Analyst Conference Summary

biotechnology

conference date: July 30, 2026 @ 5:00 AM Pacific Time
for quarter ending: June 30, 2026 (second quarter 2026, Q2)

Forward-looking statements

Overview:

Basic data (GAAP):

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

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

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

Guidance:

Conference Highlights:

Chris Boerner, CEO, said ""

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.

Non-GAAP numbers: diluted EPS $, up % sequentially from $1.58 and down % from $ year-earlier. Net income $ billion, up % sequentially from $3.2 billion, and down % from $ billion year-earlier.

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

US revenue decreased % y/y to $9 billion; international up % y/y 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 $ million. Other expense $ million. Total expenses $ billion. Operating profit $ billion. Tax $ million.

Q&A selective summary:

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