Bristol Myers Squibb reports $13.07B revenue for Q3 2026
- Form
- 10-Q
- Filed
- Importance
- Major
- Accession
- 0000014272-26-000024
- Revenue: $13.07 billion for the three months ended Sep 30, 2026
- Net income: $2.16 billion for the three months ended Sep 30, 2026
- Diluted EPS: $1.05 for the three months ended Sep 30, 2026
- Cash and equivalents: $9.57 billion at Sep 30, 2026
Written from the 10-Q on EDGAR. AI can make mistakes. Check the filing.
What changed
19 changes since the June 2026 10-Q
Compared with the 10-Q 0000014272-26-000020, filed Jul 30, 2026.
New legal mention
In September 2026, BMS and Ono Pharmaceutical Co., Ltd. initiated a patent infringement action against Amgen, Inc. in the U.S. District Court for the District of Delaware based on Amgen s filing of an abbreviated…
From the filings
Now
In September 2026, BMS and Ono Pharmaceutical Co., Ltd. initiated a patent infringement action against Amgen, Inc. in the U.S. District Court for the District of Delaware based on Amgen s filing of an abbreviated Biologics License Application (aBLA) with the FDA seeking approval to market a nivolumab biosimilar in the U.S.New legal mention
In August 2026, the U.S. Court of Appeals for the Second Circuit vacated the dismissal and judgment and remanded the case to the district court for further proceedings.
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In August 2026, the U.S. Court of Appeals for the Second Circuit vacated the dismissal and judgment and remanded the case to the district court for further proceedings.New legal mention
After the case that was filed in June 2021 was remanded by the Second Circuit, the district court consolidated the two actions under the caption for the original case.
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After the case that was filed in June 2021 was remanded by the Second Circuit, the district court consolidated the two actions under the caption for the original case.New legal mention
The plaintiff appealed the dismissal and in August 2026, the Appellate Division affirmed in full and across all claims.
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The plaintiff appealed the dismissal and in August 2026, the Appellate Division affirmed in full and across all claims.New legal mention
The plaintiff did not petition for review of that decision by the New Jersey Supreme Court.
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The plaintiff did not petition for review of that decision by the New Jersey Supreme Court.New legal mention
The U.S. Court of Appeals for the D.C. Circuit affirmed the District Court's judgment in July 2026.
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The U.S. Court of Appeals for the D.C. Circuit affirmed the District Court's judgment in July 2026.New legal mention
In September 2026, the case was removed to the U.S. District Court for the Western District of Arkansas.
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In September 2026, the case was removed to the U.S. District Court for the Western District of Arkansas.New legal mention
In September 2026, the Court denied the motion to dismiss Plaintiffs antitrust claims challenging the Celgene patent litigation settlement with Natco Pharma Limited.
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In September 2026, the Court denied the motion to dismiss Plaintiffs antitrust claims challenging the Celgene patent litigation settlement with Natco Pharma Limited.EPS down 35% from Jun 30
$1.05, was $1.62.
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$1.62Now
$1.05Net income down 35% from Jun 30
$2.2B, was $3.3B.
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$3.3BNow
$2.2BCash up 9.8% from Jun 30
$9.6B, was $8.7B.
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$8.7BNow
$9.6BAmortization of acquired intangible assets 458 831 1,332 2,491 (9) (12) (27) (36)
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Amortization of acquired intangible assets 458 831 1,332 2,491 (9) (12) (27) (36)(a) Includes changes to tax reserves during 2025 related to certain matters under IRS audit.
