Bristol Myers Squibb’s third quarter results reflected robust growth in its core portfolio, led by strong commercial execution and momentum across newer products. Management pointed to double-digit sales gains in key brands such as Reblozyl, Breyanzi, and Camzyos, as well as successful launches of new therapies like Symvexis. CEO Christopher Boerner emphasized the company’s success in advancing its differentiated pipeline and expanding indications for existing drugs, noting, “We have seen several positive registrational readouts and regulatory approvals over the past few months and we expect more to come.”
Is now the time to buy BMY? Find out in our full research report (it’s free for active Edge members).
Bristol-Myers Squibb (BMY) Q3 2026 highlights:
- Revenue $13.07 billion vs S&P analysts’ estimates of $12.71 billion (6.9% year-on-year growth, 2.9% beat)
- Adjusted EPS $1.35 vs S&P analysts’ estimates of $1.20 (12.4% beat)
- Revenue guidance The company lifted its revenue guidance for the full year to $50 billion at the midpoint from $49.5 billion, a 1% increase
- Adjusted EPS guidance Management lowered its full-year adjusted EPS guidance to $6.45 at the midpoint, a 6.2% decrease
- Operating margin 21.8%, down from 24.6% in the same quarter last year
- Market capitalization $127.6 billion
While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our top 5 analyst questions from Bristol-Myers Squibb’s Q3 earnings call
- Michael Yee (UBS) asked about confidence in admilparant’s higher dose for IPF, given mixed results. Chief Medical Officer Cristian Massacesi explained the trial met its primary endpoint at 60 mg with good tolerability, but analysis of the 120 mg dose is ongoing.
- Alexandria Hammond (Wolfe Research) inquired about early feedback and adoption for Symvexis. Chief Commercialization Officer Adam Lenkowsky said uptake has been positive, particularly in community practices, and expects the drug to become foundational in multiple myeloma.
- Seamus Fernandez (Guggenheim) pressed on whether the market is missing the significance of recent positive Phase 3 readouts. Boerner responded that pipeline progress is broad-based and critical for long-term growth, but the team remains focused on execution and financial discipline.
- Matt Phipps (William Blair) sought details on ADEPT trial timelines and enrollment. Massacesi confirmed interim analysis is on track for later this year, with final readouts expected to be staggered throughout 2027.
- Courtney Breen (Bernstein) asked about the anticipated disclosure and impact of the upcoming Milvexian atrial fibrillation study. CEO Boerner said the initial press release would aim to provide enough detail to assess opportunity, balancing data transparency with conference presentations.
Catalysts in upcoming quarters
In upcoming quarters, the StockStory team will monitor (1) the pace and impact of late-stage pipeline data releases, especially for Milvexian and Sotyktu, (2) margin trends as new launches ramp and cost-saving initiatives take hold, and (3) how rapidly new manufacturing investments translate into improved supply reliability and launch readiness. Execution on portfolio diversification and progress in key therapeutic areas will also be critical to track.
Bristol-Myers Squibb currently trades at $62.40, up from $60.57 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it’s free).
The best stocks for high-quality investors
WHILE YOU’RE HERE: Top 9 Market-Beating Stocks. The best stocks don’t just beat the market once. They do it again. And again. Robust revenue growth, rising free cash flow, returns on capital that leave their competition in the dust. The market has already rewarded these businesses.
But our AI platform says the party isn’t over. Find out which 9 stocks made the cut this week — FREE. Get Our Top 9 Market-Beating Stocks for Free HERE.
Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+214% between June 2020 and June 2025). Find your next big winner with StockStory today.
