Bristol-Myers Squibb earnings: third quarter 2026

Bristol-Myers Squibb grew sales 7% to $13.1 billion in the third quarter of 2026, led by its blood thinner Eliquis and its newer medicines, and raised its sales forecast for the year. Profit per share fell, though, as the company paid far more to buy rights to experimental drugs and kept less of each sales dollar after making its products, and it cut its forecast for profit per share for the year. ¹

Against what analysts expected

The company's adjusted profit per share of $1.35 was above the $1.21 average analysts' forecast compiled by Nasdaq's earnings calendar, while its standard profit per share of $1.05 was below it, so whether the quarter came in above or below expectations depends on which measure is used. ¹²

The strong points

• Sales rose 7% from a year ago to $13.1 billion, with the U.S. growing faster than the rest of the world. ¹
• Eliquis, its older blood thinner, grew 25%, while the newer group of medicines the company calls its Growth Portfolio rose 12% to $7.7 billion. ¹
• Net debt, borrowing minus cash and investments, fell to $29.9 billion from $34.0 billion at the end of 2025. ¹

The weak points

• Gross margin, what is left of each sales dollar after the direct cost of making the products, fell to 68.3% from 71.9% a year ago. ¹
• Charges for buying rights to experimental drugs more than doubled to about $1.6 billion, which the company says took $0.58 off profit per share. ¹
• Cash from running the business was $4.2 billion, down about a third from a year ago, though still about twice the quarter's reported profit. ¹

What the company expects

• The company raised its 2026 sales forecast to about $49.75 billion to $50.25 billion, up from $49.0 billion to $50.0 billion in July, and narrowed the range. ¹
• It cut its forecast for adjusted profit per share to $6.35 to $6.55, from $6.75 to $7.00, because it now expects deal charges of $0.60 a share against $0.02 before. ¹

Our verdict on the quarter

A mixed report. A good quarter for sales and a raised sales forecast, but profit per share fell and the company cut its profit forecast for the year, mostly because of the cost of buying rights to experimental drugs rather than a weaker business.

The results as published

• The results release itself
• The filing it came with (SEC)

Notes

1. Bristol-Myers Squibb's results release, 29 October 2026: sec.gov. ↩
2. Nasdaq's earnings calendar, 29 October 2026. ↩