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(a) Includes changes to tax reserves during 2025 related to certain matters under IRS audit.admilparant IPF October 2026 Announced topline results from the pivotal Phase III ALOFT-IPF trial evaluating…
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admilparant IPF October 2026 Announced topline results from the pivotal Phase III ALOFT-IPF trial evaluating the efficacy, safety and tolerability of admilparant, a potential first-in-class, orally administered, potent and selective lysophosphatidic acid receptor 1 (LPA1) antagonist, in adults with IPF. The trial met its primary endpoint at the 60 mg dose, with admilparant demonstrating a statistically significant improvement compared to placebo in absolute change in forced vital capacity (FVC) from baseline at Week 52. At the 120 mg dose, admilparant slowed the decline of FVC but was not statistically significant. Admilparant demonstrated a well-tolerated safety profile across both doses in the ALOFT-IPF trial. In both admilparant arms of the trial, discontinuations due to adverse events were low and similar to placebo.arlo-cel RRMM September 2026 Announced positive Phase II results from the registrational QUINTESSENTIAL…
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arlo-cel RRMM September 2026 Announced positive Phase II results from the registrational QUINTESSENTIAL trial of arlocabtagene autoleucel (arlo-cel BMS-986393) in adult patients with quadruple-class exposed RRMM. Results show the study met its primary endpoint with arlo-cel demonstrating a statistically significant and clinically meaningful overall response rate (ORR) in patients with quadruple-class exposed RRMM who had received four or more prior lines of therapy. The study also met the key secondary endpoint of complete response rate (CRR) in patients with RRMM who had been quadruple-class exposed after four or more prior lines of therapy, and the key secondary endpoints of ORR and CRR after three or more prior lines of therapy.August 2026 Announced new five-year results from EXPLORER-LTE long-term extension trial of Camzyos for the…
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August 2026 Announced new five-year results from EXPLORER-LTE long-term extension trial of Camzyos for the treatment of adult patients with oHCM, in which the safety profile of Camzyos remained consistent through five years and with no new safety signals identified. A substantial portion of patients experienced sustained and clinically meaningful reduction of left ventricular outflow tract obstruction, improved by at least one NYHA class and experienced notable improvements in echocardiographic measures and biomarkers. No new safety signals were observed that were not observed in the primary EXPLORER-HCM study.NSCLC October 2026 Announced, with SystImmune, that SystImmune s parent company Biokin reported positive…
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NSCLC October 2026 Announced, with SystImmune, that SystImmune s parent company Biokin reported positive results from a prespecified interim analysis in the randomized, multicenter Phase III PANKU-Lung01 study evaluating iza-bren, an investigational, first-in-class, dual-targeting EGFRxHER3 bispecific antibody-drug conjugate (ADC), versus platinum-based chemotherapy (PBC) in patients with EGFR-mutated non-squamous NSCLC who were previously treated with an EGFR tyrosine kinase inhibitor (TKI). Median follow-up for PFS was 14.6 months. Results showed iza-bren significantly improved PFS, the study s primary endpoint, compared to PBC, with a median PFS by Blinded Independent Central Review (BICR) of 11.1 months for iza-bren vs. 5.7 months for PBC. For the secondary endpoint of overall survival (OS), data were immature, though a favorable trend toward improved OS was observed with iza-bren vs. PBC. Iza-bren showed a manageable safety profile in this population, with no new safety signals observed.obexelimab IgG4-RD August 2026 Submitted the initial Japanese New Drug Application (JNDA) to Japan's…
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obexelimab IgG4-RD August 2026 Submitted the initial Japanese New Drug Application (JNDA) to Japan's Pharmaceuticals and Medical Devices Agency (PMDA) for obexelimab for the treatment of IgG4-related disease. This submission is based on results from the Phase III INDIGO trial and falls under the PMDA priority review based on the orphan product designation received in 2023.RYZ101 GEP-NETs October 2026 Announced positive topline results from the planned interim analysis of the…
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RYZ101 GEP-NETs October 2026 Announced positive topline results from the planned interim analysis of the ACTION-1 trial conducted by RayzeBio, Inc., a BMS company. The study met the primary endpoint with a statistically significant and clinically meaningful improvement in PFS by blinded independent central review, and safety results consistent with the known RYZ101 safety profile. ACTION-1 is a randomized Phase III clinical trial evaluating RYZ101 (225Ac-DOTATATE) versus investigator's choice of standard of care (high-dose or high-frequency long-acting somatostatin analogues, everolimus, or sunitinib) in patients with SSTR+ GEP-NETs who have progressed following Lutetium-177 (Lu177)-based therapy.
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Cover page 2 changes
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For the quarterly period ended June September 30, 2026
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At July 22, October 21, 2026, there were 2,042,714,656 2,044,085,831 shares outstanding of the Registrant s $0.10 par value common stock.
