Earnings release
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1 Bristol Myers Squibb Reports Third Quarter Financial Results for 2026 and Raises Full-Year Revenue Outlook Growth Portfolio Performance and Disciplined Execution Drive Strong Financial Results Key Pipeline Milestones Include Regulatory Approvals and Positive Registrational Data Across Multiple Therapeutic Areas • Third quarter revenues increased 7% to $13.1 billion ◦ Growth Portfolio revenues increased 12% to $7.7 billion • GAAP EPS was $1.05 and non-GAAP EPS was $1.35; Both figures include net impact of $(0.58) due to Acquired IPRD charges and licensing income • Raising 2026 revenue guidance to a range of $49.75 billion to $50.25 billion; Updating non - GAAP EPS range to $6.35 to $6.55, inclusive of a $(0.60) per share net impact from Acquired IPRD charges and licensing income (PRINCETON, N.J., October 29, 2026) – Bristol Myers Squibb (NYSE: BMY) today reports results for the third quarter of 2026. “We delivered another quarter of double-digit growth in our Growth Portfolio, which increased 12% and reflects the continued momentum across our diversified portfolio," said Christopher Boerner, Ph.D., board chair and chief executive officer, Bristol Myers Squibb. "The approval of Zenbexus, the first-in-class CELMoD, brings a new class of treatment to market for patients with multiple myeloma and is one of several recent pipeline milestones. As we look for ward to additional late - stage data in the near term, we remain focused on executing with discipline, investing where we see the greatest opportunity and strengthening the foundation for sustainable growth." Third Quarter Results $ in millions, except per share amounts 2026 2025 Change Change Excl. FX** Total Revenues $13,069 $12,222 7 % 7 % Earnings/(Loss) Per Share - GAAP* 1.05 1.08 (3) % N/A Earnings/(Loss) Per Share - Non-GAAP* 1.35 1.63 (17) % N/A Acquired IPRD Charges and Licensing Income Net Impact on Earnings/(Loss) Per Share (0.58) (0.20) N/A N/A *GAAP and Non-GAAP earnings/(loss) per share include the net impact of Acquired IPRD charges and licensing income. **See "Use of Non-GAAP Financial Information".
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2 THIRD QUARTER RESULTS* • Growth Portfolio revenues of $7.7 billion increased 12%. Revenue growth was primarily driven by Opdivo Qvantig, Breyanzi, Reblozyl, Camzyos and Opdualag. • Legacy Portfolio revenues of $5.4 billion increased 1%. Revenue growth was primarily driven by Eliquis, partially offset by expected continued generic impacts across the remainder of the Legacy Portfolio. • Total revenues of $13.1 billion increased 7%. ◦ U.S. revenues of $9.1 billion increased 9%. ◦ International revenues of $4.0 billion increased 3%, or 4% Ex-FX. *All comparisons are made versus the same period in 2025 unless otherwise stated. THIRD QUARTER PRODUCT REVENUE HIGHLIGHTS(e) ($ amounts in millions) Quarter Ended September 30, 2026 % Change from Quarter Ended September 30, 2025 % Change from Quarter Ended September 30, 2025 Ex-FX** U.S. Int'l WW(d) U.S. Int'l WW(d) Int'l WW(d) Growth Portfolio Opdivo $ 1,345 $ 1,029 $ 2,374 (8) % (4) % (6) % (4) % (6) % Opdivo Qvantig 250 84 334 >200% >200% >200% >200% >200% Orencia 754 230 983 5 % (6) % 2 % (4) % 2 % Yervoy 482 311 793 6 % 10 % 7 % 10 % 8 % Reblozyl 610 140 750 23 % 16 % 22 % 18 % 22 % Breyanzi 359 167 526 43 % 53 % 46 % 57 % 48 % Opdualag 305 62 367 18 % 57 % 23 % 56 % 23 % Camzyos 299 121 420 26 % 111 % 42 % 109 % 42 % Zeposia 115 53 168 2 % 11 % 5 % 13 % 5 % Sotyktu 63 37 100 25 % 27 % 26 % 26 % 25 % Krazati 54 5 58 11 % (1) % 10 % — % 10 % Cobenfy 55 2 57 29 % >200% 33 % >200% 33 % Other Growth Products(a) 261 470 731 6 % 16 % 12 % 17 % 13 % Total Growth Portfolio 4,951 2,711 7,662 12 % 12 % 12 % 13 % 12 % Legacy Portfolio Eliquis 3,653 1,037 4,690 39 % (7) % 25 % (5) % 26 % Revlimid 239 63 303 (51) % (29) % (47) % (28) % (47) % Pomalyst/Imnovid 72 58 130 (88) % (27) % (81) % (23) % (80) % Sprycel 43 30 73 (38) % (39) % (38) % (37) % (38) % Abraxane 9 56 65 (61) % 10 % (13) % 11 % (12) % Other Legacy Products(b) 106 49 154 15 % (43) % (13) % (42) % (13) % Total Legacy Portfolio 4,123 1,292 5,415 6 % (12) % 1 % (10) % 1 % Other Revenue(c) — (7) (7) N/A N/A N/A N/A N/A Total Revenues $ 9,074 $ 3,995 $ 13,069 9 % 3 % 7 % 4 % 7 % ** See "Use of Non-GAAP Financial Information". (a) Includes Abecma, Augtyro, Empliciti, Inrebic, Nulojix, Onureg, Zenbexus and royalty revenues, including royalties received from Merck on Winrevair. (b) Includes other mature brands. (c) Includes revenue hedging activities in 2026. (d) Worldwide (WW) includes U.S. and International (Int'l). (e) For the above table and all subsequent tables, certain totals may not sum due to rounding. Percentages have been calculated u sing unrounded amounts.
