Bristol Myers Squibb Co 8-K, filed Oct 29, 2026
Bristol Myers Squibb Co (BMY)
8-K
2026-10-29
For: 2026-10-29
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Added on
October 29, 2026
About this 8-K
Bristol Myers Squibb Co filed this 8-K on October 29, 2026.
Third-quarter revenue increased 7% to $13.1 billion and Growth Portfolio revenue increased 12% to $7.7 billion. Bristol Myers Squibb raised 2026 revenue guidance to $49.75 billion to $50.25 billion and updated non-GAAP EPS to $6.35 to $6.55. AI summary
Items reported
- Item 2.02: Financial results
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________
FORM 8-K
_____________________________
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 29, 2026
_____________________________
(Exact name of registrant as specified in its charter)
_____________________________
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S Employer Identification No.) | ||||||
(Address of principal executive offices) (Zip Code)
(Registrant’s telephone number, including area code): (609 ) 252-4621
_____________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 Results of Operations and Financial Condition. | ||
On October 29, 2026, Bristol-Myers Squibb Company (the “Company”) issued a press release (the “Earnings Press Release”) on its website at www.bms.com announcing its financial results for the third quarter of 2026. A copy of the Earnings Press Release is furnished pursuant to this Item 2.02 as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein in its entirety. Other than the Earnings Press Release, the information contained in or connected to the Company's website is not deemed to be incorporated by reference in this Current Report on Form 8-K.
| Item 7.01 Regulation FD Disclosure. | ||
On October 29, 2026, the Company posted on its website at www.bms.com a presentation (the “Bristol Myers Presentation”) on certain financial and operating initiatives available for viewing during the Company’s conference call and webcast announcing its financial results for the third quarter of 2026 at 8:00 a.m. Eastern time. A copy of the Bristol Myers Presentation is furnished pursuant to this Item 7.01 as Exhibit 99.2 to this Current Report on Form 8-K and incorporated by reference herein in its entirety. The Earnings Press Release and the Bristol Myers Presentation include references to non-GAAP financial information. Reconciliations between the non-GAAP financial measures and the comparable GAAP financial measures and the reasons for the presentation of such non-GAAP financial measures, are available in the Earnings Press Release which is included as Exhibit 99.1 hereto. The Bristol Myers Presentation should be read in conjunction with the Earnings Press Release. The Company reserves the right to discontinue availability of the Bristol Myers Presentation from its website at any time.
Pursuant to General Instruction B.2. to Form 8-K, the information set forth in this Item 7.01 of this Current Report on Form 8-K, including Exhibits 99.1, and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities thereof, nor shall it be incorporated by reference into future filings by the Company under the Exchange Act or under the Securities Act of 1933, as amended, except to the extent specifically provided in any such filing. Additionally, the submission of the information set forth in this Item 7.01 is not deemed an admission as to the materiality of any information in this Current Report on Form 8-K that is required to be disclosed solely by Regulation FD.
| Item 9.01 Financial Statements and Exhibits. | ||
(d) Exhibits
The following exhibits are furnished as part of this Current Report on Form 8-K:
| Exhibit No. | Description | |||||||
| 99.1 | ||||||||
| 99.2 | ||||||||
| 104 | The cover page from this Current Report on Form 8-K formatted in Inline XBRL (included as Exhibit 101). | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BRISTOL-MYERS SQUIBB COMPANY | |||||||||||||||||
Dated: October 29, 2026 | By: | /s/ Amy Fallone | |||||||||||||||
| Name: | Amy Fallone | ||||||||||||||||
| Title: | Senior Vice President and Corporate Secretary | ||||||||||||||||
Exhibit 99.1
Bristol Myers Squibb Reports Third Quarter Financial Results for 2026 and Raises Full-Year Revenue Outlook
Growth Portfolio Performance and Disciplined Execution Drive Strong Financial Results
Key Pipeline Milestones Include Regulatory Approvals and Positive Registrational Data Across Multiple Therapeutic Areas
•Third quarter revenues increased 7% to $13.1 billion
◦Growth Portfolio revenues increased 12% to $7.7 billion
•GAAP EPS was $1.05 and non-GAAP EPS was $1.35; Both figures include net impact of $(0.58) due to Acquired IPRD charges and licensing income
•Raising 2026 revenue guidance to a range of $49.75 billion to $50.25 billion; Updating non-GAAP EPS range to $6.35 to $6.55, inclusive of a $(0.60) per share net impact from Acquired IPRD charges and licensing income
(PRINCETON, N.J., October 29, 2026) – Bristol Myers Squibb (NYSE: BMY) today reports results for the third quarter of 2026.
“We delivered another quarter of double-digit growth in our Growth Portfolio, which increased 12% and reflects the continued momentum across our diversified portfolio," said Christopher Boerner, Ph.D., board chair and chief executive officer, Bristol Myers Squibb. "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."
Third Quarter Results | |||||||||||||||||||||||
| $ in millions, except per share amounts | 2026 | 2025 | Change | Change Excl. FX** | |||||||||||||||||||
| Total Revenues | $13,069 | $12,222 | 7 | % | 7 | % | |||||||||||||||||
| Earnings/(Loss) Per Share - GAAP* | 1.05 | 1.08 | (3) | % | N/A | ||||||||||||||||||
| Earnings/(Loss) Per Share - Non-GAAP* | 1.35 | 1.63 | (17) | % | N/A | ||||||||||||||||||
| Acquired IPRD Charges and Licensing Income Net Impact on Earnings/(Loss) Per Share | (0.58) | (0.20) | N/A | N/A | |||||||||||||||||||
*GAAP and Non-GAAP earnings/(loss) per share include the net impact of Acquired IPRD charges and licensing income.
**See "Use of Non-GAAP Financial Information".
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THIRD QUARTER RESULTS*
•Growth Portfolio revenues of $7.7 billion increased 12%. Revenue growth was primarily driven by Opdivo Qvantig, Breyanzi, Reblozyl, Camzyos and Opdualag.
•Legacy Portfolio revenues of $5.4 billion increased 1%. Revenue growth was primarily driven by Eliquis, partially offset by expected continued generic impacts across the remainder of the Legacy Portfolio.
•Total revenues of $13.1 billion increased 7%.
◦U.S. revenues of $9.1 billion increased 9%.
◦International revenues of $4.0 billion increased 3%, or 4% Ex-FX.
*All comparisons are made versus the same period in 2025 unless otherwise stated.
THIRD QUARTER PRODUCT REVENUE HIGHLIGHTS(e)
| ($ amounts in millions) | Quarter Ended September 30, 2026 | % Change from Quarter Ended September 30, 2025 | % Change from Quarter Ended September 30, 2025 Ex-FX** | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. | Int'l | WW(d) | U.S. | Int'l | WW(d) | Int'l | WW(d) | |||||||||||||||||||||||||||||||||||||||||||
Growth Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Opdivo | $ | 1,345 | $ | 1,029 | $ | 2,374 | (8) | % | (4) | % | (6) | % | (4) | % | (6) | % | ||||||||||||||||||||||||||||||||||
| Opdivo Qvantig | 250 | 84 | 334 | >200% | >200% | >200% | >200% | >200% | ||||||||||||||||||||||||||||||||||||||||||
| Orencia | 754 | 230 | 983 | 5 | % | (6) | % | 2 | % | (4) | % | 2 | % | |||||||||||||||||||||||||||||||||||||
| Yervoy | 482 | 311 | 793 | 6 | % | 10 | % | 7 | % | 10 | % | 8 | % | |||||||||||||||||||||||||||||||||||||
| Reblozyl | 610 | 140 | 750 | 23 | % | 16 | % | 22 | % | 18 | % | 22 | % | |||||||||||||||||||||||||||||||||||||
| Breyanzi | 359 | 167 | 526 | 43 | % | 53 | % | 46 | % | 57 | % | 48 | % | |||||||||||||||||||||||||||||||||||||
| Opdualag | 305 | 62 | 367 | 18 | % | 57 | % | 23 | % | 56 | % | 23 | % | |||||||||||||||||||||||||||||||||||||
| Camzyos | 299 | 121 | 420 | 26 | % | 111 | % | 42 | % | 109 | % | 42 | % | |||||||||||||||||||||||||||||||||||||
| Zeposia | 115 | 53 | 168 | 2 | % | 11 | % | 5 | % | 13 | % | 5 | % | |||||||||||||||||||||||||||||||||||||
| Sotyktu | 63 | 37 | 100 | 25 | % | 27 | % | 26 | % | 26 | % | 25 | % | |||||||||||||||||||||||||||||||||||||
| Krazati | 54 | 5 | 58 | 11 | % | (1) | % | 10 | % | — | % | 10 | % | |||||||||||||||||||||||||||||||||||||
| Cobenfy | 55 | 2 | 57 | 29 | % | >200% | 33 | % | >200% | 33 | % | |||||||||||||||||||||||||||||||||||||||
Other Growth Products(a) | 261 | 470 | 731 | 6 | % | 16 | % | 12 | % | 17 | % | 13 | % | |||||||||||||||||||||||||||||||||||||
Total Growth Portfolio | 4,951 | 2,711 | 7,662 | 12 | % | 12 | % | 12 | % | 13 | % | 12 | % | |||||||||||||||||||||||||||||||||||||
Legacy Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Eliquis | 3,653 | 1,037 | 4,690 | 39 | % | (7) | % | 25 | % | (5) | % | 26 | % | |||||||||||||||||||||||||||||||||||||
| Revlimid | 239 | 63 | 303 | (51) | % | (29) | % | (47) | % | (28) | % | (47) | % | |||||||||||||||||||||||||||||||||||||
| Pomalyst/Imnovid | 72 | 58 | 130 | (88) | % | (27) | % | (81) | % | (23) | % | (80) | % | |||||||||||||||||||||||||||||||||||||
| Sprycel | 43 | 30 | 73 | (38) | % | (39) | % | (38) | % | (37) | % | (38) | % | |||||||||||||||||||||||||||||||||||||
| Abraxane | 9 | 56 | 65 | (61) | % | 10 | % | (13) | % | 11 | % | (12) | % | |||||||||||||||||||||||||||||||||||||
Other Legacy Products(b) | 106 | 49 | 154 | 15 | % | (43) | % | (13) | % | (42) | % | (13) | % | |||||||||||||||||||||||||||||||||||||
| Total Legacy Portfolio | 4,123 | 1,292 | 5,415 | 6 | % | (12) | % | 1 | % | (10) | % | 1 | % | |||||||||||||||||||||||||||||||||||||
Other Revenue(c) | — | (7) | (7) | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||
| Total Revenues | $ | 9,074 | $ | 3,995 | $ | 13,069 | 9 | % | 3 | % | 7 | % | 4 | % | 7 | % | ||||||||||||||||||||||||||||||||||
** See "Use of Non-GAAP Financial Information".
(a) Includes Abecma, Augtyro, Empliciti, Inrebic, Nulojix, Onureg, Zenbexus and royalty revenues, including royalties received from Merck on Winrevair.
