Bristol Myers Squibb

Bristol Myers Squibb discovers, makes and sells prescription medicines for cancer, blood diseases, heart disease, immune diseases and brain diseases. It earns money from sales of patented drugs to wholesalers, hospitals and governments, and about 70% of its sales are in the US. It splits its drugs into two groups. The Growth Portfolio includes Opdivo, Opdivo Qvantig, Reblozyl, Camzyos, Breyanzi and Cobenfy, and it gave $7.7 billion of the $13.1 billion of revenue in Q3 2026.

The Legacy Portfolio includes Eliquis, a blood thinner it sells with Pfizer, and older cancer drugs such as Revlimid and Pomalyst, which now face generic copies. Eliquis and Opdivo lose their main US patent protection in 2028. Its non-GAAP research spending was $2.4 billion in Q3 2026, and it also buys or licenses new drugs to replace these sales.

The market prices Bristol Myers Squibb with a discount because of a patent cliff. Eliquis gave $4.7 billion of revenue in Q3 2026, and its US exclusivity ends in April 2028. Opdivo, its largest cancer drug, also loses US patent protection in 2028. Since January 2026, Medicare pays a government-set price for Eliquis, and Pomalyst follows in January 2027.

Investors doubt that new drugs can replace this revenue in time, and the pipeline tests that can show it slipped. The milvexian test in atrial fibrillation and the Cobenfy tests in Alzheimer's disease psychosis moved to early 2027. For the gap to close, three things must be true. The Growth Portfolio must keep growing at a double-digit rate; it grew 15% in Q2 2026 and 12% in Q3 2026.

Milvexian or Cobenfy must give positive Phase 3 results in early 2027. The FDA must approve Reblozyl in myelofibrosis by its date of March 11, 2027 and mezigdomide in multiple myeloma by its date of May 13, 2027. The next evidence comes with the full-year 2026 report and the 2027 guidance in early 2027, and with the milvexian and Cobenfy readouts in the first quarter of 2027. If the readouts succeed, the gap can close over the next four to six quarters.

If they fail, the market will probably keep the discount until the size of the 2028 drop is clear.

1. Oct 29, 2026Failed

   Q3 2026 results: Growth Portfolio and guidanceA pass is Growth Portfolio growth near 15% and 2026 guidance kept or raised; a fail is slower Growth Portfolio growth or a guidance cut.Outcome: Growth Portfolio growth slowed to 12% and the EPS guidance fell to $6.35 to $6.55 because of licensing charges, although the revenue guidance rose.
2. Jan 29, 2027 · est.Pending

   Full-year 2026 results and 2027 guidanceA pass is Growth Portfolio growth of 10% or more and 2027 guidance that shows revenue near the 2026 level; a fail is guidance for a large revenue drop before the 2028 patent losses.
3. Q1 2027 · est.Pending

   Milvexian Phase 3 in atrial fibrillationA pass is a positive Phase 3 result that supports a filing; a fail is a missed endpoint or a bleeding problem.
4. Q1 2027 · est.Pending

   Cobenfy ADEPT trials in Alzheimer's disease psychosisA pass is a positive result that supports a new indication; a fail is a missed primary endpoint.
5. May 13, 2027Pending

   FDA decision on mezigdomide in multiple myelomaA pass is FDA approval by the PDUFA date; a fail is a rejection or a delay.

Every passed and failed checkpoint across all picks

• October 29, 2026Bristol Myers Squibb reported Q3 2026 results. Revenue was $13.1 billion, up 7%. Growth Portfolio revenue grew 12% to $7.7 billion, and Eliquis revenue grew 25% to $4.7 billion. Opdivo revenue fell 6%. Non-GAAP EPS was $1.35, down from $1.63, after $1.6 billion of charges for acquired research projects, mostly from deals with Hengrui and BioNTech. The company raised its 2026 revenue guidance to about $49.75 to $50.25 billion. It changed its non-GAAP EPS guidance to $6.35 to $6.55, which includes $0.60 of licensing charges, from $6.75 to $7.00, which included $0.02.
• October 26, 2026Bristol Myers Squibb and its partner SystImmune said that two Phase 3 trials of iza-bren in China met their goals at interim analyses. In PANKU-Breast01, iza-bren cut the risk of disease progression or death by 59% against chemotherapy in a type of metastatic breast cancer. In PANKU-Lung01, it improved progression-free survival against chemotherapy in EGFR-mutated lung cancer.
• October 12, 2026Bristol Myers Squibb said that two Phase 3 trials met their primary endpoints. In ACTION-1, the radiopharmaceutical RYZ101 extended progression-free survival in patients with GEP-NETs at an interim analysis. In ALOFT-IPF, admilparant 60 mg slowed the loss of lung function in idiopathic pulmonary fibrosis, but the 120 mg dose did not reach statistical significance. Earlier in October, the company reported a death after acute liver injury in the admilparant program, which a committee judged unlikely to be related to the drug. The stock fell about 3% that day.

Last earnings

October 29, 2026 (8-K on sec.gov)

Next earnings

Expected about January 29, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 29, 2026 · bmy-20260930
• 8-KEarnings release and Investor disclosureFiled October 29, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 30, 2026 · bmy-20260630
• 8-KEarnings release and Investor disclosureFiled July 30, 2026 · Press release and exhibits
• 8-KShareholder vote resultsFiled May 8, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 30, 2026 · bmy-20260331
• 8-KEarnings release and Investor disclosureFiled April 30, 2026 · Press release and exhibits
• 10-KAnnual report for the period ended Dec 31, 2025Filed February 11, 2026 · bmy-20251231
• 8-KEarnings release and Investor disclosureFiled February 5, 2026 · Press release and exhibits
• 8-KInvestor disclosureFiled January 12, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 14272)

• Eliquis and Opdivo lose their main US patent protection in 2028. Eliquis alone gave about 36% of revenue in Q3 2026. Generic copies already cut Revlimid revenue by 47% and Pomalyst revenue by 80% in Q3 2026. Opdivo revenue fell 6% in Q3 2026.
• The pipeline must replace the lost revenue, and its key tests come late. The milvexian atrial fibrillation readout moved to Q1 2027, and the Cobenfy ADEPT readouts moved to early 2027. A failure in either test leaves a larger gap after 2028.
• US drug pricing law lowers prices. Under the Inflation Reduction Act, Medicare pays a set price for Eliquis from January 1, 2026 and for Pomalyst from January 1, 2027. More drugs can be chosen in later years.
• Safety and trial results can hurt new drugs. The admilparant program had liver injury cases, with one death in October 2026, and its high dose missed statistical significance.
• The company had a net debt of $29.9 billion at September 30, 2026, mostly from the Celgene, Karuna and RayzeBio purchases. Large new purchases to fill the patent gap can raise debt again.

Debt is the carrying value of short-term debt obligations and long-term debt at September 30, 2026. It includes $725 million of purchase price adjustments on debt acquired from Celgene. Read more

Yield at the current rate

4.0% (current annual rate, at today’s price)

Dividend yield

4.0% (last 12 months, at today’s price of $62.91)

Paid per share

$2.52 in the last 12 months (4 payments)

Current annual rate

$2.52 ($0.63 × 4 a year)

Payout ratio

72% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

October 2, 2026, $0.63 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 1.6% a year. From 2015 to 2025, the dividend grew by about 5.2% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.