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3 THIRD QUARTER COST & EXPENSES The table below presents selected line-item information. GAAP Non-GAAP** Three months ended September 30, Three months ended September 30, ($ amounts in millions) 2026 2025 Change 2026 2025 Change Cost of products sold $ 4,146 $ 3,435 21% $ 4,133 $ 3,312 25% Gross margin 68.3 % 71.9 % (360) bps 68.4 % 72.9 % (450) bps Selling, general and administrative 1,699 1,789 (5)% 1,699 1,788 (5)% Research and development 2,365 2,528 (6)% 2,364 2,433 (3)% Acquired IPRD(a) 1,558 633 146% 1,558 633 146% Amortization of acquired intangible assets 458 831 (45)% — — N/A Other (income)/expense, net 307 (108) NM 93 (206) NM Effective tax rate 14.8 % 29.5 % (1,470) bps 14.1 % 22.3 % (820) bps ** See "Use of Non-GAAP Financial Information" and refer to the Specified Items schedule below for further detail. NM Not meaningful. (a) Non-GAAP Acquired IPRD does not include adjustments to GAAP Acquired IPRD. • Gross margin decreased from 71.9% to 68.3% on a GAAP basis, and from 72.9% to 68.4% on a non-GAAP basis, primarily reflecting a change in product mix and, to a lesser extent, a one-time charge related to a contract termination in 2026. • Selling, general and administrative expenses of $1.7 billion decreased 5% on a GAAP and non - GAAP basis. • Research and development expenses of $2.4 billion decreased 6% on a GAAP basis, and 3% on a non-GAAP basis. • Acquired IPRD charges of $1.6 billion on a GAAP and non -GAAP basis, primarily reflect the execution of recent license agreements and charges associated with ongoing collaborations. • Amortization of acquired intangible assets of $458 million decreased 45% on a GAAP basis, primarily driven by lower amortization expense related to Pomalyst. • Other (income)/expense, net of $307 million and $93 million on a GAAP and non -GAAP basis, respectively, reflects the expiry of royalty income on diabetes products at the end of 2025. • Effective tax rate decreased from 29.5% to 14.8% on a GAAP basis, and from 22.3% to 14.1% on a non-GAAP basis, primarily driven by jurisdictional earnings mix. • Net income attributable to Bristol Myers Squibb on a GAAP basis was $2.2 billion, or $1.05 per share, as compared to $2.2 billion, or $1.08 per share in the prior year. On a non -GAAP basis, net income attributable to Bristol Myers Squibb of $2.8 billion, or $1.35 per share, decreased from $3.3 billion, or $1.63 per share. GAAP and non -GAAP EPS include the impacts of Acquired IPRD charges and licensing income.
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4 PRODUCT AND PIPELINE UPDATES Entries organized by date and inclusive of third quarter and recent updates. Asset(s) Date Announced Milestone Izalontamab Brengitecan (iza-bren) October 26 Announced with SystImmune that SystImmune's parent company, Sichuan Biokin Pharmaceutical Co., Ltd., reported positive results from a prespecified interim analysis in the Phase 3 PANKU-Lung01 study evaluating iza-bren versus platinum-based chemotherapy (PBC) in patients with EGFR-mutated non-squamous non-small cell lung cancer (NSCLC) who were previously treated with an EGFR tyrosine kinase inhibitor. Results showed that iza-bren significantly improved median progression-free survival (PFS) compared to PBC. pumitamig October 25 Announced with BioNTech SE positive data from the Phase 2 ROSETTA Lung-107 trial evaluating pumitamig in combination with docetaxel in patients with metastatic NSCLC whose disease progressed on or after first-line immunotherapy plus chemotherapy. Data showed encouraging anti-tumor activity, with responses observed in both squamous and non-squamous NSCLC and across PD-L1 expression levels, together with a manageable safety profile consistent with prior global datasets for pumitamig. Zolacabtagene Autoleucel (zola-cel) October 23 Announced disclosure of interim safety and efficacy results from the multiple sclerosis (MS) cohorts of the Phase 1 Breakfree-2 study evaluating zola-cel in patients with highly active relapsing MS (haRMS) and progressive forms of MS (PMS). The data show a safety profile consistent with previously reported zola-cel Phase 1 clinical trial data and early, promising efficacy across both haRMS and PMS. iza-bren October 23 Announced with SystImmune that SystImmune's parent company, Sichuan Biokin Pharmaceutical Co., Ltd., reported positive results from a prespecified interim analysis of the Phase 3 PANKU-Breast01 study evaluating iza-bren versus chemotherapy in patients with unresectable locally advanced, recurrent or metastatic hormone receptor- positive/HER2-negative breast cancer who have failed at least one prior line of chemotherapy. Results showed a 59% reduction in the risk of disease progression or death, with median PFS vs. chemotherapy of 8.2 months vs. 4.0 months. The safety profile for iza-bren was manageable and no new safety signals were identified. RYZ101 October 12 Announced positive topline results from the interim analysis of the Phase 3 ACTION-1 trial evaluating RYZ101 versus investigator's choice standard of care in patients with somatostatin receptor-positive gastroenteropancreatic neuroendocrine tumors who have progressed following Lutetium-177-based therapy. The study met the primary endpoint with a statistically significant and clinically meaningful improvement in PFS by blinded independent central review, and safety results consistent with the known RYZ101 safety profile. Admilparant October 12 Announced positive topline results from the Phase 3 ALOFT-IPF trial evaluating the efficacy, safety and tolerability of admilparant in adults with idiopathic pulmonary fibrosis. The trial met its primary endpoint at the 60mg dose, with admilparant demonstrating a statistically significant improvement compared to placebo in absolute change in forced vital capacity (FVC) from baseline at Week 52. At the 120mg dose, admilparant slowed the decline of FVC but was not statistically significant. Admilparant demonstrated a well-tolerated safety profile across both doses.
