Analyst Consensus ?
ConsensusHold41 ratings
Bullish1946.3%
Neutral2048.8%
Bearish24.9%
1 unmapped firm rating excluded from the percentages.
Bristol-Myers Squibb Company · BMY · FY2026 Q2 · Calendar Q3 2026
Bristol Myers Squibb raises 2026 outlook as growth portfolio accelerates
Bristol Myers Squibb’s Q2 results support a constructive view of its growth trajectory: the growth portfolio expanded strongly, full-year guidance was raised, and several pipeline programs are advancing. The thesis remains dependent on clinical, regulatory, and launch execution as legacy products face erosion.
Reported Before market openNYSEHealthcare
$127.16B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.04
Consensus $1.60
EPS surprise
+27.5%
Reported versus consensus
Reported revenue
$12.97B
Consensus $11.74B
Revenue surprise
+10.5%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+2.8%
Event window
SPY move
+1.7%
Same window
Abnormal move
+1.1%
Stock minus SPY
Volume
1.7×
Versus trailing sessions
Subsequent drift
+3.2%
Up to 20 sessions
BMYSPY benchmark
Ask FN2 about BMY FY2026 Q2
Transcript, numbers and history already loaded
Why did BMY rise 2.8% after beating EPS estimates in FY2026 Q2?What changed in BMY's guidance and outlook in FY2026 Q2?Give me the bull and bear case for BMY after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, the supplied analysis shows a shift from reaffirmed full-year guidance to raised 2026 revenue and adjusted EPS guidance. Growth-portfolio sales reached $7.6 billion and represented nearly 60% of total revenue, while the company added AI partnerships with Anthropic and NVIDIA to its R&D strategy.
Guidance delta
Full-year 2026 revenue and adjusted EPS guidance were raised.
Key takeaways
- Q2 revenue reached $13 billion, while growth-portfolio sales rose 14% to $7.6 billion.
- Breyanzi, Opdualag, Camzyos, and Reblozyl each delivered double-digit growth in the supplied analysis.
- Management highlighted upcoming readouts for milvexian, iberdomide, mezigdomide, admilparant, and ADEPT.
- AI collaborations with Anthropic and NVIDIA are intended to support drug discovery and development.
- Legacy-product erosion, trial execution, regulatory timing, and competition remain material risks.
Management priorities
- Execute launches for iberdomide and mezigdomide.
- Advance milvexian toward its planned Q1 2027 readout and potential launch aligned with Eliquis patent expiry.
- Progress Phase III admilparant studies in IPF and PPF.
- Advance the ADEPT Alzheimer’s psychosis program toward data readouts beginning in early 2027.
- Use AI collaborations and productivity initiatives to improve R&D and operational efficiency.
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Try FN2 freeEarnings History
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Beat
Miss
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Analyst 52W Price Targets
$62.25Previous close
$37Low
$64.38Average
$92High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Sep 23, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Piper Sandler | Overweight | Overweight | Maintain | Sep 16, 2026 |
| HSBC | Hold | Hold | Maintain | Sep 10, 2026 |
| Argus Research | Buy | Hold | Upgrade | Aug 5, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Aug 3, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jul 31, 2026 |
| Truist Securities | Buy | Buy | Maintain | Jul 31, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jul 31, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jul 31, 2026 |
| Guggenheim | Buy | Buy | Maintain | Jul 31, 2026 |
| Cantor Fitzgerald | Neutral | Neutral | Maintain | Jul 31, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jul 10, 2026 |
| Leerink Partners | Outperform | Outperform | Maintain | Jan 13, 2026 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | Jan 9, 2026 |