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Financial statements 476 changes
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Three Months Ended June 30, Six Months Ended June 30,
Net product sales $ 12,588 $ 11,909 $ 23,756 $ 22,794
Alliance and other revenues 385 360 706 676
Total Revenues 12,973 12,269 24,462 23,470
Three Months Ended September 30, Nine Months Ended September 30,
Net product sales $ 12,606 $ 11,850 $ 36,362 $ 34,645
Alliance and other revenues 463 372 1,169 1,047
Total Revenues 13,069 12,222 37,532 35,692
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Research and development 2,959 2,580 5,608 4,837
Acquired IPRD 1,508 94 1,695
Amortization of acquired intangible assets 437 830 874 1,660 ( 61 ) 494 ( 28 ) 833
Total Expenses 8,887 10,496 17,137 18,726
Earnings/(Loss) before income taxes 4,086 1,773 7,326 4,744
Research and development 2,365 2,528 7,973 7,365
Acquired IPRD 1,558 633 1,651 2,328
Amortization of acquired intangible assets 458 831 1,332 2,491
Other (income)/expense, net
Total Expenses 10,533 9,108 27,670 27,834
Earnings/(Loss) before income taxes 2,536 3,114 9,862 7,858
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Net earnings/(loss) 3,316 1,313 5,994 3,775
Noncontrolling interest ( 1 ) 2 9
Net earnings/(loss) attributable to BMS $ 3,317 $ 1,310 $ 5,994 $ 3,766
Net earnings/(loss) 2,162 2,195 8,156 5,970
Noncontrolling interest ( 6 ) 3
Net earnings/(loss) attributable to BMS $ 2,162 $ 2,201 $ 8,156 $ 5,967
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Basic $ 1.62 $ 0.64 $ 2.94 $ 1.85
Diluted 1.62 0.64 2.93 1.85
Basic $ 1.06 $ 1.08 $ 4.00 $ 2.93
Diluted 1.05 1.08 3.98 2.93
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Three Months Ended June 30, Six Months Ended June 30,
Three Months Ended September 30, Nine Months Ended September 30,
1 unchanged paragraph
Marketable debt securities ( 1 ) 1 ( 4 ) 1
Foreign currency translation 47 95 138 122
Derivatives qualifying as cash flow hedges 33 ( 228 9 ) 93 48 83 ( 443 395 )
Pension and postretirement benefits 1 2 7 3 19 8 22
Marketable debt securities ( 4 ) ( 9 ) 2
Foreign currency translation 23 ( 26 ) 160 96
Total other comprehensive income/(loss) 79 ( 130 ) 234 9 41 243 ( 316 275 )
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Comprehensive income/(loss) attributable to noncontrolling interest ( 1 6 ) 2 9 3
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Marketable debt securities 2,345 464
ASSETS September 30,
Cash and cash equivalents $ 8,722 9,574 $ 10,209
Marketable debt securities 3,007 464
Receivables 10,553 10,639 11,414
Inventories 2,737 2,704 2,690
Other current assets 4,222 3,844 4,613
Total Current assets 28,579 29,767 29,390
Property, plant and equipment 7,791 7,971 7,543
Goodwill 21,740 21,735 21,754
Other intangible assets 17,387 16,936 19,103
Deferred income taxes 5,362 5,884 5,378
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Total Assets $ 87,634 $ 90,038
Other non-current assets 6,378 6,099 6,474
Total Assets $ 88,772 $ 90,038
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Short-term debt obligations $ 1,027 1,028 $ 2,261
Accounts payable 4,158 4,628 3,575
Other current liabilities 13,474 13,098 17,581
Total Current liabilities 18,659 18,753 23,417
Deferred income taxes 222 228 222
Long-term debt 42,093 41,849 42,850
Other non-current liabilities 4,341 4,538 5,043
Total Liabilities 65,315 65,368 71,533
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Retained earnings 20,316 16,896
Capital in excess of par value of stock 46,504 46,674 46,387
Accumulated other comprehensive loss ( 1,290 1,281 ) ( 1,524 )
Retained earnings 21,190 16,896
Less cost of treasury stock ( 43,504 43,471 ) ( 43,579 )
Total BMS Shareholders equity 22,319 23,404 18,473
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Total Equity 22,319 18,506
Total Equity 23,404 18,506
Total Liabilities and Equity $ 87,634 88,772 $ 90,038
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Six Months Ended June 30,
Nine Months Ended September 30,
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Net earnings/(loss) $ 5,994 $ 3,775
Net earnings/(loss) $ 8,156 $ 5,970
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Divestiture gains and royalties ( 176 ) ( 585 )
Acquired IPRD 94 1,695
Depreciation and amortization, net 1,188 2,023 1,814 3,034
Deferred income taxes ( 34 544 ) ( 214 573 )
Stock-based compensation 281 281 419 420
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and 396 more changes in the filing
MD&A 264 changes
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In 2026, we have achieved multiple regulatory approvals across our portfolio, including: (i) approval of our first CELMoD, Zenbexus (iberdomide), in combination with daratumumab and hyaluronidase-fihj and dexamethasone for the treatment of adult patients with MM who have received at least one prior line of therapy including a proteasome inhibitor and an immunomodulatory agent in the U.S.; (ii) approval of Camzyos for pediatric patients with symptomatic oHCM in the U.S.; (iii) approval of Sotyktu for the treatment of adults with active PsA in the U.S. and EU; and (iv) approval of Opdivo for cHL in the U.S. and EU. We have also made meaningful progress advancing our pipeline, highlighted by: (i) FDA acceptance topline Phase III results from the ALOFT-IPF study of our NDA for iberdomide admilparant in RRMM adults with a PDUFA date of August 17, 2026; IPF, which met its primary endpoint at the 60 mg dose; (ii) positive topline interim Phase III results from the ACTION-1 study of RYZ101 in patients with SSTR+ GEP-NETs who have progressed following Lu177-based therapy; (iii) FDA acceptance of our NDA for mezigdomide in RRMM with a PDUFA date of May 13, 2027; (iii) (iv) positive interim Phase II results from the ROSETTA Lung-02 study of pumitamig in patients with previously untreated advanced NSCLC; (iv) (v) positive topline Phase II results from the registrational QUINTESSENTIAL study of arlo-cel in adult patients with quadruple-class exposed RRMM; and (vi) positive interim results from two Phase III studies conducted in China for iza-bren in heavily pretreated, unresectable locally advanced or metastatic TNBC and recurrent or metastatic ESCC. and (v) FDA acceptance of our sNDA for Camzyos in adolescents with symptomatic oHCM with a PDUFA date of September 30, 2026. Additionally, Sotyktu was approved in the U.S. and EU for the treatment of adults with active PsA and Opdivo was approved in the U.S. and EU for cHL.