(b) Includes other mature brands.
(c) Includes revenue hedging activities in 2026.
(d) Worldwide (WW) includes U.S. and International (Int'l).
(e) For the above table and all subsequent tables, certain totals may not sum due to rounding. Percentages have been calculated using unrounded amounts.
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THIRD QUARTER COST & EXPENSES
The table below presents selected line-item information.
| GAAP | Non-GAAP** | |||||||||||||||||||||||||||||||||||||
| Three months ended September 30, | Three months ended September 30, | |||||||||||||||||||||||||||||||||||||
| ($ amounts in millions) | 2026 | 2025 | Change | 2026 | 2025 | Change | ||||||||||||||||||||||||||||||||
Cost of products sold | $ | 4,146 | $ | 3,435 | 21% | $ | 4,133 | $ | 3,312 | 25% | ||||||||||||||||||||||||||||
Gross margin | 68.3 | % | 71.9 | % | (360) bps | 68.4 | % | 72.9 | % | (450) bps | ||||||||||||||||||||||||||||
Selling, general and administrative | 1,699 | 1,789 | (5)% | 1,699 | 1,788 | (5)% | ||||||||||||||||||||||||||||||||
Research and development | 2,365 | 2,528 | (6)% | 2,364 | 2,433 | (3)% | ||||||||||||||||||||||||||||||||
Acquired IPRD(a) | 1,558 | 633 | 146% | 1,558 | 633 | 146% | ||||||||||||||||||||||||||||||||
Amortization of acquired intangible assets | 458 | 831 | (45)% | — | — | N/A | ||||||||||||||||||||||||||||||||
Other (income)/expense, net | 307 | (108) | NM | 93 | (206) | NM | ||||||||||||||||||||||||||||||||
Effective tax rate | 14.8 | % | 29.5 | % | (1,470) bps | 14.1 | % | 22.3 | % | (820) bps | ||||||||||||||||||||||||||||
** See "Use of Non-GAAP Financial Information" and refer to the Specified Items schedule below for further detail.
NM Not meaningful.
(a) Non-GAAP Acquired IPRD does not include adjustments to GAAP Acquired IPRD.
•Gross margin decreased from 71.9% to 68.3% on a GAAP basis, and from 72.9% to 68.4% on a non-GAAP basis, primarily reflecting a change in product mix and, to a lesser extent, a one-time charge related to a contract termination in 2026.
•Selling, general and administrative expenses of $1.7 billion decreased 5% on a GAAP and non-GAAP basis.
•Research and development expenses of $2.4 billion decreased 6% on a GAAP basis, and 3% on a non-GAAP basis.
•Acquired IPRD charges of $1.6 billion on a GAAP and non-GAAP basis, primarily reflect the execution of recent license agreements and charges associated with ongoing collaborations.
•Amortization of acquired intangible assets of $458 million decreased 45% on a GAAP basis, primarily driven by lower amortization expense related to Pomalyst.
•Other (income)/expense, net of $307 million and $93 million on a GAAP and non-GAAP basis, respectively, reflects the expiry of royalty income on diabetes products at the end of 2025.
•Effective tax rate decreased from 29.5% to 14.8% on a GAAP basis, and from 22.3% to 14.1% on a non-GAAP basis, primarily driven by jurisdictional earnings mix.
•Net income attributable to Bristol Myers Squibb on a GAAP basis was $2.2 billion, or $1.05 per share, as compared to $2.2 billion, or $1.08 per share in the prior year. On a non-GAAP basis, net income attributable to Bristol Myers Squibb of $2.8 billion, or $1.35 per share, decreased from $3.3 billion, or $1.63 per share. GAAP and non-GAAP EPS include the impacts of Acquired IPRD charges and licensing income.
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PRODUCT AND PIPELINE UPDATES
Entries organized by date and inclusive of third quarter and recent updates.
| Asset(s) | Date Announced | Milestone | ||||||
| Izalontamab Brengitecan (iza-bren) | October 26 | Announced with SystImmune that SystImmune's parent company, Sichuan Biokin Pharmaceutical Co., Ltd., reported positive results from a prespecified interim analysis in the Phase 3 PANKU-Lung01 study evaluating iza-bren versus platinum-based chemotherapy (PBC) in patients with EGFR-mutated non-squamous non-small cell lung cancer (NSCLC) who were previously treated with an EGFR tyrosine kinase inhibitor. Results showed that iza-bren significantly improved median progression-free survival (PFS) compared to PBC. | ||||||
| pumitamig | October 25 | Announced with BioNTech SE positive data from the Phase 2 ROSETTA Lung-107 trial evaluating pumitamig in combination with docetaxel in patients with metastatic NSCLC whose disease progressed on or after first-line immunotherapy plus chemotherapy. Data showed encouraging anti-tumor activity, with responses observed in both squamous and non-squamous NSCLC and across PD-L1 expression levels, together with a manageable safety profile consistent with prior global datasets for pumitamig. | ||||||
| Zolacabtagene Autoleucel (zola-cel) | October 23 | Announced disclosure of interim safety and efficacy results from the multiple sclerosis (MS) cohorts of the Phase 1 Breakfree-2 study evaluating zola-cel in patients with highly active relapsing MS (haRMS) and progressive forms of MS (PMS). The data show a safety profile consistent with previously reported zola-cel Phase 1 clinical trial data and early, promising efficacy across both haRMS and PMS. | ||||||
| iza-bren | October 23 | Announced with SystImmune that SystImmune's parent company, Sichuan Biokin Pharmaceutical Co., Ltd., reported positive results from a prespecified interim analysis of the Phase 3 PANKU-Breast01 study evaluating iza-bren versus chemotherapy in patients with unresectable locally advanced, recurrent or metastatic hormone receptor-positive/HER2-negative breast cancer who have failed at least one prior line of chemotherapy. Results showed a 59% reduction in the risk of disease progression or death, with median PFS vs. chemotherapy of 8.2 months vs. 4.0 months. The safety profile for iza-bren was manageable and no new safety signals were identified. | ||||||
| RYZ101 | October 12 | Announced positive topline results from the interim analysis of the Phase 3 ACTION-1 trial evaluating RYZ101 versus investigator's choice standard of care in patients with somatostatin receptor-positive gastroenteropancreatic neuroendocrine tumors who have progressed following Lutetium-177-based therapy. The study met the primary endpoint with a statistically significant and clinically meaningful improvement in PFS by blinded independent central review, and safety results consistent with the known RYZ101 safety profile. | ||||||
| Admilparant | October 12 | Announced positive topline results from the Phase 3 ALOFT-IPF trial evaluating the efficacy, safety and tolerability of admilparant in adults with idiopathic pulmonary fibrosis. The trial met its primary endpoint at the 60mg dose, with admilparant demonstrating a statistically significant improvement compared to placebo in absolute change in forced vital capacity (FVC) from baseline at Week 52. At the 120mg dose, admilparant slowed the decline of FVC but was not statistically significant. Admilparant demonstrated a well-tolerated safety profile across both doses. | ||||||
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ZenbexusTM (iberdomide) | October 8 | Announced positive topline results from the Phase 3 EXCALIBER-RRMM study evaluating Zenbexus in combination with daratumumab and dexamethasone (ZDd) as a treatment for relapsed/refractory multiple myeloma. ZDd demonstrated a statistically significant improvement in the dual-primary endpoint of PFS, representing a 51% reduction in the risk of disease progression or death. | ||||||
Camzyos® (mavacamten) | September 30 | The U.S. Food and Drug Administration (FDA) approved Camzyos for the treatment of symptomatic obstructive hypertrophic cardiomyopathy to improve functional capacity and symptoms in adults and pediatric patients weighing 30 kg (66 lbs) or more. | ||||||
Sotyktu® (deucravacitinib) | September 17 | Announced positive results from the Phase 3 POETYK PsA-2 study, including its open-label extension, showing durable efficacy and a consistent safety profile for Sotyktu in adults with psoriatic arthritis. | ||||||
| Arlocabtagene Autoleucel (arlo-cel) | September 8 | Announced positive Phase 2 results from the registrational QUINTESSENTIAL trial evaluating arlo-cel in adult patients with quadruple-class exposed relapsed and refractory multiple myeloma. The study met its primary endpoint of demonstrating a statistically significant and clinically meaningful overall response rate, and also met its key secondary endpoints. | ||||||
| Camzyos | August 29 | Results from the EXPLORER-LTE cohort of the MAVA-LTE study reinforced the long-term efficacy and safety of Camzyos for the treatment of symptomatic obstructive hypertrophic cardiomyopathy. These data add to the understanding that Camzyos' effects are sustained for up to five years with continuous, consistent treatment. | ||||||
| Zenbexus | August 13 | The FDA approved Zenbexus in combination with daratumumab and hyaluronidase-fihj and dexamethasone for the treatment of adult patients with multiple myeloma who have received at least one prior line of therapy, including a proteasome inhibitor and an immunomodulatory agent. The approval is based on results from the Phase 3 EXCALIBER-RRMM trial. | ||||||
Our Strategy
At Bristol Myers Squibb, our goal is to build a company that is financially strong and delivers industry-leading, sustainable growth into the 2030s and beyond.
