Bristol Myers Squibb posted first-quarter adjusted earnings per share of $1.58, surpassing the LSEG consensus of $1.42, while revenue reached $11.49 billion against expectations near $10.9 billion. Strong demand for the blood thinner Eliquis and growth from recently introduced cancer medicines underpinned the outperformance, sending the company's shares higher.
Eliquis, which Bristol Myers markets with Pfizer, generated $4.14 billion in sales for the quarter, a 16% increase from the year-ago period. Chief Commercialization Officer Adam Lenkowsky said prescription momentum remains strong, with new prescription share above 75%. He noted in an interview that Eliquis' performance supports the expectation for continued growth later in the year.
Newer oncology treatments contributed meaningfully to results as well. The company cited rising sales of products such as the cell therapy Breyanzi and the cardiac drug Camzyos among the growth drivers that helped offset sharp declines in older medicines that have faced generic competition, including the former top seller Revlimid.
Sales from Bristol Myers' growth portfolio increased 12% to $6.23 billion, representing more than half of total quarterly revenue. That shift in the revenue mix highlights the company's dependence on recently launched and in-line products to sustain top-line expansion as legacy medicines face patent expiry and generic pressure.
Not all growth drivers performed uniformly. RBC Capital Markets analyst Trung Huynh observed that while the quarter produced a headline beat, some growth medicines showed mixed results. Huynh emphasized the importance of catalysts expected in the second half of 2026 - including potential regulatory approval of a next-generation cancer therapy and late-stage readouts from studies such as milvexian for atrial fibrillation and Cobenfy for agitation in Alzheimer’s - in shaping the company’s medium-term trajectory.
Sales of the original formulation of the cancer immunotherapy Opdivo were $2.15 billion in the quarter, down 5% year-over-year and below estimates of $2.33 billion. Finance chief David Elkins attributed the shortfall to wholesalers trimming inventory and said the company is monitoring whether inventory levels normalize over the remainder of the year. Bristol Myers also recorded $163 million in sales for the subcutaneously administered version, Opdivo Qvantig, which launched last year.
Management maintained the company’s 2026 guidance, reaffirming revenue of $46.0 billion to $47.5 billion and adjusted earnings per share of $6.05 to $6.35, with results expected to gravitate toward the high end of the ranges. CEO Chris Boerner outlined efforts to accelerate early-stage discovery using artificial intelligence, aiming to reduce the time to identify potential drug molecules by about 50% and shorten clinical development cycle times by roughly 30% over time.
Elkins told Reuters that ongoing cost-reduction initiatives are enabling continued investment in the growth portfolio and supporting dividend increases. The cost-cutting program has delivered $1 billion of a planned $2 billion in savings through the end of 2025, and management remains on track to achieve the full $2 billion target by the end of next year.
Contextual implications - The quarter illustrates a transition toward a revenue base more reliant on newer branded medicines and advanced therapies, while management is balancing near-term inventory dynamics and longer-term efficiency initiatives to preserve cash flow for investment and shareholder returns.
Data points preserved from company reporting - Adjusted EPS $1.58; consensus $1.42. Revenue $11.49 billion; consensus about $10.9 billion. Eliquis sales $4.14 billion, up 16%. Growth portfolio sales up 12% to $6.23 billion. Opdivo sales $2.15 billion, down 5%; Opdivo Qvantig $163 million. 2026 guidance: revenue $46.0 billion to $47.5 billion; adjusted EPS $6.05 to $6.35. Cost-savings realized $1 billion of $2 billion planned by end of 2025.