We continue to view business development as an important component of our strategy, focusing on opportunities where we can add strategic value and deliver returns. In May 2026, we entered into global strategic collaboration and license agreements with Hengrui to develop and commercialize 13 early stage assets in oncology, hematology and immunology. For additional information relating to this arrangement, refer to "Item 1. Financial Statements Note 4. Acquisitions, Divestitures, Licensing and Other Arrangements". Additionally, in August 2026, we announced plans to build a new, state-of-the-art multi-modal manufacturing campus in Houston, Texas, and a new, radiopharmaceutical manufacturing facility in Whitestown, Indiana, reflecting our continuing efforts to invest in research and development, technology and domestic production within the U.S.
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Three Months Ended June 30, Six Months Ended June 30,
Three Months Ended September 30, Nine Months Ended September 30,
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Total Revenues $ 12,973 $ 12,269 $ 24,462 $ 23,470
Total Revenues $ 13,069 $ 12,222 $ 37,532 $ 35,692
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GAAP $ 1.62 $ 0.64 $ 2.93 $ 1.85
Non-GAAP 2.04 1.46 3.62 3.26
GAAP $ 1.05 $ 1.08 $ 3.98 $ 2.93
Non-GAAP 1.35 1.63 4.97 4.89
Revenues increased 6% 7% during the second third quarter of 2026 and 4% 5% year-to-date, primarily reflecting higher demand and higher average net selling prices across the Growth Portfolio and for Eliquis , which was partially offset by the impact of generics across the remainder of the Legacy Portfolio .
The increase $0.03 decrease in GAAP EPS of $0.98 and $1.08 for the second third quarter of 2026 and year-to-date, respectively, was primarily due to a higher one-time Acquired IPRD charge in 2025 and the impact of certain specified items, including lower amortization of acquired intangible assets, and higher revenues charges in 2026 partially offset by and the expiry of royalty income on diabetes products at the end of 2025, partially offset by lower amortization of acquired intangible assets and higher revenues in 2026. After adjusting for specified items, the increase $0.28 decrease in non-GAAP EPS of $0.58 and $0.36 for the second quarter of 2026 and year-to-date, respectively, was primarily due to the aforementioned higher Acquired IPRD charge charges and higher revenues, partially offset by the expiry of royalty income on diabetes products, partially offset by higher revenues.
The $1.05 increase in GAAP EPS year-to-date was primarily due to lower amortization of acquired intangible assets, lower one-time Acquired IPRD charges and higher revenues in 2026, partially offset by the expiry of royalty income on diabetes products at the end of 2025. After adjusting for specified items, the $0.08 increase in non-GAAP EPS was primarily due to the aforementioned lower Acquired IPRD charges and higher revenues, partially offset by the expiry of royalty income on diabetes products.
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The following is a summary of the significant approvals received in 2026 as of July 30, October 29, 2026:
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Camzyos September 2026 The FDA expanded approval of Camzyos for the treatment of symptomatic oHCM to improve functional capacity and symptoms in adults and pediatric patients weighing 30 kg (66 lbs) or more.
Zenbexus (iberdomide) August 2026 FDA approval of Zenbexus (iberdomide) in combination with daratumumab and hyaluronidase-fihj and dexamethasone (ZDd) for the treatment of adult patients with MM who have received at least one prior line of therapy including a proteasome inhibitor and an immunomodulatory agent.
Opdivo June 2026 EC approval of Opdivo in combination with doxorubicin, vinblastine and dacarbazine AVD, for the treatment of adult and pediatric adolescent patients 12 years and older with previously untreated, Stage III or IV cHL.
