Analyst Conference Summary

biotechnology

conference date: October 29, 2026 @ 5:00 AM Pacific Time
for quarter ending: September 30, 2026 (third quarter 2026, Q3)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ billion, up % sequentially from $12.97 billion and up % from $ billion year-earlier.

Net income was $ billion, up % sequentially from $3.32 billion and up % from $ billion year-earlier.

EPS (earnings per share), diluted, were $, up % sequentially from $1.62, and up % from $ year-earlier.

Guidance:

Conference Highlights:

Chris Boerner, CEO, said ""

In Q3 2026 the FDA accepted approved Zenbexus (iberdomide, CELMoD program) in combination with Daratumumab and Hyaluronidase-fihj and Dexamethasone (ZDd) for patients with Multiple Myeloma, as early as first rRelapse.

In May 2026, Bristol entered a global strategic collaboration and licensing agreement with Hengrui Pharma for portfolio of 13 early-stage programs in oncology, hematology and immunology.

In Q2 2026 BLA accepted for Reblozyl for myelofirbrosis-associated anemia, with PFUFA March 11, 2027.

In Q2 2026 announced positive Phase 3 trial results for iza-bren for heavily pretreated, unresectable, locally advanced or metastatic triple-negative breast cancer and (separate trial) recurrent or metastatic esophageal squamous cell carcinoma.

In Q2 2026 Camzyos sNDA accepted for symptomatic obstructive hypertrophic cardiomyopathy for adolescents. PDUFA 9/30/2026.

In Q2 2026 Opdivo was approved in the EU for previously untreated Stage III or IV classical Hodgkin Lymphoma.

In Q2 2026 Sotyktu was approved in the EU (combined wiht methotrexate) for psoriatic arthritis in patients with previous inadequate responses to therapy.

Non-GAAP numbers: diluted EPS $, up % sequentially from $2.04 and up % from $ year-earlier. Net income $ billion, up % sequentially from $4.17 billion, and up % from $ billion year-earlier.

Cash and equivalents ended at $ billion down sequentially from $8.72 billion. Cash flow from operations $ billion. Long-term debt was $ billion, short term $ billion. $0 billion used for stock repurchases, but $5 billion remains authorized.

US revenue increased % y/y to $ billion; international up % y/y to $ billion.

Bristol-Myers has an extensive clinical and preclinial pipeline. See BMY Pipeline.

Cost of products sold was $ billion. SG&A $ billion. R&D $ billion. Amortization of acquired intangible assets $ million. Acquired IRPD $0 million. Other income $ million. Total expenses $ billion. Operating profit $ billion. Tax $ million.

Q&A selective summary:

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