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5 ZenbexusTM (iberdomide) October 8 Announced positive topline results from the Phase 3 EXCALIBER-RRMM study evaluating Zenbexus in combination with daratumumab and dexamethasone (ZDd) as a treatment for relapsed/refractory multiple myeloma. ZDd demonstrated a statistically significant improvement in the dual-primary endpoint of PFS, representing a 51% reduction in the risk of disease progression or death. Camzyos® (mavacamten) September 30 The U.S. Food and Drug Administration (FDA) approved Camzyos for the treatment of symptomatic obstructive hypertrophic cardiomyopathy to improve functional capacity and symptoms in adults and pediatric patients weighing 30 kg (66 lbs) or more. Sotyktu® (deucravacitinib) September 17 Announced positive results from the Phase 3 POETYK PsA-2 study, including its open-label extension, showing durable efficacy and a consistent safety profile for Sotyktu in adults with psoriatic arthritis. Arlocabtagene Autoleucel (arlo-cel) September 8 Announced positive Phase 2 results from the registrational QUINTESSENTIAL trial evaluating arlo-cel in adult patients with quadruple-class exposed relapsed and refractory multiple myeloma. The study met its primary endpoint of demonstrating a statistically significant and clinically meaningful overall response rate, and also met its key secondary endpoints. Camzyos August 29 Results from the EXPLORER-LTE cohort of the MAVA-LTE study reinforced the long-term efficacy and safety of Camzyos for the treatment of symptomatic obstructive hypertrophic cardiomyopathy. These data add to the understanding that Camzyos' effects are sustained for up to five years with continuous, consistent treatment. Zenbexus August 13 The FDA approved Zenbexus in combination with daratumumab and hyaluronidase-fihj and dexamethasone for the treatment of adult patients with multiple myeloma who have received at least one prior line of therapy, including a proteasome inhibitor and an immunomodulatory agent. The approval is based on results from the Phase 3 EXCALIBER-RRMM trial. Our Strategy At Bristol Myers Squibb, our goal is to build a company that is financially strong and delivers industry-leading, sustainable growth into the 2030s and beyond. As we advance our multi -year strategy to position the company for long -term growth, we are guided by the following priorities: • Focusing R&D on high-impact, transformational medicines to treat life-threatening diseases; • Embedding rigorous operational execution across the organization to build momentum in our Growth Portfolio comprised primarily of medicines early in their lifecycles; and • Maintaining disciplined capital allocation to drive sustainable cash flow generation, balance sheet strength and long-term shareholder returns. Strengthening U.S. Presence and Capabilities for Next-Generation Medicines
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6 The company recently announced multiple manufacturing expansions as a part of its standing commitment to invest in the U.S. across research and development, technology and domestic manufacturing. In August 2026, the company announced plans to develop a new, state -of-the-art manufacturing campus at Generation Park in Houston, Texas, designed to accelerate the delivery of next - generation medicines to patients. The multi -modal campus will represent an approximately $2.3 billion investment, create nearly 500 skilled jobs, an d is designed to grow in scale, capability and workforce for decades in the future. Also in August 2026, RayzeBio, Inc., a Bristol Myers Squibb company, said it would invest more than $173 million to expand its radiopharmaceutical manufacturing operations by establishing a new facility in Whitestown, Indiana. Construction is expected to begin this year on the approximately 225,000-square-foot facility, which will complement RayzeBio's existing footprint in the state and will create up to 100 new jobs by the end of 2029. Financial Guidance Bristol Myers Squibb is increasing its full -year, non -GAAP revenue guidance from a range of approximately $49.0 billion to $50.0 billion to a range of approximately $49.75 billion to $50.25 billion. This update primarily reflects broad-based and continuing momentum across the portfolio. Full-year other income/(expense) is now expected to be ~$650 million of expense, due to favorable net interest. Non-GAAP EPS is being updated to an anticipated range of $6.35 - $6.55, which is inclusive of a $(0.60) impact from Acquired IPRD and licensing income. 2026 Non-GAAP1,2 Line-Item Guidance July (Prior) October (Updated) Total Revenues (Reported & Ex-FX) ~$49.0 - $50.0 billion ~$49.75 - $50.25 billion Gross Margin % ~69% - 70% No change Operating Expenses3 ~$16.5 billion No change Other income/(expense) ~($700 million) ~($650 million) Effective tax rate ~18% No change Diluted EPS $6.75 - $7.00 $6.35 - $6.55 Acquired IPRD Charges & Licensing Income Included in Diluted EPS $(0.02) $(0.60) 1 See "Use of Non-GAAP Financial Information."
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7 2 July was calculated based on mid-July 2026 foreign exchange rates, and October was calculated based on mid-October exchange rates. 3 Operating Expenses = SG&A and R&D. The company continues to expect total Worldwide Eliquis revenues to increase in 2026 when compared to 2025, and is reaffirming its previously projected range as shown in the table below. 2026 Eliquis Revenue Guidance July (Prior) October (Updated) 2026 WW Revenue Growth* 20% - 25% No change * Compared to 2025 Worldwide Eliquis revenues. The 2026 financial guidance provided excludes the impact of any potential future strategic acquisitions, divestitures, specified items that have not yet been identified and quantified, and the impact of Acquired IPRD charges and licensing income incurred after September 30, 2026. To the extent we have quantified the impact of significant R&D charges or other income resulting from upfront or contingent milestone payments in connection with asset acquisitions or licensing of third-party intellectual property rights, we may update this information from time to time on our website, www.bms.com, in the "Investors" section. Non -GAAP guidance assumes exchange rates as of the date noted. The financial guidance is subject to risks and uncertainties applicable to all forward-looking statements as described elsewhere in this press release. A reconciliation of forward -looking non -GAAP measures, including non -GAAP EPS, to the most directly comparable GAAP measures is not provided because comparable GAAP measures for such measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. Namely, we are not, without unreasonable effort, able to reliably predict the impact of accelerated depreciation and impairment charges, legal and other settl ements, gains and losses from equity investments and other adjustments. In addition, the company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. These items are uncertain, depend on various factors and may have a material impact on our future GAAP results. See "Cautionary Statement Regarding Forward-Looking Statements" and "Use of Non-GAAP Financial Information." Conference Call Information Bristol Myers Squibb will host a conference call today, Thursday, October 29, 2026, at 8:00 a.m. ET , during which company executives will review financial results with the investment community.
