New drug portfolio drives Bristol-Myers Squibb (BMY.US) Q3 results above expectations

Thursday pre-market, Bristol-Myers Squibb (BMY.US) released its Q3 2026 financial results. Driven by continued volume growth of its "Growth Portfolio" products, the company's Q3 results beat expectations, and it raised its full-year revenue guidance. Data showed that Bristol-Myers Squibb's Q3 total revenue was $13.069 billion, up 7% year-over-year, better than market expectations. Of this, U.S. market revenue was $9.074 billion, up 9% year-over-year; international market revenue was $3.995 billion, up 3% year-over-year. By product portfolio, "Growth Portfolio" revenue was $7.662 billion, up 12% year-over-year, mainly driven by products such as Opdivo Qvantig, Breyanzi, Reblozyl, Camzyos and Opdualag. "Legacy Portfolio" revenue was $5.415 billion, up slightly 1% year-over-year, mainly as Eliquis growth offset generic competition on other products. On profitability, Q3 GAAP diluted earnings per share was $1.05, below $1.08 in the same period last year; non-GAAP diluted earnings per share was $1.35, below $1.63 in the same period last year, but still better than market expectations. The report noted that both metrics included a net negative impact of $0.58 per share from acquired IPRD charges and licensing income. On margins, affected by product mix changes and a one-time charge related to a contract termination, GAAP gross margin fell to 68.3% from 71.9% in the same period last year, and non-GAAP gross margin fell to 68.4% from 72.9%. Full-Year Outlook Bristol-Myers Squibb raised its full-year 2026 revenue guidance to approximately $49.75 billion-$50.25 billion from the previous approximately $49 billion-$50 billion, mainly reflecting continued growth momentum across its broad product portfolio. Full-year non-GAAP earnings per share guidance was updated to $6.35-$6.55, which includes a net negative impact of $0.60 per share from acquired IPRD charges and licensing income, compared with the previous expectation of $6.75-$7.00. The company maintained its full-year gross margin guidance of 69% to 70% unchanged. After the earnings release, Bristol-Myers Squibb's shares rose 1.32% pre-market.