Bristol-Myers Squibb’s first quarter results were notably shaped by ongoing momentum in its growth portfolio and steady execution across key marketed products. Management highlighted strong contributions from therapies such as Reblozyl, Breyanzi, Opdualag, Qvantig, and Cobenfy, which together delivered 9% year-over-year growth. CEO Chris Boerner credited disciplined R&D and targeted commercial efforts as central to performance, stating, “Our growth portfolio continues to strengthen our foundation for long-term growth.” The company also cited progress in cell therapy and positive developments in its regulatory pipeline as supportive factors.
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) Q1 CY2026 Highlights:
- Revenue: $11.49 billion vs analyst estimates of $10.69 billion (2.6% year-on-year growth, 7.4% beat)
- Adjusted EPS: $1.58 vs analyst estimates of $1.42 (11.1% beat)
- Adjusted EBITDA: $4.73 billion vs analyst estimates of $4.22 billion (41.1% margin, 12% beat)
- The company reconfirmed its revenue guidance for the full year of $46.75 billion at the midpoint
- Management reiterated its full-year Adjusted EPS guidance of $6.20 at the midpoint
- Operating Margin: 28.5%, down from 29.6% in the same quarter last year
- Market Capitalization: $115.6 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are 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 Q1 Earnings Call
- Asad Haider (Goldman Sachs) asked about management’s confidence in upcoming late-stage clinical programs and how these pivotal readouts might affect business development strategy. CEO Chris Boerner emphasized financial flexibility to pursue both late- and early-stage deals regardless of trial outcomes.
- Geoffrey Meacham (Citi) questioned the cadence of data releases for Pumitamig and the commercial uptake of Qvantig versus Opdivo. Chief Medical Officer Cristian Massacesi outlined ongoing trial combinations and highlighted the strategy to position Pumitamig as a new backbone in immuno-oncology.
- Alexandria Hammond (Wolfe Research) inquired about subgroup analyses for Milvexian and commercial prospects if primary endpoints are not met. Massacesi explained the trial’s design to demonstrate both non-inferiority and bleeding risk reduction, while Chief Commercialization Officer Adam Lenkowsky noted broad unmet need supporting adoption.
- Chris Schott (JPMorgan) asked about Camzyos’s positioning after competitor approvals and the evolving role of CELMoDs. Lenkowsky described Camzyos’s persistency and favorable patient feedback, while Massacesi stressed confidence in CELMoDs’ potential in multiple myeloma.
- Akash Tewari (Jefferies) sought rationale for biomarker selection in Cobenfy Alzheimer’s trials and confidence in CELMoD successor studies. Massacesi said biomarker inclusion improves trial rigor, and cited strong interim results supporting further CELMoD development.
Catalysts in Upcoming Quarters
Looking ahead, our analyst team will focus on (1) the results of pivotal clinical readouts for Milvexian and Cobenfy, which are expected to shape the near-term growth trajectory; (2) regulatory milestones and approvals for pipeline assets like iberdomide and mozigimide; and (3) continued uptake and lifecycle expansion of growth portfolio products. Progress on R&D productivity and cost savings will also be key indicators for long-term execution.
Bristol-Myers Squibb currently trades at $56.55, down from $57.59 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free).
High-Quality Stocks for All Market Conditions
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 (+1,326% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Comfort Systems (+782% five-year return). Find your next big winner with StockStory today.