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8 Investors and the general public are invited to listen to a live webcast of the call at http://investor.bms.com. Materials related to the call will be available at http://investor.bms.com prior to the start of the conference call. A replay of the webcast will be available at http://investor.bms.com approximately three hours after the conference call concludes. About Bristol Myers Squibb: Transforming Patients' Lives Through Science At Bristol Myers Squibb, our mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. We are pursuing bold science to define what's possible for the future of medicine and the patients we serve. For more information, visit us at BMS.com and follow us on LinkedIn, X, YouTube, Facebook and Instagram. ### For more information, contact: Media Relations: media@bms.com Investor Relations: investor.relations@bms.com Use of Non-GAAP Financial Information In discussing financial results and guidance, the company refers to financial measures that are not in accordance with U.S. Generally Accepted Accounting Principles (GAAP). The non -GAAP financial measures are provided as supplemental information to the financial measures presented in this press release that are calculated and presented in accordance with GAAP and are presented because management has evaluated the company’s financial results both including and excluding the adjusted items or the effects of f oreign currency translation, as applicable, and believes that the non -GAAP financial measures presented portray the results of the company's baseline performance, supplement or enhance management's, analysts' and investors' overall understanding of the company’s underlying financial performance and trends and facilitate comparisons among current, past and future periods. In addition, non -GAAP gross margin, which is revenue less cost of products sold excluding certain specified items, as a percentage of reve nue, non-GAAP operating expenses, which is selling, general and administrative and research and development expenses excluding certain specified items, non -GAAP selling, general and administrative expenses, which is selling, general and administrative expenses excluding certain specified items, and non -GAAP research and development expenses, which is research and development expenses excluding certain specified items, are relevant and useful for investors because they allow investors to view performance in a manner similar to the method used by our management and make it easier for investors, analysts and peers to compare our operating performance to other companies in our industry and to compare our year-over-year results. This earnings release and the accompanying tables also provide certain revenues and expenses, as well as non -GAAP financial measures, excluding the impact of foreign exchange ("Ex -FX"). We
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9 calculate foreign exchange impacts by converting our current -period local currency financial results using the prior period average currency rates and comparing these adjusted amounts to our current-period results. Ex-FX financial measures are not accounted for according to GAAP because they remove the effects of currency movements from GAAP results. Non-GAAP financial measures, such as non -GAAP earnings and related EPS information, are adjusted to exclude certain costs, expenses, gains and losses and other specified items that are evaluated on an individual basis after considering their quantitative and qualitative aspects and typically have one or more of the following characteristics, such as being highly variable, difficult to project, unusual in nature, significant to the results of a particular period or not indicative of past or future operating results. These items are excluded from non-GAAP earnings and related EPS information because the company believes they neither relate to the ordinary course of the company’s business nor reflect the company’s underlying business performance. Similar charges or gains were recognized in prior periods and will likely reoccur in future periods, including amortization of acquired intangible assets, including product rights that generate a significant portion of our ongoing revenue and will recur until the intang ible assets are fully amortized, unwinding of inventory purchase price adjustments, integration expenses, restructuring costs, accelerated depreciation and impairment of property, plant and equipment and intangible assets, costs of acquiring a priority review voucher, divestiture gains or losses, stock compensation resulting from acquisition -related equity awards, pension, legal and other contractual settlement charges, equity investment and contingent value rights fair value adjustments (including fair val ue adjustments attributed to limited partnerships and other investments), and amortization of fair value adjustments of debt acquired from Celgene in our 2019 exchange offer , among other items. Deferred and current income taxes attributed to these items are also adjusted for considering their individual impact to the overall tax expense, deductibility and jurisdictional tax rates, as well as certain other significant tax items. Because the non-GAAP financial measures are not calculated in accordance with GAAP , they should not be considered superior to and are not intended to be considered in isolation or as a substitute for the related financial measures presented in the press release that are prepared in accordance with GAAP and may not be the same as or comparable to similarly titled measures presented by other companies due to possible differences in method and in the items being adjusted. We encourage investors to review our f inancial statements and publicly -filed reports in their entirety and not to rely on any single financial measure. Reconciliations of the non -GAAP financial measures to the most comparable GAAP measures are provided in the accompanying financial tables and will also be available on the company’s website at www.bms.com. Within the accompanying financial tables presented, certain columns and rows may not add due to the use of rounded numbers. Percentages and EPS amounts presented are calculated from the underlying amounts. A reconciliation of forward -looking non-GAAP financial measures, including non -GAAP EPS, to the most directly comparable GAAP measures is not provided because comparable GAAP measures for such measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. Namely, we are not, without unreasonable effort, able to reliably predict the impact of accelerated depreciation and impairment charges, legal and o ther settlements, gains and losses from equity investments and other adjustments. In addition, the company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. These items are uncertain, depend on various factors and may have a material impact on our future GAAP results.