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Breyanzi April 2026 Japan's Ministry of Health, Labour and Welfare approval of Breyanzi for the treatment of both relapsed or refractory MCL and relapsed or refractory MZL.
Opdivo March 2026 FDA approval of Opdivo in combination with doxorubicin, vinblastine and dacarbazine AVD, for the treatment of adult and pediatric patients 12 years and older with previously untreated, Stage III or IV cHL.
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Refer to " Product and Pipeline Developments" for a listing of other developments in our marketed products and late-stage pipeline since the start of the second third quarter of 2026.
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Three Months Ended June 30, Six Months Ended June 30,
Three Months Ended September 30, Nine Months Ended September 30,
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United States $ 8,991 $ 8,519 6 % % $ 16,779 $ 16,392 2 % %
2026 2025 % Change Foreign Exchange (c) (b)
United States $ 9,074 $ 8,329 9 % % $ 25,853 $ 24,721 5 % %
Total revenues $ 12,973 13,069 $ 12,269 6 12,222 7 % % $ 24,462 37,532 $ 23,470 4 35,692 5 % 1 % (a) Includes royalties and alliance-related revenues for products not sold by our regional commercial organizations, including royalties received from Merck on Winrevair *.
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U.S. revenues increased 6% 9% during the second third quarter of 2026 and 2% 5% year-to-date, reflecting higher demand and higher average net selling prices across the Growth Portfolio and for Eliquis , partially offset by the impact of generic erosion within the remainder of the Legacy Portfolio . Average U.S. net selling prices increased 4% 7% year-to-date compared to the corresponding period a year ago, primarily driven by lower rebates as a result of the Eliquis list price reduction in 2026.
International revenues increased 5% were relatively flat during the second third quarter of 2026 and 8% increased 5% year-to-date, primarily due to higher demand across the Growth Portfolio, and for Eliquis , partially offset by generic erosion within the remainder of the Legacy Portfolio. Excluding the impacts of foreign exchange, international revenues increased 4% 1% during the second third quarter of 2026 and 3% year-to-date.
No single country outside the U.S. contributed more than 10% of total revenues during the six nine months ended June September 30, 2026 and 2025. Our business is typically not seasonal; however, in the first quarter we typically see an unwinding of sales channel inventory build-up from the fourth quarter of the prior year.
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Three Months Ended June 30, Six Months Ended June 30,
Three Months Ended September 30, Nine Months Ended September 30,
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Gross product sales $ 18,179 $ 22,181 (18) % $ 35,105 $ 42,054 (17) %
Charge-backs and cash discounts (2,372) (3,407) (30) % (4,839) (6,365) (24) %
Medicaid and Medicare rebates (1,759) (4,516) (61) % (3,634) (8,356) (57) %
Other rebates, returns, discounts and adjustments (1,460) (2,348) (38) % (2,876) (4,538) (37) %
Total GTN adjustments (5,592) (10,272) (46) % (11,349) (19,260) (41) %
Net product sales $ 12,588 $ 11,909 6 % $ 23,756 $ 22,794 4 %
GTN adjustments percentage 30 % 46 % (16) % 32 % 46 % (14) %
Non-U.S. 20 % 19 % 1 % 20 % 20 % %
Gross product sales $ 17,965 $ 22,494 (20) % $ 53,070 $ 64,548 (18) %
Charge-backs and cash discounts (2,268) (3,475) (35) % (7,108) (9,840) (28) %
Medicaid and Medicare rebates (1,649) (4,887) (66) % (5,283) (13,244) (60) %
Other rebates, returns, discounts and adjustments (1,441) (2,281) (37) % (4,317) (6,819) (37) %
Total GTN adjustments (5,358) (10,644) (50) % (16,708) (29,903) (44) %
Net product sales $ 12,606 $ 11,850 6 % $ 36,362 $ 34,645 5 %
GTN adjustments percentage 30 % 47 % (17) % 31 % 46 % (15) %
International 22 % 18 % 4 % 21 % 19 % 2 %
Reductions/(increases) to provisions for product sales made in prior periods resulting from changes in estimates were $88 $125 million and $67 $192 million for the three and six nine months ended June September 30, 2026 and $42 $87 million and $331 $418 million for the three and six nine months ended June September 30, 2025, respectively. The reduction to provision recognized for the six months ended June 30, 2025 primarily related to lower than expected Medicaid utilization. The changes in gross product sales and GTN adjustments were primarily due to a list price reduction for Eliquis in the U.S. in 2026.