As we advance our multi-year strategy to position the company for long-term growth, we are guided by the following priorities:
•Focusing R&D on high-impact, transformational medicines to treat life-threatening diseases;
•Embedding rigorous operational execution across the organization to build momentum in our Growth Portfolio comprised primarily of medicines early in their lifecycles; and
•Maintaining disciplined capital allocation to drive sustainable cash flow generation, balance sheet strength and long-term shareholder returns.
Strengthening U.S. Presence and Capabilities for Next-Generation Medicines
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The company recently announced multiple manufacturing expansions as a part of its standing commitment to invest in the U.S. across research and development, technology and domestic manufacturing.
In August 2026, the company announced plans to develop a new, state-of-the-art manufacturing campus at Generation Park in Houston, Texas, designed to accelerate the delivery of next-generation medicines to patients. The multi-modal campus will represent an approximately $2.3 billion investment, create nearly 500 skilled jobs, and is designed to grow in scale, capability and workforce for decades in the future.
Also in August 2026, RayzeBio, Inc., a Bristol Myers Squibb company, said it would invest more than $173 million to expand its radiopharmaceutical manufacturing operations by establishing a new facility in Whitestown, Indiana. Construction is expected to begin this year on the approximately 225,000-square-foot facility, which will complement RayzeBio's existing footprint in the state and will create up to 100 new jobs by the end of 2029.
Financial Guidance
Bristol Myers Squibb is increasing its full-year, non-GAAP revenue guidance from a range of approximately $49.0 billion to $50.0 billion to a range of approximately $49.75 billion to $50.25 billion. This update primarily reflects broad-based and continuing momentum across the portfolio.
Full-year other income/(expense) is now expected to be ~$650 million of expense, due to favorable net interest.
Non-GAAP EPS is being updated to an anticipated range of $6.35 - $6.55, which is inclusive of a $(0.60) impact from Acquired IPRD and licensing income.
2026 Non-GAAP1,2 Line-Item Guidance | ||||||||
| July (Prior) | October (Updated) | |||||||
Total Revenues (Reported & Ex-FX) | ~$49.0 - $50.0 billion | ~$49.75 - $50.25 billion | ||||||
| Gross Margin % | ~69% - 70% | No change | ||||||
Operating Expenses3 | ~$16.5 billion | No change | ||||||
| Other income/(expense) | ~($700 million) | ~($650 million) | ||||||
| Effective tax rate | ~18% | No change | ||||||
| Diluted EPS | $6.75 - $7.00 | $6.35 - $6.55 | ||||||
| Acquired IPRD Charges & Licensing Income Included in Diluted EPS | $(0.02) | $(0.60) | ||||||
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2 July was calculated based on mid-July 2026 foreign exchange rates, and October was calculated based on mid-October exchange rates.
3 Operating Expenses = SG&A and R&D.
The company continues to expect total Worldwide Eliquis revenues to increase in 2026 when compared to 2025, and is reaffirming its previously projected range as shown in the table below.
2026 Eliquis Revenue Guidance | ||||||||
| July (Prior) | October (Updated) | |||||||
| 2026 WW Revenue Growth* | 20% - 25% | No change | ||||||
* Compared to 2025 Worldwide Eliquis revenues.
The 2026 financial guidance provided excludes the impact of any potential future strategic acquisitions, divestitures, specified items that have not yet been identified and quantified, and the impact of Acquired IPRD charges and licensing income incurred after September 30, 2026. To the extent we have quantified the impact of significant R&D charges or other income resulting from upfront or contingent milestone payments in connection with asset acquisitions or licensing of third-party intellectual property rights, we may update this information from time to time on our website, www.bms.com, in the "Investors" section. Non-GAAP guidance assumes exchange rates as of the date noted. The financial guidance is subject to risks and uncertainties applicable to all forward-looking statements as described elsewhere in this press release.
A reconciliation of forward-looking non-GAAP measures, including non-GAAP EPS, to the most directly comparable GAAP measures is not provided because comparable GAAP measures for such measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. Namely, we are not, without unreasonable effort, able to reliably predict the impact of accelerated depreciation and impairment charges, legal and other settlements, gains and losses from equity investments and other adjustments. In addition, the company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. These items are uncertain, depend on various factors and may have a material impact on our future GAAP results. See "Cautionary Statement Regarding Forward-Looking Statements" and "Use of Non-GAAP Financial Information."
Conference Call Information
Bristol Myers Squibb will host a conference call today, Thursday, October 29, 2026, at 8:00 a.m. ET, during which company executives will review financial results with the investment community.
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Investors and the general public are invited to listen to a live webcast of the call at http://investor.bms.com. Materials related to the call will be available at http://investor.bms.com prior to the start of the conference call.
A replay of the webcast will be available at http://investor.bms.com approximately three hours after the conference call concludes.
About Bristol Myers Squibb: Transforming Patients' Lives Through Science
At Bristol Myers Squibb, our mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. We are pursuing bold science to define what's possible for the future of medicine and the patients we serve. For more information, visit us at BMS.com and follow us on LinkedIn, X, YouTube, Facebook and Instagram.
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For more information, contact:
Media Relations: media@bms.com
Investor Relations: investor.relations@bms.com
Use of Non-GAAP Financial Information
In discussing financial results and guidance, the company refers to financial measures that are not in accordance with U.S. Generally Accepted Accounting Principles (GAAP). The non-GAAP financial measures are provided as supplemental information to the financial measures presented in this press release that are calculated and presented in accordance with GAAP and are presented because management has evaluated the company’s financial results both including and excluding the adjusted items or the effects of foreign currency translation, as applicable, and believes that the non-GAAP financial measures presented portray the results of the company's baseline performance, supplement or enhance management's, analysts' and investors' overall understanding of the company’s underlying financial performance and trends and facilitate comparisons among current, past and future periods. In addition, non-GAAP gross margin, which is revenue less cost of products sold excluding certain specified items, as a percentage of revenue, non-GAAP operating expenses, which is selling, general and administrative and research and development expenses excluding certain specified items, non-GAAP selling, general and administrative expenses, which is selling, general and administrative expenses excluding certain specified items, and non-GAAP research and development expenses, which is research and development expenses excluding certain specified items, are relevant and useful for investors because they allow investors to view performance in a manner similar to the method used by our management and make it easier for investors, analysts and peers to compare our operating performance to other companies in our industry and to compare our year-over-year results.
This earnings release and the accompanying tables also provide certain revenues and expenses, as well as non-GAAP financial measures, excluding the impact of foreign exchange ("Ex-FX"). We
8
calculate foreign exchange impacts by converting our current-period local currency financial results using the prior period average currency rates and comparing these adjusted amounts to our current-period results. Ex-FX financial measures are not accounted for according to GAAP because they remove the effects of currency movements from GAAP results.
Non-GAAP financial measures, such as non-GAAP earnings and related EPS information, are adjusted to exclude certain costs, expenses, gains and losses and other specified items that are evaluated on an individual basis after considering their quantitative and qualitative aspects and typically have one or more of the following characteristics, such as being highly variable, difficult to project, unusual in nature, significant to the results of a particular period or not indicative of past or future operating results. These items are excluded from non-GAAP earnings and related EPS information because the company believes they neither relate to the ordinary course of the company’s business nor reflect the company’s underlying business performance. Similar charges or gains were recognized in prior periods and will likely reoccur in future periods, including amortization of acquired intangible assets, including product rights that generate a significant portion of our ongoing revenue and will recur until the intangible assets are fully amortized, unwinding of inventory purchase price adjustments, integration expenses, restructuring costs, accelerated depreciation and impairment of property, plant and equipment and intangible assets, costs of acquiring a priority review voucher, divestiture gains or losses, stock compensation resulting from acquisition-related equity awards, pension, legal and other contractual settlement charges, equity investment and contingent value rights fair value adjustments (including fair value adjustments attributed to limited partnerships and other investments), and amortization of fair value adjustments of debt acquired from Celgene in our 2019 exchange offer, among other items. Deferred and current income taxes attributed to these items are also adjusted for considering their individual impact to the overall tax expense, deductibility and jurisdictional tax rates, as well as certain other significant tax items.
Because the non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered superior to and are not intended to be considered in isolation or as a substitute for the related financial measures presented in the press release that are prepared in accordance with GAAP and may not be the same as or comparable to similarly titled measures presented by other companies due to possible differences in method and in the items being adjusted. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.
Reconciliations of the non-GAAP financial measures to the most comparable GAAP measures are provided in the accompanying financial tables and will also be available on the company’s website at www.bms.com. Within the accompanying financial tables presented, certain columns and rows may not add due to the use of rounded numbers. Percentages and EPS amounts presented are calculated from the underlying amounts.
A reconciliation of forward-looking non-GAAP financial measures, including non-GAAP EPS, to the most directly comparable GAAP measures is not provided because comparable GAAP measures for such measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. Namely, we are not, without unreasonable effort, able to reliably predict the impact of accelerated depreciation and impairment charges, legal and other settlements, gains and losses from equity investments and other adjustments. In addition, the company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. These items are uncertain, depend on various factors and may have a material impact on our future GAAP results.