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10 Website Information We routinely post important information for investors on our website, www.bms.com, in the “Investors” section. We may use this website as a means of disclosing material, non -public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investors section of our website, in addition to following our press releases, Securities and Exchange Commission (SEC) filings, public conference calls, presentations and webcasts. We may also use social m edia channels to communicate with our investors and the public about our company, our products and other matters, and those communications could be deemed to be material information. The information contained on, or that may be accessed through, our website or social media channels is not incorporated by reference into, and is not a part of, this document. All trademarks mentioned are the property of their owners. Cautionary Statement Regarding Forward-Looking Statements This earnings release and the related attachments (as well as the oral statements made with respect to information contained in this release and the attachments) contain certain “forward - looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, the company’s 2026 financial guidance, its business development and multi -year allocation strategy, anticipated developments in t he company’s pipeline, expectations with respect to the company’s future market position and the development or expansion of manufacturing facilities, and the projected benefits of the company’s alliances and other business development activities. These statements may be identified by the fact that they use words such as “should,” “could,” “expect,” “anticipate,” “estimate,” “target,” “may,” “project,” “guidance,” “intend,” “plan,” “believe,” “will” and other words and terms of similar meaning and expression in connection with any discussion of future operating or financial performance, although not all forward -looking statements contain such terms. All statements that are not statements of historical facts are, or may be deemed to be, forward -looking statements. No forward -looking statement can be guaranteed, and there is no assurance that the company will achieve its financial guidance and strategic objectives, that the company’s future clinical studies will support the data described in this release, that the company’s product candidates will receive necessary clinical and manufacturing regulatory approvals, that the company’s pipeline products will pro ve to be commercially successful, that clinical and manufacturing regulatory approvals will be sought or obtained within currently expected timeframes, or that contractual milestones will be achieved. Forward-looking statements are based on current expectations and projections about the company’s future financial results, goals, plans and objectives and involve inherent risks, assumptions and uncertainties, including internal or external factors that could delay, divert or change any of them in the next several years, that are difficult to predict, may be beyond the company’s control and could cause the company’s future financial results, goals, plans and objectives to differ materially from those expres sed in, or implied by, the statements. Such risks, uncertainties and other matters include, but are not limited to: increasing pricing pressures from market access, pharmaceutical pricing controls and discounting; market actions taken by private and government payers to manage drug utilization and contain costs; government actions relating to the imposition of new tariffs, trade restrictions and export regulations; the company’s ability to retain patent and market exclusivity for certain products; regulator y changes that result in lower prices, lower reimbursement rates and smaller populations for whom payers will reimburse; changes under the 340B Drug Pricing Program; the company’s ability to obtain and maintain regulatory approval for its product candidates; the possibility of difficulties and delays in product introduction and commercialization; increasing industry competition; potential difficulties, delays
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11 and disruptions in manufacturing, distribution or sale of products; the company’s ability to identify potential strategic acquisitions, licensing opportunities or other beneficial transactions; failure to complete, or delays in completing, collaborations, acquisitions, divestitures, alliances and other portfolio actions and the failure to achieve anticipated benefits from such transactions and actions; exposure to litigation and/or regulatory actions or investigations; the impact of any healthcare reform an d legislation or regulatory action in the United States and international markets; increasing market penetration of lower -priced generic products; the failure of the company’s suppliers, vendors, outsourcing partners, alliance partners and other third parties to meet their contractual, regulatory and other obligations; the impact of counterfeit or unregistered versions of the company’s products and from stolen products; product label changes or other measures that could result in declining sales; safety or efficacy concerns regarding the company’s products or any product in the same class as the company’s products; the risk of cyber -attacks and unauthorized disclosure of trade secrets or other confidential data; the company’s ability to execute its financial, strategic and operational plans; the company’s ability to attract and retain key personnel; the impact of the company’s significant indebtedness; political and financial instability of international economies and sovereign risk; interest rate and currenc y exchange rate fluctuations, credit and foreign exchange risk management; risks relating to the use of social media platforms; issuance of new or revised accounting standards; risks relating to public health outbreaks, epidemics and pandemics; and risks related to the use of artificial intelligence or other emerging technologies in various facets of the company's operations, including partnerships related to the use of, or the sharing of such technologies with third parties, which may exacerbate competitive, regulatory, litigation, cybersecurity, and other risk. Forward-looking statements in this earnings release should be evaluated together with the many risks and uncertainties that affect the company’s business and market, particularly those identified in the cautionary statement and risk factors discussion in the company’s Annual Report on Form 10 - K for the year ended December 31, 2025, as updated by the company’s subsequent Quarterly Reports on Form 10 -Q, Current Reports on Form 8 -K and other filings with the SEC. The forward - looking statements included in this document are made only as of the date of this document and except as otherwise required by applicable law, the company undertakes no obligation to publicly update or revise any forward -looking statement, whether as a result of new information, future events, changed circumstances or otherwise.
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12 BRISTOL-MYERS SQUIBB COMPANY CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited, dollars and shares in millions except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net product sales $ 12,606 $ 11,850 $ 36,362 $ 34,645 Alliance and other revenues 463 372 1,169 1,047 Total Revenues 13,069 12,222 37,532 35,692 Cost of products sold(a) 4,146 3,435 11,292 9,839 Selling, general and administrative 1,699 1,789 5,142 5,086 Research and development 2,365 2,528 7,973 7,365 Acquired IPRD 1,558 633 1,651 2,328 Amortization of acquired intangible assets 458 831 1,332 2,491 Other (income)/expense, net 307 (108) 279 725 Total Expenses 10,533 9,108 27,670 27,834 Earnings/(Loss) Before Income Taxes 2,536 3,114 9,862 7,858 Income tax provision 374 919 1,705 1,888 Net Earnings/(Loss) 2,162 2,195 8,156 5,970 Noncontrolling Interest — (6) — 3 Net Earnings/(Loss) Attributable to BMS $ 2,162 $ 2,201 $ 8,156 $ 5,967 Weighted-Average Common Shares Outstanding: Basic 2,043 2,036 2,041 2,034 Diluted 2,053 2,039 2,049 2,039 Earnings/(Loss) per Common Share: Basic $ 1.06 $ 1.08 $ 4.00 $ 2.93 Diluted 1.05 1.08 3.98 2.93 Other (income)/expense, net Interest expense $ 403 $ 480 $ 1,220 $ 1,459 Royalty income - divestitures — (286) — (844) Royalty and licensing income (200) (276) (580) (697) Investment income (118) (161) (323) (438) Provision for restructuring 187 75 247 432 Litigation and other settlements 3 165 11 424 Contingent consideration — — — 336 Equity investment (gains)/losses, net 26 (190) (222) (90) Integration expenses 10 36 46 110 Divestiture (gains)/losses, net — 8 (162) 1 Other (4) 40 41 33 Other (income)/expense, net $ 307 $ (108) $ 279 $ 725 (a) Excludes amortization of acquired intangible assets.
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13 BRISTOL-MYERS SQUIBB COMPANY PRODUCT REVENUES FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025 (Unaudited, dollars in millions) Change vs. 2025 2026 2025 GAAP Excl. F/X** U.S. Int'l WW(d) U.S. Int'l WW(d) U.S. Int'l WW(d) U.S. Int'l WW(d) Growth Portfolio Opdivo $ 1,345 $ 1,029 $ 2,374 $ 1,454 $ 1,077 $ 2,532 (8) % (4) % (6) % (8) % (4) % (6) % Opdivo Qvantig 250 84 334 60 7 67 >200% >200% >200% >200% >200% >200% Orencia 754 230 983 721 243 964 5 % (6) % 2 % 5 % (4) % 2 % Yervoy 482 311 793 455 284 739 6 % 10 % 7 % 6 % 10 % 8 % Reblozyl 610 140 750 494 121 615 23 % 16 % 22 % 23 % 18 % 22 % Breyanzi 359 167 526 251 109 359 43 % 53 % 46 % 43 % 57 % 48 % Opdualag 305 62 367 259 40 299 18 % 57 % 23 % 18 % 56 % 23 % Camzyos 299 121 420 238 57 296 26 % 111 % 42 % 26 % 109 % 42 % Zeposia 115 53 168 113 48 161 2 % 11 % 5 % 2 % 13 % 5 % Sotyktu 63 37 100 51 29 80 25 % 27 % 26 % 25 % 26 % 25 % Krazati 54 5 58 48 5 53 11 % (1) % 10 % 11 % — % 10 % Cobenfy 55 2 57 43 — 43 29 % >200% 33 % 29 % >200% 33 % Other Growth Products(a) 261 470 731 246 405 651 6 % 16 % 12 % 6 % 17 % 13 % Total Growth Portfolio 4,951 2,711 7,662 4,432 2,425 6,857 12 % 12 % 12 % 12 % 13 % 12 % Legacy Portfolio Eliquis 3,653 1,037 4,690 2,631 1,115 3,746 39 % (7) % 25 % 39 % (5) % 26 % Revlimid 239 63 303 485 89 575 (51) % (29) % (47) % (51) % (28) % (47) % Pomalyst/Imnovid 72 58 130 596 79 675 (88) % (27) % (81) % (88) % (23) % (80) % Sprycel 43 30 73 69 49 119 (38) % (39) % (38) % (38) % (37) % (38) % Abraxane 9 56 65 24 50 74 (61) % 10 % (13) % (61) % 11 % (12) % Other Legacy Products(b) 106 49 154 92 85 177 15 % (43) % (13) % 15 % (42) % (13) % Total Legacy Portfolio 4,123 1,292 5,415 3,897 1,468 5,365 6 % (12) % 1 % 6 % (10) % 1 % Other Revenue(c) — (7) (7) — — — N/A N/A N/A N/A N/A N/A Total Revenues $ 9,074 $ 3,995 $ 13,069 $ 8,329 $ 3,893 $ 12,222 9 % 3 % 7 % 9 % 4 % 7 % ** See "Use of Non-GAAP Financial Information". (a) Includes Abecma, Augtyro, Empliciti, Inrebic, Nulojix , Onureg, Zenbexus and royalty revenues, including royalties received from Merck on Winrevair. (b) Includes other mature brands. (c) Includes revenue hedging activities in 2026. (d) Worldwide (WW) includes U.S. and International (Int'l).
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14 BRISTOL-MYERS SQUIBB COMPANY PRODUCT REVENUES FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025 (Unaudited, dollars in millions) Change vs. 2025 2026 2025 GAAP Excl. F/X** U.S. Int'l WW(d) U.S. Int'l WW(d) U.S. Int'l WW(d) U.S. Int'l WW(d) Growth Portfolio Opdivo $ 3,920 $ 3,085 $ 7,005 $ 4,293 $ 3,063 $ 7,356 (9) % 1 % (5) % (9) % (2) % (6) % Opdivo Qvantig 587 171 758 97 8 105 >200% >200% >200% >200% >200% >200% Orencia 2,145 691 2,835 1,987 710 2,697 8 % (3) % 5 % 8 % (4) % 5 % Yervoy 1,330 883 2,213 1,300 790 2,090 2 % 12 % 6 % 2 % 9 % 5 % Reblozyl 1,642 398 2,040 1,336 324 1,661 23 % 23 % 23 % 23 % 21 % 23 % Breyanzi 1,005 417 1,422 709 257 966 42 % 62 % 47 % 42 % 61 % 47 % Opdualag 845 166 1,011 739 96 835 14 % 72 % 21 % 14 % 65 % 20 % Camzyos 838 311 1,149 578 137 714 45 % 127 % 61 % 45 % 121 % 60 % Zeposia 300 155 455 278 139 418 8 % 11 % 9 % 8 % 8 % 8 % Sotyktu 150 106 256 126 80 206 19 % 32 % 24 % 19 % 29 % 23 % Krazati 147 16 163 139 10 149 6 % 61 % 9 % 6 % 56 % 9 % Cobenfy 171 4 176 104 — 105 64 % >200% 68 % 64 % >200% 68 % Other Growth Products(a) 717 1,248 1,965 727 987 1,714 (1) % 26 % 15 % (1) % 26 % 14 % Total Growth Portfolio 13,797 7,651 21,448 12,413 6,603 19,016 11 % 16 % 13 % 11 % 13 % 12 % Legacy Portfolio Eliquis 10,087 3,220 13,307 7,930 3,060 10,991 27 % 5 % 21 % 27 % 2 % 20 % Revlimid 870 206 1,076 2,027 322 2,349 (57) % (36) % (54) % (57) % (35) % (54) % Pomalyst/Imnovid 642 205 847 1,717 324 2,041 (63) % (37) % (59) % (63) % (35) % (58) % Sprycel 132 102 233 263 150 413 (50) % (32) % (44) % (50) % (31) % (43) % Abraxane 33 136 170 97 187 284 (65) % (27) % (40) % (65) % (27) % (40) % Other Legacy Products(b) 292 188 481 274 324 599 7 % (42) % (20) % 7 % (43) % (20) % Total Legacy Portfolio 12,056 4,058 16,114 12,308 4,368 16,676 (2) % (7) % (3) % (2) % (9) % (4) % Other Revenue(c) — (31) (31) — — — N/A N/A N/A N/A N/A N/A Total Revenues $ 25,853 $ 11,678 $ 37,532 $ 24,721 $ 10,971 $ 35,692 5 % 6 % 5 % 5 % 4 % 5 % ** See "Use of Non-GAAP Financial Information". (a) Includes Abecma, Augtyro, Empliciti, Inrebic, Nulojix , Onureg, Zenbexus and royalty revenues, including royalties received from Merck on Winrevair. (b) Includes other mature brands. (c) Includes revenue hedging activities in 2026. (d) Worldwide (WW) includes U.S. and International (Int'l).
