BRISTOL MYERS SQUIBB CO — Form 8-K
Filed October 29, 2026 · analyzed by the 8-K Agent
8-K
▲ Likely positive
significance 52/100
What the filing says
Bristol Myers Squibb reported Q3 2026 revenues of $13.1 billion (+7% YoY), with Growth Portfolio revenues of $7.7 billion (+12% YoY). The company raised full-year 2026 revenue guidance from $49.0–$50.0 billion to $49.75–$50.25 billion and updated non-GAAP EPS guidance to $6.35–$6.55 (from $6.75–$7.00), reflecting broad portfolio momentum. Key driver: Eliquis (anticoagulant) grew 25% YoY to $4.7 billion in Q3; newer Growth Portfolio assets like Breyanzi (+46%), Camzyos (+42%), and newly approved Zenbexus contributed meaningfully. Gross margin compressed 360 bps GAAP (450 bps non-GAAP) due to product mix shift. Acquired IPRD charges totaled $1.6 billion in Q3, driving a $(0.58) per-share headwind to reported and non-GAAP EPS.
Why this rating
Modest guidance raise (~1.6% revenue midpoint) is positive but modest relative to $94B market cap. Growth Portfolio momentum and Eliquis strength are material, but Legacy Portfolio decline (-3%), margin compression, and large IPRD charges temper enthusiasm. Ordinary earnings update with real but limited trajectory shift.
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