Bristol-Myers Squibb Co.
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+ FollowMarket Cap$131.16B
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Earnings Call Q3 2026
October 29, 2026 - AI Summary
Q3 financial performance & key growth drivers (good)
- Total revenue: $13.1B (+7% YoY) (reported on a non-GAAP basis per call framing).
- Growth portfolio revenue: $7.7B (+12% YoY) led by multiple differentiated brands.
- Notable brand moves: Eliquis $4.7B (+26% YoY), Reblozyl $750M (+22%), Breyanzi $526M (+48%), Camzyos $420M (+42%), Sotyktu +25%, Cobenfy $57M (+33%).
- OpEx discipline: operating expenses $4.1B benefited from a strategic productivity initiative (expense reductions while still investing in growth).
- Cash generation & balance sheet (good): ~$13B cash equivalents/marketable securities (as of Sep 30) and ~$4.2B operating cash flow in the quarter.
Guidance raised for full-year 2026 (good)
- Company raised full-year revenue and EPS guidance based on year-to-date performance and current expectations for the rest of the year.
- Non-GAAP EPS outlook (raised): $6.35 to $6.55 for 2026 (after accounting for $0.58/share acquired-in-process R&D and licensing income impact referenced by management).
- Legacy portfolio revenue outlook revised lower: now expected down ~3% to 5%.
- Eliquis outlook reaffirmed: full-year Eliquis growth still expected at +20% to +25%.
- Margin/tax/runs: management said it’s maintaining projections for gross margin, operating expenses, and tax rate, with some small line-item adjustments (other income/expense).
Pipeline momentum & multiple positive registrational readouts (surprising/opportunity)
- CEO highlighted accelerated momentum with positive Phase 3 registrational readouts announced in the past ~2 months for four programs:
- Symvexis (CELMoD): positive progression-free survival; FDA accelerated approval received in Q3 (new CELMoD addition).
- Admilparant (IPF/LPA1 antagonist): Phase 3 met primary endpoint at 60 mg, supportive safety.
- RAISE 101 (alpha-emitting RPT, alpha radiopharmaceutical): interim Phase 3 results showed clinically meaningful PFS improvement vs prior lutetium-based therapy in progressed patients.
- Arlocell (GPRC5D CAR T): positive Phase 2 registrational readout; described as potentially new standard in post-BCMA setting.
- Key upcoming catalyst timing: multiple readouts expected before year-end 2026 (e.g., Milvexian secondary stroke prevention and Sotyktu lupus Phase 3). More in 2027 including Milvexian AFib (Q1) and other ADEPT program data.
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$57.51
10.4% downside
Current Fair Value
10.4% downsideOvervalued by 10.4% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $131.16 Billion |
|---|---|
| Enterprise Value | $165.56 Billion |
| Annual dividend | $2.52 |
| Dividend yield | 4.03% |
| Earnings per Share | $3.46 |
| Beta | 0.23 |
| Outstanding Shares | 2,043,000,000 |
Return
| Return on Equity | 41.63% |
|---|---|
| Return on Assets | 10.60% |
| Return on Invested Capital | 19.78% |
Valuation & Multiples
| P/E Ratio | 13.82 |
|---|---|
| PEG | 3388.4 |
| Price to Sales | 2.68 |
| Price to Book Ratio | 6.42 |
| Enterprise Value to Revenue | 3.29 |
| Enterprise Value to EBIT | 12.14 |
| Enterprise Value to Net Income | 17 |
| Total Debt to Enterprise | 0.26 |
| Debt to Equity | 1.93 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 29, 2026
EPS Estimate
$1.10
Consensus analyst estimateRevenue Estimate
$12.72 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 4, 2027
EPS Estimate
$1.56
Consensus analyst estimateRevenue Estimate
$12.66 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.56, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.5613▼ 33.26% |
|---|---|
| Total Calls | 32,425▼ 99.87% |
| Total Puts | 18,200▼ 99.92% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 4.98%▼ 80.42% |
|---|---|
| Total Invested | $6.33B▼ 93.71% |
| Investors Holding | 1,099▼ 1526.00% |
About Bristol-Myers Squibb Co.
30,250 employees
CEO: Giovanni Caforio
Bristol Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases.