Bristol-Myers Squibb Co.

Q2 2026 performance strong; guidance raised - Total revenue +5% YoY to ~$13B; growth portfolio +14% to ~$7.6B (~60% of total revenue), offsetting legacy declines. - Management raised full-year 2026 guidance for revenue and adjusted diluted EPS based on strong H1 momentum. - For the year, Eliquis growth now expected ~20–25%; legacy portfolio decline narrowed to ~4–6%.

Growth portfolio momentum (key drivers) - Multiple growth products posted double-digit gains: Reblozyl +29%, Breyanzi +41%, Opdualag strong double-digit growth, Camzyos +59%, Sotyktu +23%. - Qvantig launch traction continues: $261M in Q2, now annualizing >$1B (targeting 30–40% share long-term). - Cobenfy (approved schizophrenia) grew +81% to $63M, with management attributing ongoing drag mainly to suboptimal dose titration and starts (educational efforts ongoing).

Pipeline / catalyst calendar: multiple pivotal readouts into 2026–2027 - Near-term “data-rich” milestones expected by end of 2026, including: admilparant (IPF), arlo-cel (RRMM), iberdomide PFS data, milvexian (secondary stroke prevention), RYZ101 (GEP-NETs), Sotyktu (lupus readouts). - Milvexian timing updated: atrial fibrillation study readout moved to Q1 2027 (event-driven); company remains encouraged by study conduct and DMC oversight. - Cobenfy (Alzheimer’s psychosis): enrollment/events pacing slower than earlier assumptions → topline ADEPT data now expected starting early 2027, with potential interim for ADEPT-1 later in 2026; confidence in science/design unchanged.