What the results showed
Bristol Myers booked $13.1 billion in third-quarter sales, beating the average analyst view, and its adjusted profit per share also exceeded Wall Street's expectations. On Thursday, the company nudged its 2026 revenue goal to as much as $50.25 billion from a prior high end of $50 billion.
The stock opened up 1% in New York on Thursday and was up 12% for the year through Wednesday's close. Growth drugs did their part, with that portfolio up 12% in the quarter and accounting for nearly three fifths of total revenue.
Drug-by-drug snapshot and trial timelines
Eliquis tallied $4.7 billion for the quarter, a bit ahead of the Street's average estimate. Bristol has been expanding its newer medicines to offset looming patent expirations on big sellers like Eliquis, which could face US generics in 2028. Analysts expect companywide sales to trend lower through 2030.
RBC Capital Markets analyst Trung Huynh said the quarter leaned on sturdier results from the older lineup, including Eliquis and blood cancer medicine Revlimid. Revlimid brought in $303 million, topping the $224.8 million consensus.
Investors also paid close attention to Opdivo alongside the injection-based counterpart, Opdivo Qvantig. Management believes the injection could help offset generic competition after the original drug's exclusivity lapses. Opdivo Qvantig delivered $334 million and beat forecasts.
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Cobenfy posted $57 million in sales, below the $66.5 million estimate. Analysts anticipate Bristol will unveil Cobenfy results at a conference next month, with those studies slated to continue through 2030.
The company is also advancing milvexian, with two late stage studies in progress. An initial study readout focused on preventing recurrent strokes is expected by year-end, with atrial fibrillation results slated for the first quarter of 2027.
Safety pause and the CAR-T path forward
Bristol Myers recently said a participant died in an early-stage multiple sclerosis study of zola-cel, an investigational cell therapy aimed at autoimmune conditions. The death occurred 44 days after the individual received the treatment.
The disclosure came after the company had stopped enrolling patients in its autoimmune CAR-T programs on its own initiative because of inflammatory adverse events. Chief Commercialization Officer Adam Lenkowsky said, "We remain excited about the promise of zola-cel and the potential for cell therapy to reset the immune system. It's a one-time treatment that delivers deep, durable remissions." He said the team is working to restart enrollment at the beginning of 2027.
The bottom line for investors
Management cut its full-year adjusted EPS outlook to a maximum of $6.55, down from as high as $7 as of the end of the second quarter, and said the change includes a roughly 60 cent per share hit primarily from licensing agreements and collaboration-related charges. Set that against double digit growth in the newer portfolio, outperformance at Revlimid and Opdivo Qvantig, plus near term trial catalysts for Cobenfy and milvexian, and you have the push and pull shaping how this story shows up in your portfolio.
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