The Bristol Myers Squibb Q3 2026 results show newer medicines pulling the company forward while older ones fade. Bristol Myers Squibb reported third-quarter revenue of $13.1 billion, up 7%, and raised its 2026 revenue forecast to $49.75 billion to $50.25 billion from $49 billion to $50 billion, according to press reports. Its Growth Portfolio of newer drugs grew 12% to $7.7 billion, while the Legacy Portfolio grew 1% to $5.4 billion. Earnings per share fell, however, because of a large charge for acquired research. This explainer sets out the numbers, the guidance, the product trends, the pipeline events and a conflict in the reports on earnings guidance.
Bristol Myers Squibb Q3 2026 results: key takeaways
- Revenue was $13.1 billion, up 7%; one report put the analyst estimate at $12.75 billion.
- Growth Portfolio revenue was $7.7 billion, up 12%; Legacy Portfolio revenue was $5.4 billion, up 1%.
- Non-GAAP earnings per share were $1.35, down 17%, largely because of a $1.6 billion acquired in-process research and licensing charge, about $0.58 per share.
- 2026 revenue guidance rose to $49.75 billion to $50.25 billion.
- Reports say 2026 non-GAAP EPS guidance was cut to $6.35 to $6.55 because of that charge; see the conflict noted below.
Bristol Myers Squibb Q3 2026 results by the numbers
Revenue of $13.1 billion was up 7% year on year. By our own calculation, the Growth Portfolio made up about 59% of revenue ($7.7 billion of $13.1 billion). Non-GAAP EPS of $1.35 was down 17%. Acquired in-process research and development and licensing charges were $1.6 billion, up 146%, with an impact of $0.58 per share, according to the reports. The company had about $13 billion in cash and marketable securities and operating cash flow of about $4.2 billion. Financial filings are posted by the US Securities and Exchange Commission and the company at bms.com.
Guidance in the Bristol Myers Squibb Q3 2026 results
Revenue guidance for 2026 was raised to $49.75 billion to $50.25 billion. The reports say the company expects its Legacy Portfolio to fall 3% to 5% for the year and Eliquis revenue to grow 20% to 25%. Two summaries and the brief we received say adjusted EPS guidance was lowered to $6.35 to $6.55 from $6.75 to $7.00 because of the acquisition charge. A third transcript summary said the range was raised. We could not reach a primary company release, and the lowered reading fits the $0.58 charge, so we report it as lowered but flag the conflict. By our own calculation, adding the charge back gives underlying EPS of about $6.93 to $7.13, close to the old range.
Product trends in the Bristol Myers Squibb Q3 2026 results
Eliquis revenue was about $4.7 billion, up 26%. Opdivo was about $2.4 billion, down 6%, while its subcutaneous version, Opdivo Qvantig, reached $334 million, up 28% from the previous quarter. Breyanzi, a cell therapy, reached $526 million, up 48%. Revlimid was $750 million, up 22%. Camzyos reached $420 million, up 42%, Cobenfy $57 million, up 33%, and Sotyktu grew 25%. We did not find a Reblozyl figure in the sources, so we cannot report it.
The Eliquis question in the Bristol Myers Squibb Q3 2026 results
Management said Eliquis faces loss of exclusivity in Europe, which affects the fourth quarter, and expects a step-down of $1.5 billion to $2 billion in 2027, according to the reports. The company is also targeting $2 billion of efficiencies by the end of 2027. These points explain why investors watch the Growth Portfolio closely: it has to replace revenue that older products will lose. We offer no forecast.
Pipeline events behind the Bristol Myers Squibb Q3 2026 results
Reports describe several milestones. Zenbexus, the first CELMoD agent, received FDA accelerated approval in multiple myeloma, with Phase 3 progression-free survival data due at the ASH meeting in December. Mezigdomide, an investigational CELMoD, has a target action date of 13 May 2027. The investigational drug admilparant met its primary endpoint in idiopathic pulmonary fibrosis at 60 mg, though the 120 mg dose was not statistically significant. RYZ101 had a positive Phase 3 interim analysis, which we covered in our report on the RYZ101 trial. Arlo-cel showed positive Phase 2 results, and milvexian and Sotyktu lupus data are expected before year-end.
Manufacturing investment in the Bristol Myers Squibb Q3 2026 results
The company plans a $2.3 billion manufacturing campus in Houston, and RayzeBio is investing more than $170 million in a radiopharmaceutical site in Indiana. Chief executive Chris Boerner and chief financial officer David Elkins commented on the results, according to the reports. The sources do not give timelines for these projects.
Market context from Acumen Research and Consulting
Acumen Research and Consulting’s Cancer Therapeutics Market report values the global market at USD 193.7 billion in 2024 and projects USD 381.5 billion by 2033, a CAGR of 7.9% for 2025 to 2033. North America was the largest region at USD 71.7 billion in 2024, by our calculation about 37% of the total, and Asia Pacific is projected to grow fastest at 8.8% a year. The page was published in April 2025, so it predates these results. Related coverage is in our Pharmaceutical section.
Timeline of the Bristol Myers Squibb Q3 2026 results
- Late October 2026: third-quarter results and raised revenue guidance.
- December 2026: Phase 3 data for Zenbexus expected at ASH.
- 13 May 2027: mezigdomide target action date.
General background: growth and legacy portfolios
Large drug makers often group products by life stage. Newer medicines that are still expanding form the growth group, while older products facing patent expiry form the legacy group. The challenge is to build the first faster than the second declines.
Our analysis of the Bristol Myers Squibb Q3 2026 results
In our assessment, the Bristol Myers Squibb Q3 2026 results show the transition working in revenue terms, with the Growth Portfolio now about 59% of sales, while the earnings picture is clouded by acquisition charges. The 2027 Eliquis step-down is the central test.
What is not disclosed in the Bristol Myers Squibb Q3 2026 results
- A primary company release confirming the EPS guidance direction was not available to us.
- A Reblozyl sales figure.
- Detail on the acquisitions behind the charge.
Risks and caveats
This article relies on press reports of the results and flags a conflict on EPS guidance. Investigational drugs are not approved for the uses described. It is news reporting and not investment or medical advice.
What to watch next after the Bristol Myers Squibb Q3 2026 results
- ASH data in December.
- Milvexian and Sotyktu lupus data.
- Eliquis in Europe.
Questions readers ask about the Bristol Myers Squibb Q3 2026 results
Did revenue guidance rise? Yes, to $49.75 billion to $50.25 billion. Did EPS rise? It fell 17% in the quarter. Why? A large acquisition charge.
FAQ
What was revenue?
$13.1 billion, up 7%.
Which portfolio grew faster?
The Growth Portfolio, up 12%.
What is the biggest risk?
The 2027 Eliquis step-down.
How we reported this: we relied on press reports of the results, public company and regulator pages and the Acumen Research and Consulting report cited above. We did not have a primary company release. Our calculations are labelled. Last updated 30 October 2026. This is news reporting and not advice.