areas where we have scientific experience and can add value.

(?? data, maybe mezigdomid)? ASCO will be important for PG1 and VEGF inhibitors. Mezigdomid strategy is replace and response. Looking at combinations. Well positioned to make new backbone for immunoncology.

Now over 10% conversion from Opdivo to Qvantig.

Milvexian program? Subgroup analysis for Factor XI? [Christian Massacesi has such a heavy accent I can't understand his answers.] On track to show non-inferiority in bleeding compared to Eliquis.

Chamzyos competition? Chamzyos has strong momentum, patient starts, continuations. Approaching 25,000 prescibed patients in U.S. Not much effect of new competitor so far. Planning another Chamzyos study.

Excited about the launch of iberdomine for multiple myeloma. Still a need in this fragmented market. Has high potency and tolerability. could replace Revlimid and Pomalyst in second line therapy.

Milvexian trial design? Phase 2 study was study. Learned a lot from Eliquis. Dose selection was critical, 100 mg twice a day. Well powered, 20,000 patients. Decreased bleeding benefit.

Milvexian AF (A-fib) study? Right sample size, pre-defined number of events. On track for year-end readout.

We are glad to hear so many questions on CELMoDs. Nice to see data maturing.

We continue to build our portfolio in Alzheimer's. 30% to 50% have psychosis, there is no approved treatment, Cobenfy or other drugs under development could help them.

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