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15 BRISTOL-MYERS SQUIBB COMPANY INTERNATIONAL REVENUES FOREIGN EXCHANGE IMPACT (%) (Unaudited) Three Months Ended September 30, 2026 Nine Months Ended September 30, 2026 Revenue Change % F/X % Favorable/ (Unfavorable) ** Revenue Change % Ex- F/X ** Revenue Change % F/X % Favorable/ (Unfavorable) ** Revenue Change % Ex- F/X ** Growth Portfolio Opdivo (4)% —% (4)% 1% 3% (2)% Opdivo Qvantig >200% NM >200% >200% NM >200% Orencia (6)% (1)% (4)% (3)% 2% (4)% Yervoy 10% (1)% 10% 12% 3% 9% Reblozyl 16% (1)% 18% 23% 2% 21% Breyanzi 53% (4)% 57% 62% 2% 61% Opdualag 57% 1% 56% 72% 7% 65% Camzyos 111% 2% 109% 127% 7% 121% Zeposia 11% (2)% 13% 11% 3% 8% Sotyktu 27% 1% 26% 32% 4% 29% Krazati (1)% —% —% 61% 5% 56% Cobenfy >200% NM >200% >200% NM >200% Other Growth Products(a) 16% (1)% 17% 26% 1% 26% Total Growth Portfolio 12% (1)% 13% 16% 2% 13% Legacy Portfolio Eliquis (7)% (2)% (5)% 5% 3% 2% Revlimid (29)% (1)% (28)% (36)% (1)% (35)% Pomalyst/Imnovid (27)% (4)% (23)% (37)% (2)% (35)% Sprycel (39)% (2)% (37)% (32)% (1)% (31)% Abraxane 10% —% 11% (27)% —% (27)% Other Legacy Products(b) (43)% (1)% (42)% (42)% 1% (43)% Total Legacy Portfolio (12)% (2)% (10)% (7)% 2% (9)% Other Revenue(c) N/A N/A N/A N/A N/A N/A Total Revenues 3% (1)% 4% 6% 2% 4% NM Not meaningful ** See "Use of Non-GAAP Financial Information". (a) Includes Abecma, Augtyro, Empliciti, Inrebic, Nulojix , Onureg, Zenbexus and royalty revenues, including royalties received from Merck on Winrevair. (b) Includes other mature brands. (c) Includes revenue hedging activities in 2026.
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16 BRISTOL-MYERS SQUIBB COMPANY WORLDWIDE REVENUES(a) FOREIGN EXCHANGE IMPACT (%) (Unaudited) Three Months Ended September 30, 2026 Nine Months Ended September 30, 2026 Revenue Change % F/X % Favorable/ (Unfavorable) ** Revenue Change % Ex- F/X ** Revenue Change % F/X % Favorable/ (Unfavorable) ** Revenue Change % Ex- F/X ** Growth Portfolio Opdivo (6)% —% (6)% (5)% 1% (6)% Opdivo Qvantig >200% NM >200% >200% NM >200% Orencia 2% —% 2% 5% —% 5% Yervoy 7% —% 8% 6% 1% 5% Reblozyl 22% —% 22% 23% —% 23% Breyanzi 46% (1)% 48% 47% —% 47% Opdualag 23% —% 23% 21% 1% 20% Camzyos 42% —% 42% 61% 1% 60% Zeposia 5% (1)% 5% 9% 1% 8% Sotyktu 26% —% 25% 24% 1% 23% Krazati 10% —% 10% 9% —% 9% Cobenfy 33% —% 33% 68% —% 68% Other Growth Products(b) 12% —% 13% 15% —% 14% Total Growth Portfolio 12% —% 12% 13% 1% 12% Legacy Portfolio Eliquis 25% —% 26% 21% 1% 20% Revlimid (47)% —% (47)% (54)% —% (54)% Pomalyst/Imnovid (81)% —% (80)% (59)% —% (58)% Sprycel (38)% (1)% (38)% (44)% —% (43)% Abraxane (13)% —% (12)% (40)% —% (40)% Other Legacy Products(c) (13)% —% (13)% (20)% —% (20)% Total Legacy Portfolio 1% —% 1% (3)% 1% (4)% Other Revenue(d) N/A N/A N/A N/A N/A N/A Total Revenues 7% —% 7% 5% 1% 5% NM Not meaningful ** See "Use of Non-GAAP Financial Information". (a) Worldwide (WW) includes U.S. and International (Int'l). (b) Includes Abecma, Augtyro, Empliciti, Inrebic, Nulojix , Onureg, Zenbexus and royalty revenues, including royalties received from Merck on Winrevair. (c) Includes other mature brands. (d) Includes revenue hedging activities in 2026.