9
Website Information
We routinely post important information for investors on our website, www.bms.com, in the “Investors” section. We may use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investors section of our website, in addition to following our press releases, Securities and Exchange Commission (SEC) filings, public conference calls, presentations and webcasts. We may also use social media channels to communicate with our investors and the public about our company, our products and other matters, and those communications could be deemed to be material information. The information contained on, or that may be accessed through, our website or social media channels is not incorporated by reference into, and is not a part of, this document. All trademarks mentioned are the property of their owners.
Cautionary Statement Regarding Forward-Looking Statements
This earnings release and the related attachments (as well as the oral statements made with respect to information contained in this release and the attachments) contain certain “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, the company’s 2026 financial guidance, its business development and multi-year allocation strategy, anticipated developments in the company’s pipeline, expectations with respect to the company’s future market position and the development or expansion of manufacturing facilities, and the projected benefits of the company’s alliances and other business development activities. These statements may be identified by the fact that they use words such as “should,” “could,” “expect,” “anticipate,” “estimate,” “target,” “may,” “project,” “guidance,” “intend,” “plan,” “believe,” “will” and other words and terms of similar meaning and expression in connection with any discussion of future operating or financial performance, although not all forward-looking statements contain such terms. All statements that are not statements of historical facts are, or may be deemed to be, forward-looking statements. No forward-looking statement can be guaranteed, and there is no assurance that the company will achieve its financial guidance and strategic objectives, that the company’s future clinical studies will support the data described in this release, that the company’s product candidates will receive necessary clinical and manufacturing regulatory approvals, that the company’s pipeline products will prove to be commercially successful, that clinical and manufacturing regulatory approvals will be sought or obtained within currently expected timeframes, or that contractual milestones will be achieved.
Forward-looking statements are based on current expectations and projections about the company’s future financial results, goals, plans and objectives and involve inherent risks, assumptions and uncertainties, including internal or external factors that could delay, divert or change any of them in the next several years, that are difficult to predict, may be beyond the company’s control and could cause the company’s future financial results, goals, plans and objectives to differ materially from those expressed in, or implied by, the statements. Such risks, uncertainties and other matters include, but are not limited to: increasing pricing pressures from market access, pharmaceutical pricing controls and discounting; market actions taken by private and government payers to manage drug utilization and contain costs; government actions relating to the imposition of new tariffs, trade restrictions and export regulations; the company’s ability to retain patent and market exclusivity for certain products; regulatory changes that result in lower prices, lower reimbursement rates and smaller populations for whom payers will reimburse; changes under the 340B Drug Pricing Program; the company’s ability to obtain and maintain regulatory approval for its product candidates; the possibility of difficulties and delays in product introduction and commercialization; increasing industry competition; potential difficulties, delays
10
and disruptions in manufacturing, distribution or sale of products; the company’s ability to identify potential strategic acquisitions, licensing opportunities or other beneficial transactions; failure to complete, or delays in completing, collaborations, acquisitions, divestitures, alliances and other portfolio actions and the failure to achieve anticipated benefits from such transactions and actions; exposure to litigation and/or regulatory actions or investigations; the impact of any healthcare reform and legislation or regulatory action in the United States and international markets; increasing market penetration of lower-priced generic products; the failure of the company’s suppliers, vendors, outsourcing partners, alliance partners and other third parties to meet their contractual, regulatory and other obligations; the impact of counterfeit or unregistered versions of the company’s products and from stolen products; product label changes or other measures that could result in declining sales; safety or efficacy concerns regarding the company’s products or any product in the same class as the company’s products; the risk of cyber-attacks and unauthorized disclosure of trade secrets or other confidential data; the company’s ability to execute its financial, strategic and operational plans; the company’s ability to attract and retain key personnel; the impact of the company’s significant indebtedness; political and financial instability of international economies and sovereign risk; interest rate and currency exchange rate fluctuations, credit and foreign exchange risk management; risks relating to the use of social media platforms; issuance of new or revised accounting standards; risks relating to public health outbreaks, epidemics and pandemics; and risks related to the use of artificial intelligence or other emerging technologies in various facets of the company's operations, including partnerships related to the use of, or the sharing of such technologies with third parties, which may exacerbate competitive, regulatory, litigation, cybersecurity, and other risk.
Forward-looking statements in this earnings release should be evaluated together with the many risks and uncertainties that affect the company’s business and market, particularly those identified in the cautionary statement and risk factors discussion in the company’s Annual Report on Form 10-K for the year ended December 31, 2025, as updated by the company’s subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the SEC. The forward-looking statements included in this document are made only as of the date of this document and except as otherwise required by applicable law, the company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise.
11
BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited, dollars and shares in millions except per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net product sales | $ | 12,606 | $ | 11,850 | $ | 36,362 | $ | 34,645 | |||||||||||||||
| Alliance and other revenues | 463 | 372 | 1,169 | 1,047 | |||||||||||||||||||
| Total Revenues | 13,069 | 12,222 | 37,532 | 35,692 | |||||||||||||||||||
Cost of products sold(a) | 4,146 | 3,435 | 11,292 | 9,839 | |||||||||||||||||||
| Selling, general and administrative | 1,699 | 1,789 | 5,142 | 5,086 | |||||||||||||||||||
| Research and development | 2,365 | 2,528 | 7,973 | 7,365 | |||||||||||||||||||
| Acquired IPRD | 1,558 | 633 | 1,651 | 2,328 | |||||||||||||||||||
| Amortization of acquired intangible assets | 458 | 831 | 1,332 | 2,491 | |||||||||||||||||||
| Other (income)/expense, net | 307 | (108) | 279 | 725 | |||||||||||||||||||
| Total Expenses | 10,533 | 9,108 | 27,670 | 27,834 | |||||||||||||||||||
| Earnings/(Loss) Before Income Taxes | 2,536 | 3,114 | 9,862 | 7,858 | |||||||||||||||||||
| Income tax provision | 374 | 919 | 1,705 | 1,888 | |||||||||||||||||||
| Net Earnings/(Loss) | 2,162 | 2,195 | 8,156 | 5,970 | |||||||||||||||||||
| Noncontrolling Interest | — | (6) | — | 3 | |||||||||||||||||||
| Net Earnings/(Loss) Attributable to BMS | $ | 2,162 | $ | 2,201 | $ | 8,156 | $ | 5,967 | |||||||||||||||
| Weighted-Average Common Shares Outstanding: | |||||||||||||||||||||||
| Basic | 2,043 | 2,036 | 2,041 | 2,034 | |||||||||||||||||||
| Diluted | 2,053 | 2,039 | 2,049 | 2,039 | |||||||||||||||||||
| Earnings/(Loss) per Common Share: | |||||||||||||||||||||||
| Basic | $ | 1.06 | $ | 1.08 | $ | 4.00 | $ | 2.93 | |||||||||||||||
| Diluted | 1.05 | 1.08 | 3.98 | 2.93 | |||||||||||||||||||
| Other (income)/expense, net | |||||||||||||||||||||||
Interest expense | $ | 403 | $ | 480 | $ | 1,220 | $ | 1,459 | |||||||||||||||
| Royalty income - divestitures | — | (286) | — | (844) | |||||||||||||||||||
| Royalty and licensing income | (200) | (276) | (580) | (697) | |||||||||||||||||||
| Investment income | (118) | (161) | (323) | (438) | |||||||||||||||||||
| Provision for restructuring | 187 | 75 | 247 | 432 | |||||||||||||||||||
| Litigation and other settlements | 3 | 165 | 11 | 424 | |||||||||||||||||||
Contingent consideration | — | — | — | 336 | |||||||||||||||||||
| Equity investment (gains)/losses, net | 26 | (190) | (222) | (90) | |||||||||||||||||||
| Integration expenses | 10 | 36 | 46 | 110 | |||||||||||||||||||
| Divestiture (gains)/losses, net | — | 8 | (162) | 1 | |||||||||||||||||||
| Other | (4) | 40 | 41 | 33 | |||||||||||||||||||
| Other (income)/expense, net | $ | 307 | $ | (108) | $ | 279 | $ | 725 | |||||||||||||||
(a) Excludes amortization of acquired intangible assets.
