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BMY · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
A strong quarter — Growth Portfolio (+15%) and a swing to net Other Income offset Legacy Portfolio erosion and higher R&D, driving GAAP net income up 153% and prompting a raised full-year outlook.
Net Income (BMS)
$3,317M
up 153% y/y
Total Revenues
$12,973M
up 5.7% y/y
Operating Income
$4,025M
up 156% y/y
Gross Profit
$9,247M
up 3.4% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Growth Portfolio | $7,560 · +15% |
| Legacy Portfolio | $5,422 · -4% |
| Total Revenues | $12,973 · +5.7% |
| Cost of Products Sold | $3,726 · +11% |
| Gross Profit | $9,247 · +3.4% · 71.3% margin |
| SG&A | $1,826 · +7% |
| R&D | $2,959 · +15% |
| Amortization of Intangibles | $437 · -47%* |
| Operating Income | $4,025 · +156% |
| Other Income, net | $61 · vs -$494 |
| Pre-Tax Income | $4,086 · +130% |
| Income Tax | $770 · +67% |
| Net Income (BMS) | $3,317 · +153% · EPS $1.62 |
Verdict: a strong quarter — Growth Portfolio (+15%) and a swing to net Other Income offset Legacy Portfolio erosion and higher R&D, driving GAAP net income up 153% and prompting a raised full-year outlook.
Raised FY2026 revenue guidance to ~$49.0-50.0B; non-GAAP EPS guidance raised to $6.75-$7.00; FY opex now ~$16.5B.
Source and notation
* marks non-cash / ≈ estimated. Source: Bristol Myers Squibb press release / 10-Q (SEC EDGAR).
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<figure> <a href="https://whoreportstoday.com/t/bmy/q2-2026"><img src="https://whoreportstoday.com/t/bmy/q2-2026/sankey.png" alt="BMY Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/bmy/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/bmy/q2-2026">BMY Q2 2026 earnings chart (Who Reports Today)</a>
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- No Acquired IPRD charge this quarter vs $1,508M in Q2'25, a major driver of the y/y net income jump.
- R&D rose 15% GAAP (driven by a priority review voucher purchase and IPRD impairments) but only 2% on non-GAAP basis excluding those items.
- Other (income)/expense flipped to $61M net income from $494M net expense a year ago, aided by equity investment gains and divestiture gains.
- Amortization of acquired intangibles fell 47% to $437M, mainly lower Pomalyst-related amortization, a non-cash tailwind.
- Legacy Portfolio (-4%) continues to be pressured by generic erosion (Revlimid -49%, Pomalyst -71%) even as Eliquis demand grew.
- Non-GAAP net income of $4,172M and EPS of $2.04 strip out ~$855M of specified items (IPRD impairment, PRV cost, amortization, restructuring).
What distorts the picture in this report and what to watch beyond the headlines.
BMY — Bristol Myers Squibb is a biopharmaceutical company focused on discovering, developing, and commercializing innovative medicines in oncology, immunology, and cardiovascular diseases.
It is headquartered in New York City, USA.
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