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Three Months Ended June 30, Six Months Ended June 30,
Three Months Ended September 30, Nine Months Ended September 30,
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Opdivo $ 2,485 $ 2,560 (3) % $ 4,631 $ 4,824 (4) %
Opdivo $ 2,374 $ 2,532 (6) % $ 7,005 $ 7,356 (5) %
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Orencia 1,034 963 7 % 1,852 1,733 7 %
Orencia 983 964 2 % 2,835 2,697 5 %
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Yervoy 769 728 6 % 1,420 1,351 5 %
Yervoy 793 739 7 % 2,213 2,090 6 %
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Reblozyl 735 568 29 % 1,291 1,046 23 %
Reblozyl 750 615 22 % 2,040 1,661 23 %
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Breyanzi 484 344 41 % 896 607 48 %
Breyanzi 526 359 46 % 1,422 966 47 %
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Opdualag 349 284 23 % 644 537 20 %
Opdualag 367 299 23 % 1,011 835 21 %
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Camzyos 416 260 60 % 729 419 74 %
Camzyos 420 296 42 % 1,149 714 61 %
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Zeposia 169 150 12 % 287 257 12 %
Zeposia 168 161 5 % 455 418 9 %
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Sotyktu 87 70 23 % 156 126 24 %
Sotyktu 100 80 26 % 256 206 24 %
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Krazati 55 48 14 % 105 96 9 %
Krazati 58 53 10 % 163 149 9 %
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Total Growth Portfolio $ 7,560 $ 6,596 15 % $ 13,787 $ 12,159 13 %
Total Growth Portfolio $ 7,662 $ 6,857 12 % $ 21,448 $ 19,016 13 %
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Eliquis $ 4,481 $ 3,680 22 % $ 8,617 $ 7,245 19 %
Three Months Ended September 30, Nine Months Ended September 30,
Dollars in millions 2026 2025 % Change 2026 2025 % Change
Eliquis $ 4,690 $ 3,746 25 % $ 13,307 $ 10,991 21 %
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Revlimid 425 838 (49) % 773 1,774 (56) %
Revlimid 303 575 (47) % 1,076 2,349 (54) %
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Pomalyst/Imnovid 204 708 (71) % 717 1,366 (48) %
Pomalyst/Imnovid 130 675 (81) % 847 2,041 (59) %
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and 184 more changes in the filing
Market risk 1 change
For a discussion of our market risk, refer to "Item 7A. Quantitative and Qualitative Disclosures about Market Risk" in our 2025 Form 10-K. There have been no material changes to our market risk during the six nine months ended June September 30, 2026.
Controls and procedures 2 changes
Management carried out an evaluation, under the supervision and with the participation of its chief executive officer and chief financial officer, of the effectiveness of the design and operation of its disclosure controls and procedures, as defined in Exchange Act Rules 13a-15(e) and 15d-15(e), as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on this evaluation, our principal executive officer and principal financial officer concluded that as of June September 30, 2026, such disclosure controls and procedures are effective.
There were no changes in the Company's internal control over financial reporting during the quarter ended June September 30, 2026 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.
Unregistered sales of stock 10 changes
The following table summarizes the surrenders of our equity securities during the three months ended June September 30, 2026:
5 unchanged paragraphs
April 1 to 30, 2026 59,703 $ 60.09 $ 5,014
May 1 to 31, 2026 24,915 $ 58.18 $ 5,014
June 1 to 30, 2026 109,601 $ 55.10 $ 5,014
Three months ended June 30, 2026 194,219
July 1 to 31, 2026 71,019 $ 62.24 $ 5,014
August 1 to 31, 2026 7,410 $ 62.94 $ 5,014
September 1 to 30, 2026 26,634 $ 66.69 $ 5,014
Three months ended September 30, 2026 105,063
1 unchanged paragraph
(b) In May 2010, the Board of Directors authorized the repurchase of up to $3.0 billion of our common stock. From time to time thereafter, the Board approved additional share repurchase authorizations totaling an amount of $25.0 billion, including the most recent authorization of $3.0 billion in December 2023. The remaining share repurchase capacity under the program was $5.0 billion as of June September 30, 2026. Our share repurchase program does not obligate us to repurchase any specific number of shares, does not have a specific expiration date and may be suspended or discontinued at any time.
Other information 1 change
1 unchanged paragraph
During the three months ended June September 30, 2026, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.
Exhibits 48 changes
Exhibits (listed by number corresponding to the Exhibit Table of Item 601 in Regulation S-K). The Exhibits designated by the symbol are management contracts or compensatory plans or arrangements.
1 unchanged paragraph
Bristol-Myers Squibb Company 2026 Stock Award and Incentive Plan (incorporated herein by reference to Exhibit B to Bristol-Myers Squibb Company s Definitive Proxy Statement filed on March 25, 2026).