12
BRISTOL-MYERS SQUIBB COMPANY
PRODUCT REVENUES
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025
(Unaudited, dollars in millions)
Change vs. 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | GAAP | Excl. F/X** | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| U.S. | Int'l | WW(d) | U.S. | Int'l | WW(d) | U.S. | Int'l | WW(d) | U.S. | Int'l | WW(d) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Growth Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Opdivo | $ | 1,345 | $ | 1,029 | $ | 2,374 | $ | 1,454 | $ | 1,077 | $ | 2,532 | (8) | % | (4) | % | (6) | % | (8) | % | (4) | % | (6) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Opdivo Qvantig | 250 | 84 | 334 | 60 | 7 | 67 | >200% | >200% | >200% | >200% | >200% | >200% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Orencia | 754 | 230 | 983 | 721 | 243 | 964 | 5 | % | (6) | % | 2 | % | 5 | % | (4) | % | 2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Yervoy | 482 | 311 | 793 | 455 | 284 | 739 | 6 | % | 10 | % | 7 | % | 6 | % | 10 | % | 8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reblozyl | 610 | 140 | 750 | 494 | 121 | 615 | 23 | % | 16 | % | 22 | % | 23 | % | 18 | % | 22 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Breyanzi | 359 | 167 | 526 | 251 | 109 | 359 | 43 | % | 53 | % | 46 | % | 43 | % | 57 | % | 48 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Opdualag | 305 | 62 | 367 | 259 | 40 | 299 | 18 | % | 57 | % | 23 | % | 18 | % | 56 | % | 23 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Camzyos | 299 | 121 | 420 | 238 | 57 | 296 | 26 | % | 111 | % | 42 | % | 26 | % | 109 | % | 42 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Zeposia | 115 | 53 | 168 | 113 | 48 | 161 | 2 | % | 11 | % | 5 | % | 2 | % | 13 | % | 5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sotyktu | 63 | 37 | 100 | 51 | 29 | 80 | 25 | % | 27 | % | 26 | % | 25 | % | 26 | % | 25 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Krazati | 54 | 5 | 58 | 48 | 5 | 53 | 11 | % | (1) | % | 10 | % | 11 | % | — | % | 10 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cobenfy | 55 | 2 | 57 | 43 | — | 43 | 29 | % | >200% | 33 | % | 29 | % | >200% | 33 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Growth Products(a) | 261 | 470 | 731 | 246 | 405 | 651 | 6 | % | 16 | % | 12 | % | 6 | % | 17 | % | 13 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Growth Portfolio | 4,951 | 2,711 | 7,662 | 4,432 | 2,425 | 6,857 | 12 | % | 12 | % | 12 | % | 12 | % | 13 | % | 12 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legacy Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Eliquis | 3,653 | 1,037 | 4,690 | 2,631 | 1,115 | 3,746 | 39 | % | (7) | % | 25 | % | 39 | % | (5) | % | 26 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revlimid | 239 | 63 | 303 | 485 | 89 | 575 | (51) | % | (29) | % | (47) | % | (51) | % | (28) | % | (47) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pomalyst/Imnovid | 72 | 58 | 130 | 596 | 79 | 675 | (88) | % | (27) | % | (81) | % | (88) | % | (23) | % | (80) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sprycel | 43 | 30 | 73 | 69 | 49 | 119 | (38) | % | (39) | % | (38) | % | (38) | % | (37) | % | (38) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Abraxane | 9 | 56 | 65 | 24 | 50 | 74 | (61) | % | 10 | % | (13) | % | (61) | % | 11 | % | (12) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Legacy Products(b) | 106 | 49 | 154 | 92 | 85 | 177 | 15 | % | (43) | % | (13) | % | 15 | % | (42) | % | (13) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Legacy Portfolio | 4,123 | 1,292 | 5,415 | 3,897 | 1,468 | 5,365 | 6 | % | (12) | % | 1 | % | 6 | % | (10) | % | 1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Revenue(c) | — | (7) | (7) | — | — | — | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Revenues | $ | 9,074 | $ | 3,995 | $ | 13,069 | $ | 8,329 | $ | 3,893 | $ | 12,222 | 9 | % | 3 | % | 7 | % | 9 | % | 4 | % | 7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
** See "Use of Non-GAAP Financial Information".
(a) Includes Abecma, Augtyro, Empliciti, Inrebic, Nulojix, Onureg, Zenbexus and royalty revenues, including royalties received from Merck on Winrevair.
(b) Includes other mature brands.
(c) Includes revenue hedging activities in 2026.
(d) Worldwide (WW) includes U.S. and International (Int'l).
13
BRISTOL-MYERS SQUIBB COMPANY
PRODUCT REVENUES
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025
(Unaudited, dollars in millions)
Change vs. 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | GAAP | Excl. F/X** | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| U.S. | Int'l | WW(d) | U.S. | Int'l | WW(d) | U.S. | Int'l | WW(d) | U.S. | Int'l | WW(d) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Growth Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Opdivo | $ | 3,920 | $ | 3,085 | $ | 7,005 | $ | 4,293 | $ | 3,063 | $ | 7,356 | (9) | % | 1 | % | (5) | % | (9) | % | (2) | % | (6) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Opdivo Qvantig | 587 | 171 | 758 | 97 | 8 | 105 | >200% | >200% | >200% | >200% | >200% | >200% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Orencia | 2,145 | 691 | 2,835 | 1,987 | 710 | 2,697 | 8 | % | (3) | % | 5 | % | 8 | % | (4) | % | 5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Yervoy | 1,330 | 883 | 2,213 | 1,300 | 790 | 2,090 | 2 | % | 12 | % | 6 | % | 2 | % | 9 | % | 5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reblozyl | 1,642 | 398 | 2,040 | 1,336 | 324 | 1,661 | 23 | % | 23 | % | 23 | % | 23 | % | 21 | % | 23 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Breyanzi | 1,005 | 417 | 1,422 | 709 | 257 | 966 | 42 | % | 62 | % | 47 | % | 42 | % | 61 | % | 47 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Opdualag | 845 | 166 | 1,011 | 739 | 96 | 835 | 14 | % | 72 | % | 21 | % | 14 | % | 65 | % | 20 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Camzyos | 838 | 311 | 1,149 | 578 | 137 | 714 | 45 | % | 127 | % | 61 | % | 45 | % | 121 | % | 60 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Zeposia | 300 | 155 | 455 | 278 | 139 | 418 | 8 | % | 11 | % | 9 | % | 8 | % | 8 | % | 8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sotyktu | 150 | 106 | 256 | 126 | 80 | 206 | 19 | % | 32 | % | 24 | % | 19 | % | 29 | % | 23 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Krazati | 147 | 16 | 163 | 139 | 10 | 149 | 6 | % | 61 | % | 9 | % | 6 | % | 56 | % | 9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cobenfy | 171 | 4 | 176 | 104 | — | 105 | 64 | % | >200% | 68 | % | 64 | % | >200% | 68 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Growth Products(a) | 717 | 1,248 | 1,965 | 727 | 987 | 1,714 | (1) | % | 26 | % | 15 | % | (1) | % | 26 | % | 14 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Growth Portfolio | 13,797 | 7,651 | 21,448 | 12,413 | 6,603 | 19,016 | 11 | % | 16 | % | 13 | % | 11 | % | 13 | % | 12 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legacy Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Eliquis | 10,087 | 3,220 | 13,307 | 7,930 | 3,060 | 10,991 | 27 | % | 5 | % | 21 | % | 27 | % | 2 | % | 20 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revlimid | 870 | 206 | 1,076 | 2,027 | 322 | 2,349 | (57) | % | (36) | % | (54) | % | (57) | % | (35) | % | (54) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pomalyst/Imnovid | 642 | 205 | 847 | 1,717 | 324 | 2,041 | (63) | % | (37) | % | (59) | % | (63) | % | (35) | % | (58) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sprycel | 132 | 102 | 233 | 263 | 150 | 413 | (50) | % | (32) | % | (44) | % | (50) | % | (31) | % | (43) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Abraxane | 33 | 136 | 170 | 97 | 187 | 284 | (65) | % | (27) | % | (40) | % | (65) | % | (27) | % | (40) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Legacy Products(b) | 292 | 188 | 481 | 274 | 324 | 599 | 7 | % | (42) | % | (20) | % | 7 | % | (43) | % | (20) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Legacy Portfolio | 12,056 | 4,058 | 16,114 | 12,308 | 4,368 | 16,676 | (2) | % | (7) | % | (3) | % | (2) | % | (9) | % | (4) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Revenue(c) | — | (31) | (31) | — | — | — | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Revenues | $ | 25,853 | $ | 11,678 | $ | 37,532 | $ | 24,721 | $ | 10,971 | $ | 35,692 | 5 | % | 6 | % | 5 | % | 5 | % | 4 | % | 5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
** See "Use of Non-GAAP Financial Information".
(a) Includes Abecma, Augtyro, Empliciti, Inrebic, Nulojix, Onureg, Zenbexus and royalty revenues, including royalties received from Merck on Winrevair.
(b) Includes other mature brands.
(c) Includes revenue hedging activities in 2026.
(d) Worldwide (WW) includes U.S. and International (Int'l).
14
BRISTOL-MYERS SQUIBB COMPANY
INTERNATIONAL REVENUES
FOREIGN EXCHANGE IMPACT (%)
(Unaudited)
| Three Months Ended September 30, 2026 | Nine Months Ended September 30, 2026 | ||||||||||||||||||||||||||||||||||
| Revenue Change % | F/X % Favorable/ (Unfavorable) ** | Revenue Change % Ex- F/X ** | Revenue Change % | F/X % Favorable/ (Unfavorable) ** | Revenue Change % Ex- F/X ** | ||||||||||||||||||||||||||||||
Growth Portfolio | |||||||||||||||||||||||||||||||||||
| Opdivo | (4)% | —% | (4)% | 1% | 3% | (2)% | |||||||||||||||||||||||||||||
| Opdivo Qvantig | >200% | NM | >200% | >200% | NM | >200% | |||||||||||||||||||||||||||||
| Orencia | (6)% | (1)% | (4)% | (3)% | 2% | (4)% | |||||||||||||||||||||||||||||
| Yervoy | 10% | (1)% | 10% | 12% | 3% | 9% | |||||||||||||||||||||||||||||
| Reblozyl | 16% | (1)% | 18% | 23% | 2% | 21% | |||||||||||||||||||||||||||||
| Breyanzi | 53% | (4)% | 57% | 62% | 2% | 61% | |||||||||||||||||||||||||||||
| Opdualag | 57% | 1% | 56% | 72% | 7% | 65% | |||||||||||||||||||||||||||||
| Camzyos | 111% | 2% | 109% | 127% | 7% | 121% | |||||||||||||||||||||||||||||
| Zeposia | 11% | (2)% | 13% | 11% | 3% | 8% | |||||||||||||||||||||||||||||
| Sotyktu | 27% | 1% | 26% | 32% | 4% | 29% | |||||||||||||||||||||||||||||
| Krazati | (1)% | —% | —% | 61% | 5% | 56% | |||||||||||||||||||||||||||||
Cobenfy | >200% | NM | >200% | >200% | NM | >200% | |||||||||||||||||||||||||||||
Other Growth Products(a) | 16% | (1)% | 17% | 26% | 1% | 26% | |||||||||||||||||||||||||||||
Total Growth Portfolio | 12% | (1)% | 13% | 16% | 2% | 13% | |||||||||||||||||||||||||||||
Legacy Portfolio | |||||||||||||||||||||||||||||||||||
| Eliquis | (7)% | (2)% | (5)% | 5% | 3% | 2% | |||||||||||||||||||||||||||||
| Revlimid | (29)% | (1)% | (28)% | (36)% | (1)% | (35)% | |||||||||||||||||||||||||||||
| Pomalyst/Imnovid | (27)% | (4)% | (23)% | (37)% | (2)% | (35)% | |||||||||||||||||||||||||||||
| Sprycel | (39)% | (2)% | (37)% | (32)% | (1)% | (31)% | |||||||||||||||||||||||||||||
| Abraxane | 10% | —% | 11% | (27)% | —% | (27)% | |||||||||||||||||||||||||||||
Other Legacy Products(b) | (43)% | (1)% | (42)% | (42)% | 1% | (43)% | |||||||||||||||||||||||||||||
| Total Legacy Portfolio | (12)% | (2)% | (10)% | (7)% | 2% | (9)% | |||||||||||||||||||||||||||||
