Guocheng Investment Advisory: Bristol-Myers Squibb’s Q2 Performance Shows Growth; Its Innovative Pipeline Warrants Attention

Event On July 30, 2026, Bristol-Myers Squibb (BMS) reported its Q2 2026 financial results: total revenue of $12.97 billion (up 5.7% year-on-year, same below); non-GAAP EPS of $2.04; and growth portfolio revenue of $7.56 billion (up 15%), which became the core growth driver. In H1 2026, total revenue reached $24.462 billion (up 4%), with growth-stage products generating $13.787 billion (up 13%) and mature products $10.699 billion (down 5%). The company raised its full-year 2026 revenue guidance from $46–47.5 billion to $49–50 billion, and its non-GAAP EPS guidance from $6.05–6.35 to $6.75–7.00. Approximately $5 billion remains authorized for share repurchases. Core Viewpoints Core products support cash flow; growth portfolio mitigates patent cliffs: Oral Factor Xa inhibitor Eliquis remains BMS’s largest cash generator—Q2 2026 sales totaled $4.48 billion (up 22%), capturing 80% of newly prescribed anticoagulant treatments in the U.S. In its Q2 2026 earnings report, the company raised its full-year growth guidance for Eliquis from 10–15% to 20–25%; patent protection extends through 2026–2030. In Q2 2026, immunomodulator Revlimid suffered significant generic erosion, with sales falling 49% to $425 million. Within the growth portfolio, anemia therapy Reblozyl posted Q2 2026 sales of $735 million (up 29%), as penetration continues rising in myelodysplastic syndromes and beta-thalassemia. CAR-T therapy Breyanzi expanded into new indications, achieving Q2 2026 sales of $484 million (up 41%). Several other drugs delivered strong Q2 2026 revenue growth: hypertrophic cardiomyopathy myosin inhibitor Camzyos generated $416 million (up 60%); melanoma bispecific antibody Opdualag, $349 million (up 23%); KRAS G12C inhibitor Krazati, $55 million (up 14%). Subcutaneous PD-1 monoclonal antibody Qvantig achieved Q2 2026 sales of $261 million (up 770%) and H1 2026 sales of $424 million (up 1016%); approximately 15% of patients have transitioned from intravenous to subcutaneous administration. Readouts from three pivotal Phase III trials have been broadly delayed, pushing subsequent validation into 2027. 1. Oral Factor XIa inhibitor milvexian is positioned as Eliquis’s successor in anticoagulation. Preclinical studies indicate that milvexian maintains stroke prevention efficacy comparable to Eliquis while significantly reducing major bleeding risk.

This pharmaceutical stock’s rally has only just begun

With a market capitalization of $165 billion, Bristol-Myers Squibb is already deploying novel therapies to offset declining revenues—and several of these new drugs have already received regulatory approval. Opdualag, a treatment for metastatic melanoma, has been approved by the U.S. Food and Drug Administration (FDA). The FDA has also approved Camzyos—scientifically known as mavacamten—for treating heart disease, specifically obstructive hypertrophic cardiomyopathy. Tim Anderson, analyst at Wolfe Research, stated: “Opdualag’s approval helped lift Bristol-Myers Squibb’s stock price, but even more importantly, mavacamten also gained approval.” Anderson projected that Opdualag’s sales could reach $1.1 billion by 2030—up sharply from $6 million in its first quarter post-launch in March—while mavacamten’s sales may climb to $3.6 billion, versus an expected $18 million in Q2 2022. Bristol-Myers Squibb is developing additional therapies to further broaden its pipeline. The company anticipates results from the Phase II trial of milvexian—a secondary stroke prevention drug—to emerge mid-year. Management indicated on its most recent earnings call that the drug is expected to enter Phase III trials by year-end. Steve Chesney, analyst at Atlantic Securities, noted that current analyst consensus forecasts milvexian’s sales will not exceed $2 billion before 2030. However, if the trial succeeds and regulatory approval follows, that forecast could rise to approximately $5 billion. At its investor meeting on November 16, 2021, management revealed that Bristol-Myers Squibb has over 50 early-stage development candidates—including 12 oncology assets. Not all will succeed, but some inevitably will—and that is precisely what Bristol-Myers Squibb needs. Evan Seigerman, analyst at BMO Capital Markets, remarked: “Bristol-Myers Squibb is now stepping forward decisively.” He projects the stock price will reach $92—20.9% above its May 27 closing price. As new products approach approval and early-stage assets advance, investors may reassess Bristol-Myers Squibb’s valuation. The company’s expected earnings per share for the next 12 months stand at $7.81, implying a forward P/E ratio slightly below 10x at the current share price—far lower than Eli Lilly’s (LLY) 34x, Johnson & Johnson’s (JNJ) 17x, or Merck’s (MRK) 12.7x. Only Pfizer (PFE), at 8.5x, trades at a lower multiple—but this reflects investor skepticism regarding its COVID-19 vaccine revenue. Comparing Bristol-Myers Squibb directly with Merck is especially apt. Market consensus forecasts Bristol-Myers Squibb’s sales to grow at a compound annual growth rate (CAGR) of just under 1% between 2022 and 2027, reaching $48.7 billion, of which $19 billion will stem from newly launched products.

Bristol Myers raises 2026 revenue forecast, lowers EPS due to charge

4 days ago

Bristol Myers Squibb raised its full-year revenue forecast while lowering 2026 EPS due to an acquisition charge, driven by strong sales of newer medicines. Third-quarter revenue rose 7% to $13.1 billion, beating analyst expectations despite ongoing safety reviews for clinical trials.

reuters

2026-04-30

Bristol Myers beats quarterly profit estimates on blood thinner, cancer drug sales

2026-05-15

BMS Is Latest Big Pharma Firm to Partner with China’s Hengrui

2026-05-20

Bristol Myers to deploy Anthropic's Claude AI model to speed up drug discovery

2026-07-30

Bristol Myers raises 2026 forecast as Eliquis, newer medicines power results

2026-10-16

New 'Mousane' Scaffold Enters Medicinal Chemist’s Toolbox