| UBS | Buy | Neutral | Upgrade | Jan 7, 2026 |
| Morgan Stanley | Underweight | Underweight | Maintain | Dec 12, 2025 |
| Goldman Sachs | Neutral | Neutral | Maintain | Dec 2, 2025 |
| Jefferies | Buy | Buy | Maintain | Apr 23, 2025 |
| BMO Capital | Market Perform | Market Perform | Maintain | Nov 12, 2024 |
| TD Cowen | Hold | Hold | Maintain | Oct 7, 2024 |
| Barclays | Underweight | Underweight | Maintain | Oct 7, 2024 |
| Deutsche Bank | Hold | Hold | Maintain | Jul 23, 2024 |
| Redburn Atlantic | Neutral | Buy | Downgrade | Feb 6, 2024 |
| Daiwa Capital | Neutral | Outperform | Downgrade | Nov 2, 2023 |
| William Blair | Market Perform | Outperform | Downgrade | Oct 27, 2023 |
| Atlantic Equities | Overweight | Overweight | Maintain | Jul 28, 2023 |
| Credit Suisse | Neutral | Neutral | Maintain | Apr 28, 2023 |
| Berenberg | Hold | Buy | Downgrade | Sep 14, 2022 |
| Raymond James | Market Perform | Outperform | Downgrade | Jun 6, 2022 |
| Mizuho | Buy | Buy | Maintain | Nov 17, 2020 |
| Societe Generale | Buy | Hold | Upgrade | Nov 16, 2020 |
| CFRA | Buy | Buy | Maintain | May 7, 2020 |
| Gabelli & Co. | Buy | Buy | Maintain | Nov 27, 2019 |
| Bank of America | Neutral | Neutral | Maintain | Oct 10, 2019 |
| Wolfe Research | Outperform | Outperform | Maintain | Oct 24, 2018 |
| Argus | Buy | Buy | Maintain | May 5, 2018 |
| DZ Bank | Hold | Buy | Downgrade | Feb 28, 2018 |
| Leerink Swann | Outperform | Outperform | Maintain | Feb 6, 2018 |
| Hilliard Lyons | Neutral | Upgrade | Oct 28, 2016 | |
| PiperJaffray | Hold | Underperform | Upgrade | Aug 24, 2015 |
| Bernstein | Market Perform | Market Perform | Maintain | May 15, 2014 |
| Cowen & Co. | Outperform | Outperform | Maintain | May 14, 2014 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | May 29, 2013 |
Named analyst price targets
Upside is calculated against the persisted previous close $62.25. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Piper Sandler | Analyst unavailable | $82 | $63.73 | +31.7% | Sep 16, 2026 |
| HSBC | Analyst unavailable | $65 | $64.41 | +4.4% | Sep 10, 2026 |
| Roth Capital | Analyst unavailable | $75 | $63.47 | +20.5% | Aug 5, 2026 |
| Argus Research | Jasper Hellweg | $75 | $65.89 | +20.5% | Aug 5, 2026 |
| RBC Capital | Trung Huynh | $64 | $64.73 | +2.8% | Aug 4, 2026 |
| Cantor Fitzgerald | Carter Gould | $59 | $63.67 | -5.2% | Jul 31, 2026 |
| Guggenheim | Seamus Fernandez | $75 | $64.86 | +20.5% | Jul 31, 2026 |
| Wells Fargo | Analyst unavailable | $65 | $64.86 | +4.4% | Jul 31, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $54 | $59.2 | -13.3% | Apr 8, 2026 |
| UBS | Michael Yee | $70 | $59.78 | +12.4% | Mar 6, 2026 |
| RBC Capital | Trung Huynh | $60 | $61.6 | -3.6% | Feb 24, 2026 |
| Piper Sandler | Analyst unavailable | $75 | $60.66 | +20.5% | Feb 23, 2026 |
| Barclays | Analyst unavailable | $75 | $60.3 | +20.5% | Feb 19, 2026 |
| Morgan Stanley | Terence Flynn | $40 | $61.86 | -35.7% | Feb 6, 2026 |
| Guggenheim | Analyst unavailable | $72 | $59.52 | +15.7% | Feb 6, 2026 |
| Wells Fargo | Mohit Bansal | $60 | $59.52 | -3.6% | Feb 6, 2026 |
| Piper Sandler | Analyst unavailable | $66 | $55.56 | +6.0% | Jan 28, 2026 |
| Leerink Partners | David Risinger | $60 | $56.39 | -3.6% | Jan 13, 2026 |
| Scotiabank | Louise Chen | $60 | $55.86 | -3.6% | Jan 9, 2026 |
| UBS | Analyst unavailable | $65 | $56.42 | +4.4% | Jan 7, 2026 |
| Morgan Stanley | Analyst unavailable | $37 | $52.63 | -40.6% | Dec 12, 2025 |
| Guggenheim | Analyst unavailable | $62 | $51.2 | -0.4% | Dec 12, 2025 |
| HSBC | Analyst unavailable | $53 | $50.68 | -14.9% | Dec 10, 2025 |
| Scotiabank | Louis Chen | $53 | $50.96 | -14.9% | Dec 4, 2025 |