Other Revenue(c) | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||
| Total Revenues | 3% | (1)% | 4% | 6% | 2% | 4% | |||||||||||||||||||||||||||||
NM Not meaningful
** See "Use of Non-GAAP Financial Information".
(a) Includes Abecma, Augtyro, Empliciti, Inrebic, Nulojix, Onureg, Zenbexus and royalty revenues, including royalties received from Merck on Winrevair.
(b) Includes other mature brands.
(c) Includes revenue hedging activities in 2026.
15
BRISTOL-MYERS SQUIBB COMPANY
WORLDWIDE REVENUES(a)
FOREIGN EXCHANGE IMPACT (%)
(Unaudited)
| Three Months Ended September 30, 2026 | Nine Months Ended September 30, 2026 | ||||||||||||||||||||||||||||||||||
| Revenue Change % | F/X % Favorable/ (Unfavorable) ** | Revenue Change % Ex- F/X ** | Revenue Change % | F/X % Favorable/ (Unfavorable) ** | Revenue Change % Ex- F/X ** | ||||||||||||||||||||||||||||||
Growth Portfolio | |||||||||||||||||||||||||||||||||||
| Opdivo | (6)% | —% | (6)% | (5)% | 1% | (6)% | |||||||||||||||||||||||||||||
| Opdivo Qvantig | >200% | NM | >200% | >200% | NM | >200% | |||||||||||||||||||||||||||||
| Orencia | 2% | —% | 2% | 5% | —% | 5% | |||||||||||||||||||||||||||||
| Yervoy | 7% | —% | 8% | 6% | 1% | 5% | |||||||||||||||||||||||||||||
| Reblozyl | 22% | —% | 22% | 23% | —% | 23% | |||||||||||||||||||||||||||||
| Breyanzi | 46% | (1)% | 48% | 47% | —% | 47% | |||||||||||||||||||||||||||||
| Opdualag | 23% | —% | 23% | 21% | 1% | 20% | |||||||||||||||||||||||||||||
| Camzyos | 42% | —% | 42% | 61% | 1% | 60% | |||||||||||||||||||||||||||||
| Zeposia | 5% | (1)% | 5% | 9% | 1% | 8% | |||||||||||||||||||||||||||||
| Sotyktu | 26% | —% | 25% | 24% | 1% | 23% | |||||||||||||||||||||||||||||
| Krazati | 10% | —% | 10% | 9% | —% | 9% | |||||||||||||||||||||||||||||
| Cobenfy | 33% | —% | 33% | 68% | —% | 68% | |||||||||||||||||||||||||||||
Other Growth Products(b) | 12% | —% | 13% | 15% | —% | 14% | |||||||||||||||||||||||||||||
Total Growth Portfolio | 12% | —% | 12% | 13% | 1% | 12% | |||||||||||||||||||||||||||||
Legacy Portfolio | |||||||||||||||||||||||||||||||||||
| Eliquis | 25% | —% | 26% | 21% | 1% | 20% | |||||||||||||||||||||||||||||
| Revlimid | (47)% | —% | (47)% | (54)% | —% | (54)% | |||||||||||||||||||||||||||||
| Pomalyst/Imnovid | (81)% | —% | (80)% | (59)% | —% | (58)% | |||||||||||||||||||||||||||||
| Sprycel | (38)% | (1)% | (38)% | (44)% | —% | (43)% | |||||||||||||||||||||||||||||
| Abraxane | (13)% | —% | (12)% | (40)% | —% | (40)% | |||||||||||||||||||||||||||||
Other Legacy Products(c) | (13)% | —% | (13)% | (20)% | —% | (20)% | |||||||||||||||||||||||||||||
Total Legacy Portfolio | 1% | —% | 1% | (3)% | 1% | (4)% | |||||||||||||||||||||||||||||
Other Revenue(d) | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||
| Total Revenues | 7% | —% | 7% | 5% | 1% | 5% | |||||||||||||||||||||||||||||
NM Not meaningful
** See "Use of Non-GAAP Financial Information".
(a) Worldwide (WW) includes U.S. and International (Int'l).
(b) Includes Abecma, Augtyro, Empliciti, Inrebic, Nulojix, Onureg, Zenbexus and royalty revenues, including royalties received from Merck on Winrevair.
(c) Includes other mature brands.
(d) Includes revenue hedging activities in 2026.
16
BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
(Unaudited, dollars in millions)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Inventory purchase price accounting adjustments | $ | 13 | $ | 13 | $ | 38 | $ | 38 | |||||||||||||||
| Site exit and other costs | — | 110 | 3 | 114 | |||||||||||||||||||
| Cost of products sold | 13 | 122 | 41 | 152 | |||||||||||||||||||
| Acquisition related charges | — | — | — | 19 | |||||||||||||||||||
| Site exit and other costs | — | 1 | 1 | 6 | |||||||||||||||||||
| Selling, general and administrative | — | 1 | 1 | 25 | |||||||||||||||||||
| IPRD impairments | — | 85 | 830 | 385 | |||||||||||||||||||
| Priority review voucher | — | — | 220 | — | |||||||||||||||||||
| Site exit and other costs | 1 | 10 | 6 | 49 | |||||||||||||||||||
| Research and development | 1 | 95 | 1,056 | 434 | |||||||||||||||||||
| Amortization of acquired intangible assets | 458 | 831 | 1,332 | 2,491 | |||||||||||||||||||
Interest expense | (9) | (12) | (27) | (36) | |||||||||||||||||||
| Provision for restructuring | 187 | 75 | 247 | 432 | |||||||||||||||||||
| Litigation and other settlements | — | 179 | — | 425 | |||||||||||||||||||
Contingent consideration | — | — | — | 336 | |||||||||||||||||||
| Equity investment (gains)/losses, net | 26 | (190) | (222) | (92) | |||||||||||||||||||
| Integration expenses | 10 | 36 | 46 | 110 | |||||||||||||||||||
| Divestiture (gains)/losses, net | — | 10 | (160) | 3 | |||||||||||||||||||
| Other | — | — | 3 | 13 | |||||||||||||||||||
| Other (income)/expense, net | 214 | 98 | (113) | 1,189 | |||||||||||||||||||
| Increase to earnings/(loss) before income taxes | 687 | 1,148 | 2,316 | 4,291 | |||||||||||||||||||
| Income taxes on items above | (81) | (190) | (296) | (447) | |||||||||||||||||||
Specified tax charge/(benefit)(a) | — | 160 | — | 160 | |||||||||||||||||||
| Income taxes | (81) | (31) | (296) | (287) | |||||||||||||||||||
| Increase to net earnings/(loss) attributable to BMS | $ | 606 | $ | 1,117 | $ | 2,020 | $ | 4,004 | |||||||||||||||
(a) Includes changes to tax reserves during 2025 related to certain matters under IRS audit.