22. Sub sidiary Issu ers Subsidiary Issuers of Guarantee d Securities (incorporated by reference to Exhibit 22 of Bristol Myers Squibb Company's Annual Report on Form 10-K filed on February 11, 2026)
11 unchanged paragraphs
* Indicates, in this Quarterly Report on Form 10-Q, brand names of products, which are registered trademarks not solely owned by the Company or its subsidiaries. Keytruda and Winrevair are trademarks of Merck; & Co., Inc., Rahway, NJ, USA; Plavix is a trademark of Sanofi; and Tecentriq is a trademark of Genentech, Inc. Brand names of products that are in all italicized letters, without an asterisk, are registered trademarks of BMS and/or one of its subsidiaries.
3 unchanged paragraphs
2seventy bio 2seventy bio, Inc. MF myelofibrosis
AstraZeneca AstraZeneca PLC MZL marginal zone lymphoma
BioArctic BioArctic AB NHL Non-Hodgkin's Lymphoma
BioNTech BioNTech SE oHCM Obstructive Hypertrophic Cardiomyopathy
Celgene Celgene Corporation Ono Ono Pharmaceutical Co., Ltd
CVR Contingent value right Pfizer Pfizer, Inc.
Dr. Reddy's Laboratories
EC European Commission PsA psoriatic arthritis
MCL mantle cell lymphoma
2seventy bio 2seventy bio, Inc. Merck Merck & Co., Inc., Rahway, NJ, USA
ANDA Abbreviated New Drug Application Mirati Mirati Therapeutics, Inc. MF myelofibrosis
AOCL Accumulated other comprehensive loss NDA New Drug Application Mirati Mirati Therapeutics, Inc.
AstraZeneca AstraZeneca PLC MM multiple myeloma
AVD doxorubicin, vinblastine and dacarbazine MZL marginal zone lymphoma
BioArctic BioArctic AB NDA New Drug Application
BioNTech BioNTech SE NSCLC non-small cell lung cancer
Celgene Celgene Corporation NYHA New York Heart Association
CELMoD cereblon E3 ligase modulator oHCM Obstructive Hypertrophic Cardiomyopathy
CERCLA U.S. Comprehensive Environmental Response, Compensation and Liability Act Ono Ono Pharmaceutical Co., Ltd cHL classical Hodgkins Lymphoma PD-1 programmed cell death protein 1 cHL classical Hodgkins Lymphoma
CRC colorectal cancer PD-L1 programmed death-ligand 1
CRC colorectal cancer CVR Contingent value right PDUFA Prescription Drug User Fee Act
Dr. Reddy s Reddy's Laboratories Dr. Reddy's Laboratories, Limited and Dr. Reddy s Reddy's Laboratories, Inc. Philochem Philochem AG
DVd daratumumab, bortezomib and dexamethasone Pfizer Pfizer, Inc.
EC European Commission PFS progression-free survival
EPS earnings per share PsA psoriatic arthritis
EPS earnings per share ESCC esophageal squamous cell carcinoma Quarterly Report on Form 10-Q Quarterly Report on Form 10-Q for the quarter ended June September 30, 2026
ES-SCLC extensive stage small cell lung cancer
ESCC esophageal squamous cell carcinoma R&D research and development
6 unchanged paragraphs
HCM hypertrophic cardiomyopathy sNDA
supplemental New Drug Application
IRS Internal Revenue Service U.S. United States
MCL mantle cell lymphoma
GTN gross-to-net GEP-NETs gastroenteropancreatic neuroendocrine tumors SEC U.S. Securities and Exchange Commission
GTN gross-to-net SPC Supplementary Protection Certificate
HCM hypertrophic cardiomyopathy SSTR+ somatostatin receptor-positive
Hengrui Jiangsu Hengrui Pharmaceuticals Co., Ltd. SystImmune SystImmune, Inc.
HHS Health and Human Services SystImmune SystImmune, Inc. TNBC triple negative breast cancer
IPF idiopathic pulmonary fibrosis UK United Kingdom
IPRD in-process research and development TNBC triple negative breast cancer U.S. United States
IRA Inflation Reduction Act of 2022 UK United Kingdom VAT value added tax
IRS Internal Revenue Service VEGF-A Vascular endothelial growth factor A
IT Information Technology
2 unchanged paragraphs
Date: July 30, October 29, 2026 By: /s/ Christopher Boerner, Ph.D.
2 unchanged paragraphs
Date: July 30, October 29, 2026 By: /s/ David V. Elkins
1 unchanged paragraph
Unchanged: Notes to the financial statements, Forward-looking statements, Legal proceedings, Risk factors
Compared by code from the two filings' text and XBRL. Not advice.
The reading, claim by claim
- The financial statements source reports revenue of $13.1 billion and net income of $2.2 billion for the quarter, with revenue up +6.9% from a year earlier.
