Analyst Conference Summary

biotechnology

conference date: October 29, 2026 @ 5:00 AM Pacific Time
for quarter ending: September 30, 2026 (third quarter 2026, Q3)

Forward-looking statements

Overview: Solid revenue growth of 7% y/y, driven by newer therapy growth.

Basic data (GAAP):

Revenue was $13.1 billion, up 1% sequentially from $12.97 billion and up 7% from $12.2 billion year-earlier.

Net income was $2.2 billion, down 34% sequentially from $3.32 billion and flat from $2.2 billion year-earlier.

EPS (earnings per share), diluted, were $1.05, down 35% sequentially from $1.62, and down 3% from $1.08 year-earlier.

Guidance:

Increased full year 2026 revenue guidance slightly to range of $49.75 to $50.25 billion. But, due to increased IPRD charges, reduced non-GAAP EPS, diluted, guidance to $6.35 to $6.55.

Conference Highlights:

Chris Boerner, CEO, said "We delivered another quarter of double-digit growth in our Growth Portfolio, which increased 12% and reflects the continued momentum across our diversified portfolio.The approval of Zenbexus, the first-in-class CELMoD, brings a new class of treatment to market for patients with multiple myeloma and is one of several recent pipeline milestones. As we look forward to additional late stage data in the near term, we remain focused on executing with discipline, investing where we see the greatest opportunity and strengthening the foundation for sustainable growth." Strategy is focused R&D with capital discipline for sustainable growth into the 2030s.

In Q4 Eliquis will begin to see generic competition in Europe. Expects continued revenue growth in the U.S.

Acquired IPRD expense was substantial at $1.56 billion, up 146% y/y from $633 million. This led to a decreased gross margin.

Bristol is planning to expand manufacturing facilities in the U.S., including in Houston and Whitestone, Indiana.

In August 2026 the FDA accepted approved Zenbexus (iberdomide, CELMoD program) in combination with Daratumumab and Hyaluronidase-fihj and Dexamethasone (ZDd) for patients with Multiple Myeloma, as early as first rRelapse. In Q3 2026 Bristol presented positive topline Phase 3 results for relapsed/refractoy multiple myeloma, with improved PFS.

In September 2026 Camzyos approved by FDA for symptomatic obstructive hypertrophic cardiomyopathy for adolescents. In August had announced additional positive data in the indication for long-term treatment.

In Q4 (October) reported (by Systimmune) postive Phase 3 prespecified interim analysis of iza-bren, versus chemo, for EGFR-mutated NSCLC, for patients with prior EGFR tyrosine kinase inhibitor. Showed significant PFS improvement. A separate Phase 3 trial also shoed positive reslts in patients with unresectable locally advanced, recurrent or metastatic hormone receptor positive/HER2-negative breast cancer who failed at least one prior line of chemotherapy. Medium PFS v. chemo of 8.2 months v. 4.0.

In Q4 (October) reported pumitamig Phase 2 positive data, combined with docetaxel, in second-line metastatic NSCLC, both for squamous and non-sqaumour types.

In Q4 (October) reported positive topline data for RYZ101 for somatostatin receptor-positive gastroenteropancreatic neuroendocrine tumors who progressed following Lutetium-177-based therapy.

In Q4 (October) reported positive topline data for admilparent for idiopathic pulmonary fibrosis. but the 60mg dose, which was statistically significant, worked better than the 120 mg dose, which was not.

In Q3 announced positive Phase 3 data for Sotyktu for psoriatic arthritis, showing durable efficacy.

In Q3 arlo-cel reported positive Phase 2 data for relapsed and refractory multiple myeloma.

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 Reblozyl for myelofirbrosis-associated anemia, with PFUFA March 11, 2027.

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.

Non-GAAP numbers: diluted EPS $1.35, down 34% sequentially from $2.04 and down 17% from $1.63 year-earlier. Net income $2.8 billion, down 33% sequentially from $4.17 billion, and down 15% from $3.3 billion year-earlier.

Cash and equivalents ended at $9.57 billion up sequentially from $8.72 billion. Cash flow from operations $4.2 billion. Long-term debt was $42 billion, short term $1 billion. $0 billion used for stock repurchases, but $5 billion remains authorized.

US revenue increased 9% y/y to $9.07 billion; international up 7% y/y to $4.00 billion.

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

Cost of products sold was $4.15 billion. SG&A $1.70 billion. R&D $2.37 billion. Amortization of acquired intangible assets $458 million. Acquired IRPD $1.56 billion. Other income $307 million. Total expenses $10.53 billion. Operating profit $2.54 billion. Tax $374 million.

Q&A selective summary:

Mixed results from admilparent dosing? Pleased with results. First in class, disease is difficult to treat. Excellent safety. 120 mg data continues to be analysed. Testing both doses further.

Launch of zenbexus in myeloma? Early in launch, good adoption over first few weeks. Simplicity of use is appealing, particularly in community setting. To replace Revlimid and Pomalid. Sees good commercial potential.

Positive Phase 3 readouts, why not moving the stock up? Talking to investors we have emphasized long-term growth, with current high level of investment. We are delivering on our late stage pipeline. We are operating with discipline.

Admilparent opportunity? IPF opportunity? We see significant need in both IPF and PPF. Current survival rates are dismal. Older comorbid populations are hard to manage, high mortality rate, so tolerability is important. The opportunity if to gain share in a $4 billion and growing market. Switch and add-on markets are growing. PPF readout next year will address the larger opportunity.

Cobenfy ADEPT trial enrollment, timeline? Tracking as guided. Interim analysis later this year. All adept readouts in 2027. In November will present two open-label data sets, addressing some improvements in psychotic symptoms.

SCLC pumitamig or atigotatug v. imdeltra data? Data we have seen is impressive, we welcome the data for this difficult disease. Our study is complete, we are analysing data. Our mechanism of action is novel. We are paving the road for the next wave of therapies. Over time increasing treatment of subtypes, so multiple agents needed.

Milvexian readout in Q1? Atrial Fibrillation is important, but is part of a broader pipeline. Will provide as many specifics as possible in Q1 press release, but full data at a conference.

2027? Growth portfolio is performing well, several new products in 2027. But Eliquis stepdown. We have plenty of cash, can invest in growth opportunities. BD (business development) is a top allocation priority. We are looking at AI where it makes sense in the value chain, including with R&D.

Cobenfy largest constraint? We expect continued growth, 30% growth y/y in quarter, but that was impacted by an inventory decrease. Should normalize in Q4. Several positive leading indicators like increases in prescribers. We have been challenged getting physicians to prescribe an effective dose. Re Alzheimers, it is a very different market with no approved therapies for these psychotic issues. Cobenfy safety should be a major advantage.

RZ101? Excited about the readout, a first, confident in the plateau. This Rz platform is an important pipeline generator for Bristol. This initial indication is only a modest commercial opportunity.

Our cancer pipeline is beginning to produce meaningful products. Qvantig conversions doing better than projections.

Zola-cel CAR-T trial patient death? Excited about the program, based on totality of data. Overall safety and tollerability is truly competitive. Made adjustments and will restart program as soon as possible. The death from pneumonia was unrelated to the therapy. Patients enrolled are very sick. We are seeing potentially transformational benefits.

OpenIcon Analyst Conference Summaries Main Page

Search

More Analyst Conference Pages: