Bristol-Myers Squibb (BMY) is trading lower on Friday, May 1, 2026, as the market digests its first-quarter 2026 update released April 30. While the company reported results ahead of expectations, the key headline for many investors was that Bristol-Myers reaffirmed (did not raise) its 2026 revenue outlook of about $46.0 billion to $47.5 billion and non-GAAP EPS guidance of $6.05 to $6.35, even as it said results are trending toward the upper end of the ranges. (bms.com)

Bristol-Myers reported Q1 2026 revenue of $11.489 billion, up 3% year over year, with Growth Portfolio revenue of $6.227 billion up 12% and Legacy Portfolio revenue of $5.277 billion down 6%. The company highlighted that Eliquis demand increased, but declines tied to expected generic impacts across other legacy brands continued to weigh on the overall legacy bucket—keeping attention on the pace of the patent-cliff transition. (bms.com)

Within the quarter, several newer products posted strong growth, including Camzyos (worldwide sales $314 million, up 97%), Breyanzi ($411 million, up 56%), and Reblozyl ($555 million, up 16%). Offsetting these were sharp legacy declines such as Revlimid ($349 million, down 63%) and Pomalyst/Imnovid ($513 million, down 22%), reinforcing concerns that even a strong growth-portfolio trajectory must outrun ongoing generic erosion elsewhere. (bms.com)

Bristol-Myers emphasized multiple upcoming pivotal data readouts and pipeline milestones, which remain central to whether growth assets can sustainably replace lost legacy revenue. Investors will also watch whether future quarters translate the company’s “upper end” trend commentary into a formal guidance increase, and whether margins remain pressured by product mix as the portfolio shifts. (bms.com)