- Net product sales were $12,606 million and alliance and other revenues were $463 million.
- Earnings before income taxes were $2,536 million, the income tax provision was $374 million, and net earnings attributable to BMS were $2,162 million.
- Diluted earnings per share were $1.05, against $1.08 a year earlier.
- Net cash provided by operating activities was $8,678 million, against $12,182 million.
- Dividends paid were $3,857 million.
- Long-term debt was $41,849 million and total BMS shareholders' equity was $23,404 million.
7 of 8 claims matched the filing text.
Not found in the filing text
- For the nine months ended September 30, 2026, net earnings attributable to BMS were $8,156 million, against $5,967 million in the same period of 2025.
From the filing
Item 6.
Item 6.
Exhibits
46
Summary of Abbreviated Terms
47
Signatures
48
* Indicates brand names of products which are trademarks not owned by BMS. Specific trademark ownership information is included in the Exhibit Index at the end of this Quarterly Report on Form 10-Q.
PART I—FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
Item 1. FINANCIAL STATEMENTS BRISTOL-MYERS SQUIBB COMPANY CONSOLIDATED STATEMENTS OF EARNINGS
Dollars in millions, except per share data
(UNAUDITED)
Three Months Ended September 30, Nine Months Ended September 30,
Cost of products sold (a)
4,146 3,435 11,292 9,839
Selling, general and administrative
Other (income)/expense, net
(a) Excludes amortization of acquired intangible assets .
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
Dollars in millions
(UNAUDITED)
Three Months Ended September 30, Nine Months Ended September 30,
2026 2025 2026 2025
Net earnings/(loss)
$ 2,162 $ 2,195 $ 8,156 $ 5,970
Other comprehensive income/(loss), net of taxes and reclassifications to earnings:
Comprehensive income/(loss)
2,171 2,236 8,399 5,695
Comprehensive income/(loss) attributable to noncontrolling interest
— ( 6 ) — 3
Comprehensive income/(loss) attributable to BMS
$ 2,171 $ 2,242 $ 8,399 $ 5,692
The accompanying notes are an integral part of these consolidated financial statements.
3
BRISTOL-MYERS SQUIBB COMPANY CONSOLIDATED BALANCE SHEETS
Dollars in millions
(UNAUDITED)
ASSETS September 30,
2026 December 31,
2025
Current assets:
Marketable debt securities
LIABILITIES
Current liabilities:
Commitments and Contingencies (see Note 18)
EQUITY
BMS Shareholders' equity:
Preferred stock — —
Common stock 292 292
Capital in excess of par value of stock 46,674 46,387
Less cost of treasury stock ( 43,471 ) ( 43,579 )
Total BMS Shareholders' equity 23,404 18,4737
Noncontrolling interest — 33
The accompanying notes are an integral part of these consolidated financial statements.
4
BRISTOL-MYERS SQUIBB COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS
Dollars in millions
(UNAUDITED)
Nine Months Ended September 30,
Adjustments to reconcile net earnings/(loss) to net cash provided by operating activities:
Divestiture (gains)/losses, net and royalties ( 186 ) ( 880 )
Acquired IPRD 1,651 2,328
Equity investment (gains)/losses, net
( 222 ) ( 90 )
Contingent consideration fair value adjustments
— 336
Net cash provided by operating activities5
Cash Flows From Investing Activities:
Sale and maturities of marketable debt securities 2,002 1,573
Purchase of marketable debt securities ( 4,538 ) ( 1,922 )
Proceeds from sales of equity investments 439 61
Acquisition and other payments, net of cash acquired ( 1,268 ) ( 2,237 )
Net cash provided by/(used in) investing activities
( 3,849 ) ( 2,674 )
Cash Flows From Financing Activities:
Other short-term financing obligations, net
190 431
Repayments of long-term debt
Stock option proceeds and other, net ( 25 ) ( 95 )
Net cash provided by/(used in) financing activities
( 5,412 ) ( 4,319 )
Effect of exchange rates on cash, cash equivalents and restricted cash ( 61 ) 190
Increase/(decrease) in cash, cash equivalents and restricted cash
( 644 ) 5,379
Cash, cash equivalents and restricted cash at beginning of period 10,218 10,347
Cash, cash equivalents and restricted cash at end of period $ 9,574 $ 15,726
The accompanying notes are an integral part of these consolidated financial statements.
5
Note 1. BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING STANDARDS
Basis of Consolidation
Bristol-Myers Squibb Company ("BMS", "we", "our", "us" or "the Company") prepared these unaudited consolidated financial statements following the requirements of the SEC and U.S. GAAP for interim reporting. Under those rules, certain footnotes and other financial information that are normally required for annual financial statements can be condensed or omitted. The Company is respon
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