Bristol-Myers Squibb (BMY) Q1 2026: Eliquis Surge and Growth Portfolio Lead Earnings Beat

Bristol-Myers Squibb Company (BMY) entered 2026 at a pivotal juncture defined by a portfolio transition in progress. Its Q1 2026 results confirmed the thesis: the growth portfolio is expanding fast enough to offset legacy drug erosion, and Eliquis continues to outperform. The company beat consensus on both revenue and non-GAAP EPS, reaffirmed full-year guidance, and told investors that performance is tracking toward the upper end of both ranges.

Q1 2026 Revenue and Earnings: Beat Driven by Portfolio Mix

Bristol-Myers Squibb reported Q1 2026 total revenues of $11.49 billion, up approximately 2.6% year over year and above the Wall Street consensus estimate of approximately $10.88 billion.

GAAP diluted EPS was $1.31. Non-GAAP adjusted EPS was $1.58, exceeding the analyst consensus estimate of approximately $1.43 by $0.15 per share, or approximately 10.5%. Non-GAAP figures exclude acquisition-related charges, amortization of acquired intangibles, and other non-recurring items.

Metric	Q1 2026 Actual	Q1 2025 Actual	YoY
Total Revenues	$11.49B	$11.2B	+3%
Non-GAAP EPS	$1.58	$1.80	-12%
GAAP EPS	$1.31 (GAAP)	$1.20	+9%
GAAP Gross Margin	70.2%	72.9%	−270 bps

Operating cash flow of $1.1 billion was impacted by accruals related to the Eliquis Medicare price adjustment under the Inflation Reduction Act’s drug price negotiation framework. Shares rose approximately 4% on April 30, 2026, reflecting positive investor reaction to the growth portfolio’s momentum.

Eliquis and the Growth Portfolio: The New Revenue Core

Eliquis, the anticoagulant co-commercialized with Pfizer, delivered Q1 2026 revenues of $4.14 billion, up 16% year over year, driven by sustained demand in atrial fibrillation and venous thromboembolism indications. The Q1 2026 result implies an annualized run rate above $16 billion, tracking at or above the upper end of management’s full-year 2026 growth guidance of 10–15%.

Beyond Eliquis, the broader growth portfolio generated $6.2 billion in Q1 2026 revenues — up 12% year over year on a reported basis (+9% excluding foreign exchange) — and now represents 54% of total Q1 2026 revenues, up from prior periods. This 54% share marks a structural inflection point: the growth portfolio has crossed the majority threshold for the first time.

Key individual growth portfolio contributors in Q1 2026 include Opdivo ($2.1 billion) and Orencia ($818 million), along with newer assets such as Reblozyl, Breyanzi, Camzyos, Opdualag, and Cobenfy, several of which crossed the $1 billion annual sales threshold in 2025 (Bristol-Myers Squibb Q1 2026 Earnings Release, April 30, 2026).

Product / Segment	Q1 2026 Revenue	YoY Growth	Basis
Eliquis	$4.14B	+16%	GAAP
Growth Portfolio (total)	$6.2B	+12% reported / +9% ex-FX	GAAP
Growth Portfolio as % of revenues	54%	Up from prior mix	GAAP

Legacy Portfolio Headwinds and Gross Margin Pressure

The legacy portfolio — which includes Revlimid, Pomalyst, Sprycel, and Abraxane — declined approximately 6% year over year in Q1 2026, generating $5.3 billion. This structural erosion reflects generic competition following patent expirations. Full-year 2025 legacy revenues had already declined 15% to $21.8 billion, and management’s 2026 guidance incorporates an expected further decline of 12–16% in the segment.

The gross margin impact of the portfolio transition was visible in Q1 2026. GAAP gross margin was 70.3%, a decline of approximately 280 basis points year over year, reflecting the mix shift away from high-margin legacy products, higher manufacturing costs for newer biologic and cell therapy products, and the Eliquis Medicare pricing adjustments. Operating income for Q1 2026 was $3.24 billion — approximately 12.9% below analyst estimates of $3.72 billion — pointing to cost pressure even as revenues exceeded expectations.

Bristol-Myers Squibb achieved $1 billion in cost savings in 2025 and is targeting a $2 billion productivity initiative to partially offset these margin headwinds in future periods.

2026 Guidance: Tracking to the Upper End

Bristol-Myers Squibb reaffirmed its full-year 2026 guidance on April 30, 2026: total revenues of $46.0–$47.5 billion and non-GAAP adjusted EPS of $6.05–$6.35. Management’s key qualitative signal was that performance is tracking toward the upper end of both ranges.

Metric	Guidance Range	Midpoint	Basis
Full-Year Total Revenues	$46.0–$47.5B	$46.75B	GAAP
Non-GAAP Adjusted EPS	$6.05–$6.35	$6.20	Non-GAAP

The guidance structure implies a back-half-weighted revenue and earnings trajectory, consistent with management’s commentary on Eliquis sales timing and the expected cadence of growth portfolio launches. Second-half 2026 pipeline readouts for admilparant and milvexian, as well as continued Cobenfy ramp, are the most significant near-term catalysts that could influence whether the upper end of guidance is achieved.

Key Signals for Investors

• Non-GAAP adjusted EPS of $1.58 beat the $1.43 consensus by 10.5%, suggesting the growth portfolio’s profitability is accelerating faster than Street models had assumed; watch Q2 margin trends to confirm this is sustainable rather than quarter-specific.
• The growth portfolio at 54% of Q1 2026 revenues signals the structural transition is on schedule — but the legacy portfolio’s Q1 decline of approximately 6% is expected to steepen in later quarters as generic penetration deepens; the legacy trajectory is the biggest risk to full-year revenue guidance.
• Eliquis at $4.14 billion (+16% YoY) is annualizing above $16 billion, tracking at or above the upper end of management’s 10–15% full-year growth guidance; any Eliquis pricing pressure from Medicare negotiations in H2 2026 would directly impact both the revenue and operating cash flow outlook..
• Management’s upper-end tracking commentary for full-year EPS guidance of $6.05–$6.35 will face a critical test when H2 pipeline readouts for admilparant, milvexian, and Cobenfy data come in — positive data here is the most direct path to the $6.35 upper end.