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: Solid quarter.

Basic data (GAAP):

Revenue was $12.97 billion, up 13% sequentially from $11.49 billion and up 6% from $12.27 billion year-earlier.

Net income was $3.32 billion, up 24% sequentially from $2.68 billion and up 153% from $1.31 billion year-earlier.

EPS (earnings per share), diluted, were $1.62, up 24% sequentially from $1.31, and up 153% from $0.64 year-earlier.

Guidance:

Increased for 2026. Revenue $49.0 to $50.0 billion. Increased op ex to $16.5 billion. Increased non-GAAP EPS to $6.75 to $7.0 billion.

Conference Highlights:

Chris Boerner, CEO, said "The Growth Portfolio continues to deliver, achieving 15% growth in the quarter, and represents an expanding share of our overall business. We are building from a position of strength and progressing a differentiated pipeline designed to generate long-term value. As a result of our consistent execution and continued momentum, we are raising our 2026 full-year outlook." Has financial ability to invest in highest-value opportunities.

In May 2026, Bristol entered a global strategic collaboration and licensing agreement with Hengrui Pharma for portfolio of 13 early-stage programs in oncology, hematology and immunology.

In Q2 2026 BLA accepted for mezigdomide (CELMoD program). The PDUFA is May 13, 2027. Also announced positive Phase 3 results in combo therapy for RRMM.

In Q2 2026 BLA accepted for Reblozyl for myelofirbrosis-associated anemia, with PFUFA March 11, 2027.

In Q2 2026 announced positive Phase 3 trial results for iza-bren for heavily pretreated, unresectable, locally advanced or metastatic triple-negative breast cancer and (separate trial) recurrent or metastatic esophageal squamous cell carcinoma.

In Q2 2026 Camzyos sNDA accepted for symptomatic obstructive hypertrophic cardiomyopathy for adolescents. PDUFA 9/30/2026.

In Q2 2026 Opdivo was approved in the EU for previously untreated Stage III or IV classical Hodgkin Lymphoma.

In Q2 2026 Sotyktu was approved in the EU (combined wiht methotrexate) for psoriatic arthritis in patients with previous inadequate responses to therapy.

Cobenfy program trials in AD psychosis and Bipolar-I continue to progress, with some results in 2027.

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

Non-GAAP numbers: diluted EPS $2.04, up 29% sequentially from $1.58 and up 40% from $1.46 year-earlier. Net income $4.17 billion, up 30% sequentially from $3.2 billion, and up 7% from $2.99 billion year-earlier.

Cash and equivalents ended at $8.72 billion down sequentially from $10.9 billion. Cash flow from operations $3.4 billion. Long-term debt was $42 billion, short term $1 billion. $0 billion used for stock repurchases, but $5 billion remains authorized. Paid down $1 billion in debt.

US revenue increased 6% y/y to $9 billion; international up 6% y/y to $3.98 billion.

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

Cost of products sold was $3.73 billion. SG&A $1.83 billion. R&D $2.96 billion. Amortization of acquired intangible assets $437 million. Acquired IRPD $0 million. Other income $61 million. Total expenses $8.89 billion. Operating profit $4.09 billion. Tax $770 million.

Q&A selective summary:

Cobenfy study timelines? Delayed because lower pace of recruitment, which requires specific events. Priority is to have the highest quality study. Preserving quality. Pace is now solid.

Milvexian timeline? Excited, first first Factor XI drug to be on parity or beating efficacy of Eliquis.

Milvexian possible broad adoption in AF market? A significant commercial opportunity. For afib and SSP. It is a large market, we know it well. 40% of patients are undertreated, driven by physician concerns around bleeding risk. Our study is designed to show a superior bleeding profile. Several types of patients have high unmet medical need.

Drivers of guidance increase? Growth was pervasive across the growth portfolio. Qvantig now has 15% share. Confident in guidance.

Business development attractive areas? BD is a top allocation priority. Our late stage pipeline is strong. We do not need to chase deals. We like therapeutic areas we know well and where the science and finances are compelling. Looking for novel targets and novel therepeutic attacks. There is lots of potential in neuroscience, question is how to deliver on new targets.

Cobenfy titration issue? In schizophrenia we see good leading indicators, including script volume and prescriber feedback. We do need to accelerate patients starts and repeat prescribing. We are educating physicians on the importance of rapid titration to the effective 125mg dose. We see too many patients remaining on lower doses. Still significant growth upside.

Sotyktu? We expect to see renewed interest with the SLE data and another potential readout, Sjogrens, in 2027. There is still a need for better therapies.

Admilparant? Looking for IPF and PPF Phase 3 data, there is a significant opportunity to gain significant market share if approved. $4 billion market and growing.

CELMoD programs? Excited about the platform. Significant commercial opportunities in iberdomide and mezigodomide. 70% to 80% MM patients are treated in community settings. Oral will be a plus. They should become foundational for MM. Ready to launch on approval. Golcadomide could be meaningful for first-line LBCL, with data due in 2027.

Admilparant for IPF, competition? Significant unmet need for tolerabily and efficy. Specifically related to GI toxicity, diarrhea, which is a problem with recently approved competitive products.

Tau v. Biogen program? Our anti-Tau antibody is potentially best in class. It is specific to microtuberation, which is believed to be a critical area. Hope is it blocks spread. Phase 1 was good. Phase 2 results soon, looking for cognition endpoints.

Eliquis expires in US in April 2028, but in mid-Q4 in EU. Milvexian introduction lines up well.

Study conduct issues? The trials that you refer to failed due to execution, not statistical assumptions. Working on mitigation, but it is not possible to get to 100% success on studies.

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