Bristol Myers Squibb (BMY) Tops Q3 Estimates as Eliquis Sales Grow 26%

Bristol Myers Squibb (BMY) reported third-quarter revenue of $13.07 billion, up 7% year on year, beating the $12.56 billion analysts expected, according to the Zacks consensus cited by Yahoo Finance. Adjusted earnings of $1.35 a share topped the $1.21 Zacks consensus, though they fell from $1.63 a year earlier because of charges for research the company bought. The results came out before the open on Thursday, and the stock rose 1.4% that day to close at $61.39.

The shares kept climbing on Friday. They were up 3.6% at $63.60 as of 9:31 a.m. ET. We could not find a company-specific reason for Friday’s gain reported by two outlets.

What stood out

Eliquis, the blood thinner, did the most work. Its sales rose 26% to about $4.7 billion, which the company put down to higher net prices, demand, and market share gains.

The newer medicines in what Bristol Myers calls its growth portfolio rose 12% to $7.7 billion. Breyanzi, a cell therapy for blood cancers, grew 48% to $526 million, Camzyos, a heart drug, rose 42% to $420 million, and Reblozyl, an anemia treatment, rose 22% to $750 million. Chief Executive Christopher Boerner said on the call that eight growth-portfolio medicines are now each on pace for more than $1 billion a year, based on third-quarter sales.

There were soft spots. Opdivo, the cancer immunotherapy, fell 6% to about $2.4 billion as patients moved to Opdivo Qvantig, the under-the-skin version, which brought in $334 million. Cobenfy, the schizophrenia pill, sold $57 million.

The outlook

Bristol Myers raised its 2026 revenue forecast to $49.75 billion to $50.25 billion. It now expects Eliquis sales to grow 20% to 25% this year and its older legacy products to fall 3% to 5%.

The earnings forecast moved the other way, to $6.35 to $6.55 a share on an adjusted basis from $6.75 to $7.00. The new range includes a $0.60 net charge for acquired research and licensing income. Management said on the call that, without the third-quarter charges, the midpoint would have risen by about $0.15. It also expects Eliquis revenue to step down by $1.5 billion to $2 billion in 2027 as the drug loses patent protection.

Our take

This was a clean beat on sales, carried by Eliquis and the newer drugs, and the revenue forecast went up. The lower earnings forecast reflects deal charges rather than weaker trading, but the bigger question is 2027, when Eliquis starts to shrink. Next quarter we’d watch Cobenfy’s sales, and how fast the growth portfolio fills the Eliquis gap.