17
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF CERTAIN GAAP LINE ITEMS TO CERTAIN NON-GAAP LINE ITEMS
(Unaudited, dollars and shares in millions except per share data)
| Three Months Ended September 30, 2026 | Nine Months Ended September 30, 2026 | ||||||||||||||||||||||||||||||||||
| GAAP | Specified Items(a) | Non-GAAP | GAAP | Specified Items(a) | Non-GAAP | ||||||||||||||||||||||||||||||
Cost of products sold | $ | 4,146 | $ | (13) | $ | 4,133 | $ | 11,292 | $ | (41) | $ | 11,252 | |||||||||||||||||||||||
| Selling, general and administrative | 1,699 | — | 1,699 | 5,142 | (1) | 5,141 | |||||||||||||||||||||||||||||
| Research and development | 2,365 | (1) | 2,364 | 7,973 | (1,056) | 6,918 | |||||||||||||||||||||||||||||
| Amortization of acquired intangible assets | 458 | (458) | — | 1,332 | (1,332) | — | |||||||||||||||||||||||||||||
| Other (income)/expense, net | 307 | (214) | 93 | 279 | 113 | 392 | |||||||||||||||||||||||||||||
| Earnings/(Loss) before income taxes | 2,536 | 687 | 3,223 | 9,862 | 2,316 | 12,178 | |||||||||||||||||||||||||||||
| Income tax provision | 374 | 81 | 456 | 1,705 | 296 | 2,001 | |||||||||||||||||||||||||||||
| Net earnings/(loss) attributable to BMS used for diluted EPS calculation | $ | 2,162 | $ | 606 | $ | 2,767 | $ | 8,156 | $ | 2,020 | $ | 10,176 | |||||||||||||||||||||||
| Weighted-average common shares outstanding—diluted | 2,053 | 2,053 | 2,053 | 2,049 | 2,049 | 2,049 | |||||||||||||||||||||||||||||
| Diluted earnings/(loss) per share | $ | 1.05 | $ | 0.30 | $ | 1.35 | $ | 3.98 | $ | 0.99 | $ | 4.97 | |||||||||||||||||||||||
Gross margin(b) | 68.3 | % | 0.1 | % | 68.4 | % | 69.9 | % | 0.1 | % | 70.0 | % | |||||||||||||||||||||||
| Effective tax rate | 14.8 | % | (0.6) | % | 14.1 | % | 17.3 | % | (0.9) | % | 16.4 | % | |||||||||||||||||||||||
| Three Months Ended September 30, 2025 | Nine Months Ended September 30, 2025 | ||||||||||||||||||||||||||||||||||
| GAAP | Specified Items(a) | Non-GAAP | GAAP | Specified Items(a) | Non-GAAP | ||||||||||||||||||||||||||||||
Cost of products sold | $ | 3,435 | $ | (122) | $ | 3,312 | $ | 9,839 | $ | (152) | $ | 9,686 | |||||||||||||||||||||||
| Selling, general and administrative | 1,789 | (1) | 1,788 | 5,086 | (25) | 5,061 | |||||||||||||||||||||||||||||
| Research and development | 2,528 | (95) | 2,433 | 7,365 | (434) | 6,931 | |||||||||||||||||||||||||||||
| Amortization of acquired intangible assets | 831 | (831) | — | 2,491 | (2,491) | — | |||||||||||||||||||||||||||||
| Other (income)/expense, net | (108) | (98) | (206) | 725 | (1,189) | (463) | |||||||||||||||||||||||||||||
| Earnings/(Loss) before income taxes | 3,114 | 1,148 | 4,262 | 7,858 | 4,291 | 12,149 | |||||||||||||||||||||||||||||
| Income tax provision | 919 | 31 | 950 | 1,888 | 287 | 2,175 | |||||||||||||||||||||||||||||
| Net earnings/(loss) attributable to BMS used for diluted EPS calculation | $ | 2,201 | $ | 1,117 | $ | 3,318 | $ | 5,967 | $ | 4,004 | $ | 9,971 | |||||||||||||||||||||||
| Weighted-average common shares outstanding—diluted | 2,039 | 2,039 | 2,039 | 2,039 | 2,039 | 2,039 | |||||||||||||||||||||||||||||
| Diluted earnings/(loss) per share | $ | 1.08 | $ | 0.55 | $ | 1.63 | $ | 2.93 | $ | 1.96 | $ | 4.89 | |||||||||||||||||||||||
Gross margin(b) | 71.9 | % | 1.0 | % | 72.9 | % | 72.4 | % | 0.4 | % | 72.9 | % | |||||||||||||||||||||||
| Effective tax rate | 29.5 | % | (7.2) | % | 22.3 | % | 24.0 | % | (6.1) | % | 17.9 | % | |||||||||||||||||||||||
effective tax rate.
(b) Gross margin represents Revenue less Cost of products sold, as a percentage of Revenues.
18
BRISTOL-MYERS SQUIBB COMPANY
NET DEBT CALCULATION
AS OF SEPTEMBER 30, 2026 AND DECEMBER 31, 2025
(Unaudited, dollars in millions)
| September 30, 2026 | December 31, 2025 | ||||||||||
| Cash and cash equivalents | $ | 9,574 | $ | 10,209 | |||||||
| Marketable debt securities - current | 3,007 | 464 | |||||||||
| Marketable debt securities - non-current | 378 | 396 | |||||||||
| Cash, cash equivalents and marketable debt securities | $ | 12,959 | $ | 11,069 | |||||||
| Short-term debt obligations | (1,028) | (2,261) | |||||||||
| Long-term debt | (41,849) | (42,850) | |||||||||
| Net debt position | $ | (29,918) | $ | (34,043) | |||||||
19
Not for Product Promotional Use Q3 2026 Results October 29, 2026
Not for Product Promotional UseQ3 2026 Results Forward Looking Statements and Non-GAAP Financial Information 2 This presentation (as well as the oral statements made with respect to information contained herein) contains statements about Bristol-Myers Squibb Company’s (the “Company”) future financial results, plans, business development strategy, development or expansion of manufacturing facilities, anticipated clinical trials, results and regulatory approvals that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. All statements that are not statements of historical facts are, or may be deemed to be, forward-looking statements. Actual results may differ materially from those expressed in, or implied by, these statements as a result of various factors, including, but not limited to: (i) new laws, government actions, agreements and regulations, including with respect to pricing controls and market access and the imposition of new tariffs, trade restrictions and export regulations, including the potential for international reference pricing and most-favored nation drug pricing for our products, (ii) our ability to obtain, protect and maintain market exclusivity rights and enforce patents and other intellectual property rights, (iii) our ability to achieve expected clinical, regulatory and contractual milestones on expected timelines or at all, (iv) difficulties or delays in the development and commercialization of new products, (v) difficulties or delays in our clinical trials and the manufacturing, distribution and sale of our products, (vi) adverse outcomes in legal or regulatory proceedings, (vii) risks relating to acquisitions, divestitures, alliances, joint ventures and other portfolio actions, (viii) political and financial instability, including changes in general economic conditions, and (ix) risks related to the use of artificial intelligence or other emerging technologies in various facets of the company's operations, including partnerships related to the use of, or the sharing of such technologies with third parties, which may exacerbate competitive, regulatory, litigation, cybersecurity, and other risk. These and other important factors are discussed in the Company’s most recent annual report on Form 10-K and reports on Forms 10-Q and 8-K. These documents are available on the U.S. Securities and Exchange Commission’s website, on the Company’s website or from Bristol-Myers Squibb Investor Relations. No forward-looking statements can be guaranteed. In addition, any forward-looking statements and clinical data included herein are presented only as of the date hereof. Except as otherwise required by applicable law, the Company undertakes no obligation to publicly update any of the provided information, whether as a result of new information, future events, changed circumstances or otherwise. This presentation includes certain non-generally accepted accounting principles (“GAAP”) financial measures that we use to describe the Company’s performance. The non-GAAP financial measures are provided as supplemental information and are presented because management has evaluated the Company’s financial results both including and excluding the adjusted items or the effects of foreign currency translation, as applicable, and believes that the non-GAAP financial measures presented portray the results of the Company’s baseline performance, supplement or enhance management’s, analysts’ and investors’ overall understanding of the Company’s underlying financial performance and trends and facilitate comparisons among current, past and future periods. This presentation also provides certain revenues and expenses excluding the impact of foreign exchange (“Ex-FX”). We calculate foreign exchange impacts by converting our current-period local currency financial results using the prior period average currency rates and comparing these adjusted amounts to our current- period results. Ex-FX financial measures are not accounted for according to GAAP because they remove the effects of currency movements from GAAP results. The non-GAAP information presented herein provides investors with additional useful information but should not be considered in isolation or as substitutes for the related GAAP measures. Moreover, other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. We encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. An explanation of these non-GAAP financial measures and a reconciliation to the most directly comparable financial measure are available on our website at www.bms.com/investors. Also note that a reconciliation of forward-looking non-GAAP measures, including non-GAAP earnings per share (EPS), to the most directly comparable GAAP measures is not provided because comparable GAAP measures for such measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. Namely, we are not, without unreasonable effort, able to reliably predict the impact of accelerated depreciation and impairment charges, legal and other settlements, gains and losses from equity investments and other adjustments. In addition, the Company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. These items are uncertain, depend on various factors and may have a material impact on our future GAAP results. Certain information presented in the accompanying presentation may not add due to the use of rounded numbers.