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17 BRISTOL-MYERS SQUIBB COMPANY SPECIFIED ITEMS (Unaudited, dollars in millions) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Inventory purchase price accounting adjustments $ 13 $ 13 $ 38 $ 38 Site exit and other costs — 110 3 114 Cost of products sold 13 122 41 152 Acquisition related charges — — — 19 Site exit and other costs — 1 1 6 Selling, general and administrative — 1 1 25 IPRD impairments — 85 830 385 Priority review voucher — — 220 — Site exit and other costs 1 10 6 49 Research and development 1 95 1,056 434 Amortization of acquired intangible assets 458 831 1,332 2,491 Interest expense (9) (12) (27) (36) Provision for restructuring 187 75 247 432 Litigation and other settlements — 179 — 425 Contingent consideration — — — 336 Equity investment (gains)/losses, net 26 (190) (222) (92) Integration expenses 10 36 46 110 Divestiture (gains)/losses, net — 10 (160) 3 Other — — 3 13 Other (income)/expense, net 214 98 (113) 1,189 Increase to earnings/(loss) before income taxes 687 1,148 2,316 4,291 Income taxes on items above (81) (190) (296) (447) Specified tax charge/(benefit)(a) — 160 — 160 Income taxes (81) (31) (296) (287) Increase to net earnings/(loss) attributable to BMS $ 606 $ 1,117 $ 2,020 $ 4,004 (a) Includes changes to tax reserves during 2025 related to certain matters under IRS audit.
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18 BRISTOL-MYERS SQUIBB COMPANY RECONCILIATION OF CERTAIN GAAP LINE ITEMS TO CERTAIN NON-GAAP LINE ITEMS (Unaudited, dollars and shares in millions except per share data) Three Months Ended September 30, 2026 Nine Months Ended September 30, 2026 GAAP Specified Items(a) Non-GAAP GAAP Specified Items(a) Non-GAAP Cost of products sold $ 4,146 $ (13) $ 4,133 $ 11,292 $ (41) $ 11,252 Selling, general and administrative 1,699 — 1,699 5,142 (1) 5,141 Research and development 2,365 (1) 2,364 7,973 (1,056) 6,918 Amortization of acquired intangible assets 458 (458) — 1,332 (1,332) — Other (income)/expense, net 307 (214) 93 279 113 392 Earnings/(Loss) before income taxes 2,536 687 3,223 9,862 2,316 12,178 Income tax provision 374 81 456 1,705 296 2,001 Net earnings/(loss) attributable to BMS used for diluted EPS calculation $ 2,162 $ 606 $ 2,767 $ 8,156 $ 2,020 $ 10,176 Weighted-average common shares outstanding—diluted 2,053 2,053 2,053 2,049 2,049 2,049 Diluted earnings/(loss) per share $ 1.05 $ 0.30 $ 1.35 $ 3.98 $ 0.99 $ 4.97 Gross margin(b) 68.3 % 0.1 % 68.4 % 69.9 % 0.1 % 70.0 % Effective tax rate 14.8 % (0.6) % 14.1 % 17.3 % (0.9) % 16.4 % Three Months Ended September 30, 2025 Nine Months Ended September 30, 2025 GAAP Specified Items(a) Non-GAAP GAAP Specified Items(a) Non-GAAP Cost of products sold $ 3,435 $ (122) $ 3,312 $ 9,839 $ (152) $ 9,686 Selling, general and administrative 1,789 (1) 1,788 5,086 (25) 5,061 Research and development 2,528 (95) 2,433 7,365 (434) 6,931 Amortization of acquired intangible assets 831 (831) — 2,491 (2,491) — Other (income)/expense, net (108) (98) (206) 725 (1,189) (463) Earnings/(Loss) before income taxes 3,114 1,148 4,262 7,858 4,291 12,149 Income tax provision 919 31 950 1,888 287 2,175 Net earnings/(loss) attributable to BMS used for diluted EPS calculation $ 2,201 $ 1,117 $ 3,318 $ 5,967 $ 4,004 $ 9,971 Weighted-average common shares outstanding—diluted 2,039 2,039 2,039 2,039 2,039 2,039 Diluted earnings/(loss) per share $ 1.08 $ 0.55 $ 1.63 $ 2.93 $ 1.96 $ 4.89 Gross margin(b) 71.9 % 1.0 % 72.9 % 72.4 % 0.4 % 72.9 % Effective tax rate 29.5 % (7.2) % 22.3 % 24.0 % (6.1) % 17.9 % (a) Refer to the Specified Items schedule above for further details. Effective tax rate on the Specified Items represents th e difference between the GAAP and Non-GAAP effective tax rate. (b) Gross margin represents Revenue less Cost of products sold, as a percentage of Revenues.
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19 BRISTOL-MYERS SQUIBB COMPANY NET DEBT CALCULATION AS OF SEPTEMBER 30, 2026 AND DECEMBER 31, 2025 (Unaudited, dollars in millions) September 30, 2026 December 31, 2025 Cash and cash equivalents $ 9,574 $ 10,209 Marketable debt securities - current 3,007 464 Marketable debt securities - non-current 378 396 Cash, cash equivalents and marketable debt securities $ 12,959 $ 11,069 Short-term debt obligations (1,028) (2,261) Long-term debt (41,849) (42,850) Net debt position $ (29,918) $ (34,043)