Bristol Myers raises 2026 revenue forecast, lowers EPS due to charge
BMY•Bristol Myers Squibb raised its 2026 revenue forecast to $49.75 billion-$50.25 billion but lowered its adjusted EPS outlook to $6.35-$6.55, citing an acquisition-related charge. Third-quarter revenue rose 7% to $13.1 billion, beating analyst estimates, while adjusted earnings were $1.35 per share.
1. Quarterly results and outlook
Bristol Myers Squibb raised its 2026 revenue forecast to $49.75 billion-$50.25 billion from $49 billion-$50 billion, while lowering its adjusted EPS projection to $6.35-$6.55 from $6.75-$7.00 because of an acquisition-related charge. Analysts had forecast $49.89 billion in revenue and adjusted EPS of $6.49. Third-quarter revenue rose 7% to $13.1 billion, above the $12.75 billion estimate, and adjusted earnings were $1.35 per share; the company took a 58-cent charge in the quarter.
2. Drug sales and pipeline
Sales of newer medicines rose 12%, led by Breyanzi and Reblozyl. Opdivo sales fell 6% to $2.37 billion, while Qvantig sales more than tripled to $334 million. Bristol Myers expects trial data next year for milvexian in atrial fibrillation and Cobenfy in Alzheimer's-related psychosis.
3. Cell therapy trial pause
Bristol Myers is working with the FDA to resume enrollment in trials of its experimental cell therapy zolacabtagene autoleucel in autoimmune diseases, aiming for early 2027. The company paused the studies in September to review safety data. Chief Medical Officer Cristian Massacesi said a review identified a manufacturing reagent as the root cause of the safety issue and that the company had adjusted it; last week, Bristol disclosed the death of a patient enrolled in a trial of the therapy for multiple sclerosis.