3 Q3 2026 Results Chris Boerner, PhD Board Chair and Chief Executive Officer
Not for Product Promotional UseQ3 2026 Results Q3 2026 Performance *See “Forward-Looking Statements and Non-GAAP Financial Information” 1. Not an exhaustive list of assets, programs, or indications $6.9 $7.7 Q3 2025 Q3 2026 $ in billions 4 Growth Portfolio Revenues Key Milestones1 +12%; +12% Ex-FX* Diverse portfolio of growth drivers Regulatory Approvals • Camzyos expanded to pediatric oHCM • Zenbexus in multiple myeloma CELMoDs Upcoming Newsflow • Zenbexus RRMM PFS Phase 3 data at ASH • Golcadomide 1L FL Phase 2 data at ASH • Mezigdomide PDUFA: May 13, 2027 Positive Pivotal Data Readouts Achieved • Zenbexus PFS in RRMM • Admilparant in IPF • RYZ101 in GEP-NETs • Arlo-cel in RRMM Expanding U.S. Manufacturing Footprint • Houston manufacturing campus • Indiana radiopharmaceutical manufacturing facility
Q3 2026 Results Not for Product Promotional Use Significant data expected in 2026…and beyond* NME registrational data 2026 • Admilparant IPF (ALOFT-IPF) (Oct ’26) • Arlo-cel 4L+ MM (QUINTESSENTIAL) (Sept ’26) • Iberdomide RRMM PFS (EXCALIBER-RRMM) (Oct ’26) • Mezigdomide RRMM (SUCCESSOR-2) (Mar ’26) • Milvexian SSP (LIBREXIA-STROKE1) • RYZ101 2L+ GEP-NETs (ACTION-1) (Oct ’26) 2027 • Atigotatug + nivolumab 1L ES-SCLC (TIGOS) • Golcadomide High-Risk 1L LBCL (GOLSEEK-1) • Milvexian AF (LIBREXIA-AF1) 2028 • Iza-bren EGFRm NSCLC (IZABRIGHT-Lung01) • Pumitamig 1L ES-SCLC (ROSETTA-Lung-012) • Zola-cel SLE (Breakfree-SLE) LCM pivotal data 2026 • Sotyktu SLE (POETYK SLE-1 & 2) 2027 • Admilparant PPF (ALOFT-PPF) • Cobenfy AD Psychosis (ADEPT) • Cobenfy Bipolar-I (BALSAM-1 & 2) • Mezigdomide RRMM (SUCCESSOR-1) • Sotyktu Sjogren’s Disease (POETYK SjS-1) 2028 • Arlo-cel 2-4L MM (QUINTESSENTIAL-2) • Cobenfy AD Agitation (ADAGIO-2) • Cobenfy AD Cognition (MINDSET-1 & 2) • Cobenfy Adjunctive Bipolar-I (BALSAM-4) • Golcadomide 2L+ FL (GOLSEEK-4) • Krazati 1L NSCLC (KRYSTAL-4) • Krazati 1L NSCLC PD-L1 ≥50% (KRYSTAL-7) • Reblozyl 1L NTD MDS Associated Anemia (ELEMENT) Key next wave early-stage data 2026 • BCMAxGPRC5D dual-targeting CAR T RRMM • Golcadomide 1L FL (GOLSEEK-2) • Imzokitug (anti-CCR8) Solid Tumors • Delocamten (MYK-224) HFpEF (AURORA) • Navlimetostat (PRMT5 inhibitor) Solid Tumors • Pumitamig Solid Tumors2 • Zola-cel Autoimmune Diseases (Breakfree-1 & 2) 2027 • Moponetug (anti-MTBR-tau) Alzheimer’s Disease (TargetTau-1) • Irafamdastat (FAAH/MAGL) AD Agitation (BALANCE-AAD-1) • Irafamdastat (FAAH/MAGL) MS Spasticity (BALANCE-MSS-1) *See “Forward-Looking Statements and Non-GAAP Financial Information”, NME: New Molecular Entity, LCM: Life Cycle Management; 1. Trial conducted by Johnson & Johnson; 2. Trial conducted by BioNTech. Studies shown with dates in parenthesis have reported readouts 5
Q3 2026 Results Not for Product Promotional Use Key Priorities Through Year-End and Beyond* Sustain Growth Portfolio momentum 8 medicines annualizing at >$1B, providing a broad base of growth drivers Solidifying the Growth Profile Filings, approvals and launches, as exemplified by Zenbexus, to bring new medicines to patients and solidify our growth profile Continue rewiring how we operate R&D rigor, driving productivity, and financial discipline enable us to invest in the Growth Portfolio, pursue BD, and return cash to shareholders 6 *See “Forward-Looking Statements and Non-GAAP Financial Information”
7 Q3 2026 Results David Elkins Executive Vice President and Chief Financial Officer
Q3 2026 Results Not for Product Promotional Use $ in billions Growth Portfolio continues to drive revenues Other Growth Brands1 Growth Portfolio Legacy Portfolio Other Mature Brands $6.9 $7.7 5.4 5.4 Q3 2025 Q3 2026 $12.2 $13.1 +12% YoY +12% Ex-FX* 8 *See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Other Growth Brands: Abecma, Augtyro, Empliciti, Inrebic, Nulojix, Onureg & Royalty Revenues, including royalties received from Merck on Winrevair
Not for Product Promotional UseQ3 2026 Results Q3 2026 Oncology product summary *See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Abraxane: Q3 2026 WW Sales $65M - YoY% (13%), (12%) Ex-FX* Global Net Sales1 $M YoY % Ex-FX* % $2,374 (6%) (6%) $793 +7% +8% $367 +23% +23% $334 >200% >200% $58 +10% +10% Opdivo • Remains an important revenue contributor to the Growth Portfolio and continues to deliver value to patients 9 Qvantig • Continued global growth is driven by meaningful convenience to patients and healthcare systems Opdualag • Growth reflects strong demand and established position as a standard of care in 1L melanoma
Not for Product Promotional UseQ3 2026 Results Global Net Sales1 $M YoY % Ex-FX* % $750 +22% +22% $526 +46% +48% $303 (47%) (47%) $130 (81%) (80%) Q3 2026 Hematology product summary *See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Abecma: Q3 2026 WW Sales $76M - YoY% (44%), (43%) Ex-FX*; Sprycel: Q3 2026 WW Sales $73M - YoY% (38%), (38%) Ex-FX*; 2. In the U.S., generic lenalidomide products are no longer volume-limited as of January 31, 2026; 3. In the U.S., generic pomalidomide entered in March of 2026 Reblozyl • Growth driven by continued global demand across MDS-associated anemia 10 3 2 Breyanzi • Continued strong demand as the leading CD19 directed CAR T across B-cell malignancies, focused on growing adoption in the community outpatient setting
Not for Product Promotional UseQ3 2026 Results Q3 2026 Cardiovascular & Immunology product summary Global Net Sales (Cardiovascular) $M YoY % Ex-FX* % $4,690 +25% +26% $420 +42% +42% *See “Forward-Looking Statements and Non-GAAP Financial Information” Eliquis • Continued U.S. demand growth and market share gains Camzyos • Continued strong global demand and market penetration in oHCM • Strong launch momentum outside the U.S. 11 Global Net Sales (Immunology) $M YoY % Ex-FX* % $983 +2% +2% $100 +26% +25% Sotyktu • Continued engagement with the rheumatology community ahead of pivotal SLE and SjD readouts
Not for Product Promotional UseQ3 2026 Results Q3 2026 Neuroscience product summary Global Net Sales $M YoY % Ex-FX* % $168 +5% +5% $57 +33% +33% Cobenfy • Potential new indications to drive next wave of growth • Improving patient experience through prescriber education emphasizing optimized dose utilization *See “Forward-Looking Statements and Non-GAAP Financial Information” 12
Not for Product Promotional UseQ3 2026 Results US GAAP Non-GAAP $ in billions, except EPS Q3 2026 Q3 2025 Q3 2026 Q3 2025 Total Revenues, net 13.1 12.2 13.1 12.2 Gross Margin %1 68.3% 71.9% 68.4% 72.9% Operating Expenses2 4.1 4.3 4.1 4.2 Acquired IPR&D 1.6 0.6 1.6 0.6 Amortization of Acquired Intangibles 0.5 0.8 - - Effective Tax Rate 14.8% 29.5% 14.1% 22.3% Diluted EPS 1.05 1.08 1.35 1.63 Diluted Shares Outstanding (# in millions) 2,053 2,039 2,053 2,039 Q3 2026 Financial Performance GA P Non- P* Diluted EPS Impact from Acquired IPR&D3 (0.58) (0.20) (0.58) (0.20) *See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Gross Margin = Revenue less COGS as a percentage of Revenue; 2. Operating Expenses = SG&A and R&D; 3. Represents the net impact from Acquired IPRD & licensing income 13
Not for Product Promotional UseQ3 2026 Results Strategic approach to Capital Allocation 1. Cash includes cash, cash equivalents and marketable debt securities; 2. Subject to Board approval Cash flow from Operations $B 14 $6.3 $2.0 $1.1 $3.4 $4.2 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 $B Q3 2026 Total Cash1 ~$13.0 Total Debt ~$42.9 Business Development • Pursue opportunities and partnerships to diversify portfolio & strengthen long-term outlook Balance Sheet Strength • Strong balance sheet affords financial flexibility • Maintain strong investment-grade credit rating Returning Cash to Shareholders • Remain committed to our dividend2 • ~$5B share repurchase authorization remaining as of September 30, 2026
Not for Product Promotional UseQ3 2026 Results 2026 Guidance* 15 *The Company does not reconcile forward-looking non-GAAP measures. See “Forward-Looking Statements and Non-GAAP Financial Information”; 2026 Guidance excludes the impact of any potential strategic acquisitions, divestitures, specified items that have not yet been identified and quantified, and the impact of future Acquired IPRD charges and licensing income incurred after September 30, 2026; 1. Guidance provided in July was calculated based on mid-July foreign exchange rates; Guidance provided in October was calculated based on mid-October foreign exchange rates; 2. Operating Expenses = SG&A and R&D Non-GAAP1 July (Prior) October (Updated) Total FY Revenues (Reported & Ex-FX) ~$49.0 - $50.0B ~$49.75 - $50.25B Gross Margin % ~69-70% No change Operating Expenses2 ~$16.5B No change Other Income/ (Expense) ~($700M) ~($650M) Tax Rate ~18% No change Diluted EPS $6.75 - $7.00 $6.35 - $6.55 Acquired IPRD Charge & Licensing Income Included in Diluted EPS ($0.02) ($0.60) • FY revenue increase vs. prior guidance reflects year-to- date strength: • Continued Growth Portfolio strength • 3% to 5% decline in Legacy Portfolio • 20% to 25% growth in WW Eliquis revenue • Gross margin reflects impact of product mix • Operating expenses increase reflects growth-oriented initiatives • OI&E reflects favorable net interest • Updated diluted EPS guidance incorporates $0.58 impact from Acquired IPRD and Licensing Income in Q3 Diluted weighted-average shares outstanding of 2,051 million were used to calculate 2026 diluted EPS guidance Key Highlights
Chris Boerner, PhD Board Chair, Chief Executive Officer David Elkins Executive VP, Chief Financial Officer Adam Lenkowsky Executive VP, Chief Commercialization Officer Cristian Massacesi, MD Executive VP, Chief Medical Officer, Global Drug Development Q3 2026 Results Q&A