Bristol Myers Squibb (BMY) Q3 2026 Earnings: Eliquis US Sales Up 39%

Bristol Myers Squibb (BMY) Q3 2026 earnings, released on October 29, 2026 through an 8-K earnings release and the 10-Q for the quarter ended September 30, showed revenue of $13.069 billion, up 7% year over year. The company raised its full-year revenue guidance to about $49.75 billion to $50.25 billion [1]. Of the four questions that framed this quarter, the clearest change came from Eliquis, the company's largest product, which kept growing on higher US net prices after the 2026 list price cut [2]. Progress on new drugs replacing older ones and on the shift of Opdivo to a subcutaneous form stayed within prior expectations. Operating earnings per share came in ahead of company guidance, while cash flow was still held back by payments of old rebates [1]. Overall, the 2026 revenue base looks firmer, but most of the increase came from a product that is about to lose exclusivity in Europe. Excluding Eliquis, revenue fell about 1% year over year [2].

Bristol Myers Squibb researches and sells innovative medicines in oncology, hematology, immunology, cardiovascular disease and neuroscience, and it reports a single operating segment [3]. The company groups its products into a Growth Portfolio led by newer drugs and a Legacy Portfolio made up of Eliquis and older drugs that already face generics [1]. It sells the anticoagulant Eliquis together with Pfizer and shares global profits equally; Pfizer's share is recorded in the company's cost of products sold [4].

Eliquis US revenue rose 39%, confirming the net price gain from the list price cut

Eliquis revenue was $4.690 billion in the third quarter, up 25% year over year and above the $4.481 billion reported for the second quarter [2][5]. US Eliquis revenue was $3.653 billion, up 39%, faster than the 27% growth in the second quarter [2][5]. In the 10-Q, the company attributed the growth to higher average net selling prices in the US and higher demand: after the 2026 list price reduction, rebates paid to payers such as health plans fell, so realized net prices rose [2]. The company did not split the contributions of price and prescription volume, and management also said market share continued to rise [6].

A stable rebate ratio shows the net price advantage carried into the third quarter. The share of company-wide gross product sales offset by rebates and discounts, known as the GTN adjustments percentage, was 30%, unchanged from the second quarter and down from 47% a year earlier [2]. This ratio covers the whole company, and the company attributed the change mainly to the Eliquis list price reduction in the US [2]. The company kept its guidance for 2026 worldwide Eliquis revenue growth of 20% to 25% [1].

Most of the extra revenue did not turn into gross profit. Non-GAAP gross margin fell from 72.9% a year earlier to 68.4%, which the company attributed to product mix and, to a lesser extent, a one-time contract termination charge [1]. The 10-Q shows cost of products sold rose $711 million, mainly from alliance profit sharing for Eliquis paid to Pfizer, with the one-time charge at $140 million [2]. On a non-GAAP basis, third-quarter gross profit was about $8.94 billion, roughly flat with a year earlier [1].

This confirmation has a limited life. International Eliquis revenue was $1.037 billion, down 7% year over year after 9% growth in the second quarter, and the company did not explain the specific cause of this quarter's decline [2][5]. In the EU, the apixaban composition of matter patents and related supplementary protection certificates expire in November 2026 [2]. Management said fourth-quarter Eliquis sales will be affected by the loss of exclusivity in Europe and expects Eliquis revenue to step down by $1.5 billion to $2 billion in 2027 [6].

Conclusion

The report strengthens the view of the company's 2026 revenue and operating profit, but the question of new drugs taking over from old ones remains open. Growth Portfolio revenue was $7.662 billion, up 12%; its $805 million increase was still slightly smaller than the roughly $894 million decline in the other legacy products. Opdivo and its subcutaneous form Opdivo Qvantig together brought in $2.708 billion, up about 4% year over year but slightly down from the prior quarter, with the gain coming mainly from patients switching formulations [2].

Profit and cash moved in different directions. In the third quarter the company recorded $1.558 billion of charges for externally licensed programs (Acquired IPRD), and non-GAAP EPS was $1.35, including a combined $0.58 impact from these charges and licensing income [1]. The company changed its full-year non-GAAP EPS guidance from $6.75 to $7.00 to $6.35 to $6.55, and said that excluding the third-quarter item, the guidance midpoint would have risen by about $0.15 [1][6]. Third-quarter operating cash flow was about $4.2 billion, and the rebates and discounts liability fell from $8.844 billion at the start of the year to $4.915 billion, showing that rebates accrued under the old list price are still being paid in cash [6][7].

Three pieces of evidence will shape the next assessment: how fast international revenue falls after the European patent expiry and whether US growth can offset it; when the rebate liability stabilizes and cash flow returns to the level of profit; and whether new drugs can absorb the Eliquis revenue decline in 2027.

Sources

[1] BMY 8-K filed 2026-10-29 · Q3 2026 earnings release (EX-99.1), October 29, 2026, Bristol Myers Squibb, 8-K Exhibit 99.1 third-quarter earnings release, https://www.sec.gov/Archives/edgar/data/14272/000001427226000022/a2026q3ex991-filing.htm [2] BMY 10-Q filed 2026-10-29 · Q3 2026 MD&A, October 29, 2026, Bristol Myers Squibb, Form 10-Q management's discussion and analysis, https://www.sec.gov/Archives/edgar/data/14272/000001427226000024/bmy-20260930.htm [3] BMY 10-K filed 2026-02-11 · company overview and productivity initiative, February 11, 2026, Bristol Myers Squibb, fiscal 2025 Form 10-K annual report, https://www.sec.gov/Archives/edgar/data/14272/000001427226000004/ [4] BMY 10-K filed 2026-02-11 · Pfizer Eliquis alliance profit sharing, February 11, 2026, Bristol Myers Squibb, fiscal 2025 Form 10-K annual report, https://www.sec.gov/Archives/edgar/data/14272/000001427226000004/ [5] BMY 8-K filed 2026-07-30 · Q2 2026 product revenues U.S. and international, July 30, 2026, Bristol Myers Squibb, 8-K second-quarter results materials [6] BMY Q3 2026 earnings call 2026-10-29 · transcript, October 29, 2026, Bristol Myers Squibb third-quarter earnings call [7] BMY 10-Q filed 2026-10-29 · Q3 2026 cash flow statement and accrued liabilities, October 29, 2026, Bristol Myers Squibb, Form 10-Q cash flow statement and accrued liabilities note, https://www.sec.gov/Archives/edgar/data/14272/000001427226000024/bmy-20260930.htm