Bristol Myers Squibb reported a stronger-than-expected second quarter, led by robust demand for its blood thinner Eliquis and several newer products, and has raised both its full-year revenue outlook and its adjusted earnings projection for 2026.
For the quarter, the U.S. drugmaker recorded revenue of $12.97 billion, an increase of 6% from the same period a year earlier and above the LSEG analysts' average estimate of $11.75 billion. The company posted adjusted earnings of $2.04 per share, topping expectations of $1.59 per share.
Following the results, Bristol Myers raised its full-year revenue guidance to a range of $49 billion to $50 billion, up from its prior forecast of $46 billion to $47.5 billion. It also increased its adjusted earnings outlook for 2026 to $6.75 to $7.00 per share from an earlier $6.05 to $6.35 range.
Performance by franchise
Eliquis, the partnered anticoagulant that Bristol Myers markets jointly with Pfizer, was a major contributor to the quarter. Eliquis sales reached $4.48 billion, a 22% rise and above analysts' estimates of $4.06 billion. Management has lifted the Eliquis sales growth forecast for the year to a 20% to 25% increase, up from a prior projection of 10% to 15%.
Company executives noted that Eliquis' share of new U.S. prescriptions is approaching 80%. Bristol Myers had previously raised this forecast in February, saying a price reduction would allow it to avoid penalties under the U.S. Medicare program.
Newer medicines also outperformed expectations. Reblozyl, an anemia therapy, generated $735 million in sales versus analyst expectations of about $664 million. Camzyos, a heart medicine, delivered $416 million compared with expected sales of $365 million. The cancer cell therapy Breyanzi produced $484 million, topping estimates of $422 million.
Opdivo, the company’s established cancer immunotherapy, saw sales decline 3% to $2.49 billion, slightly below Wall Street expectations. Management is focused on converting patients from intravenous Opdivo to a subcutaneous formulation called Qvantig. Conversion from the intravenous form is approaching 15%.
Qvantig added $261 million in quarterly revenue, exceeding analysts’ estimates of $215 million. Bristol Myers said combined sales of Opdivo and Qvantig are growing at a mid-single-digit rate.
Portfolio dynamics and pressures
The company continues to contend with sales erosion in older brands facing generic competition. Revlimid, once Bristol Myers’ top-selling drug, saw sales fall 49% to $425 million in the quarter. Management highlighted that its growth portfolio expanded 15% in Q2 and that nine products are posting double-digit growth; these medicines are described as early in their commercial life cycles.
Management commentary emphasized the company's strategy of offsetting declines from legacy products with newer launches and growth-stage assets.
Implications for markets and stakeholders
The stronger top-line performance and upward revision to guidance underscore the commercial momentum behind Eliquis and a slate of recently introduced therapies, while continuing generic pressure on older oncology medicines represents a headwind. Investors will likely watch Eliquis prescription trends, the pace of conversion to Qvantig, and the durability of launches such as Reblozyl and Camzyos as drivers of future results.