| Truist Financial | Srikripa Devarakonda | $65 | $50.98 | +4.4% | Dec 3, 2025 |
| Daiwa | Narumi Nakagiri | $42 | $45.85 | -32.5% | Aug 5, 2025 |
| Truist Financial | David Macdonald | $84 | $47.12 | +34.9% | Jul 21, 2025 |
| Jefferies | Akash Tewari | $68 | $48.52 | +9.2% | Apr 23, 2025 |
| Piper Sandler | David Amsellem | $65 | $49.82 | +4.4% | Apr 22, 2025 |
| BMO Capital | Evan Seigerman | $61 | $56.22 | -2.0% | Nov 12, 2024 |
| BMO Capital | Evan David Seigerman | $57 | $54.32 | -8.4% | Nov 1, 2024 |
| BMO Capital | Evan David Seigerman | $48 | $49.56 | -22.9% | Sep 23, 2024 |
| Goldman Sachs | Chris Shibutani | $57 | $50.54 | -8.4% | Jul 29, 2024 |
| Barclays | Carter Gould | $41 | $50.45 | -34.1% | Jul 29, 2024 |
| UBS | Trung Huynh | $43 | $40.68 | -30.9% | Jul 12, 2024 |
| Cowen & Co. | Steve Scala | $67 | $44.11 | +7.6% | May 16, 2024 |
| Deutsche Bank | James Shin | $55 | $49.87 | -11.6% | Jan 30, 2024 |
| BMO Capital | Evan Seigerman | $60 | $49.76 | -3.6% | Nov 27, 2023 |
| Leerink Partners | David Risinger | $66 | $56.24 | +6.0% | Oct 12, 2023 |
| Cantor Fitzgerald | Louise Chen | $75 | $59.67 | +20.5% | Sep 6, 2023 |
| Wells Fargo | Mohit Bansal | $70 | $78.22 | +12.4% | May 18, 2022 |
| BMO Capital | Analyst unavailable | $92 | $75.66 | +47.8% | May 2, 2022 |
| Barclays | Analyst unavailable | $68 | $75.27 | +9.2% | May 2, 2022 |
| Guggenheim | Seamus Fernandez | $80 | $75.27 | +28.5% | May 2, 2022 |
| BMO Capital | Evan Seigerman | $87 | $75.08 | +39.8% | May 2, 2022 |
| Morgan Stanley | Terence Flynn | $64 | $76.5 | +2.8% | Apr 11, 2022 |
| BMO Capital | Evan Seigerman | $81 | $73.79 | +30.1% | Apr 4, 2022 |
| Morgan Stanley | Matthew Harrison | $66 | $73.11 | +6.0% | Mar 28, 2022 |
| BMO Capital | Evan David Seigerman | $74 | $70.52 | +18.9% | Mar 17, 2022 |
| Barclays | Carter Gould | $66 | $56.22 | +6.0% | Oct 28, 2021 |
| Citigroup | Andrew Baum | $75 | $56.89 | +20.5% | Oct 25, 2021 |
| Guggenheim | Seamus Fernandez | $82 | $59.05 | +31.7% | Sep 20, 2021 |
| Societe Generale | Justin Smith | $85 | $63.63 | +36.5% | Sep 7, 2021 |
| Bank of America Securities | Geoff Meacham | $78 | $65.88 | +25.3% | Jul 27, 2021 |
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Start freeCompany context
Snapshot as of publicationBristol-Myers Squibb Company operates as a global biopharmaceutical entity, actively involved in the research, development, licensing, production, and worldwide commercialization of its medicinal portfolio. The company's therapeutic areas span hematology, oncology, cardiovascular health, immunology, fibrotic conditions, neuroscience, and infectious diseases like COVID-19. Its significant pharmaceutical offerings include Revlimid, an oral immunomodulatory agent for multiple myeloma, and Eliquis, an oral anticoagulant crucial for reducing stroke risk and systemic embolism in non-valvular atrial fibrillation, as well as treating deep vein thrombosis and pulmonary embolism. The portfolio also features Opdivo, utilized across various anti-cancer indications; Pomalyst/Imnovid, prescribed for multiple myeloma patients; and Orencia, targeting active rheumatoid arthritis and psoriatic arthritis in adults.…
Historical context
All BMY earningsHealthcare peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| COO The Cooper Companies, Inc. | FY2026 Q3 · Calendar Q3 2026 | +2.7% | -14.7% | CooperCompanies beats expectations as inventory reduction weighs on vision revenue |
| MDT Medtronic plc | FY2027 Q1 · Calendar Q3 2026 | +4.3% | +1.5% | Medtronic raises FY27 outlook as growth broadens across platforms |
| A Agilent Technologies, Inc. | FY2026 Q3 · Calendar Q3 2026 | +8.7% | +1.7% | Agilent raises outlook after Q3 beat; Ignite drives margin gains |
Latest beats and misses
Who reports nextBeat on EPS
- AZOFY2026 Q4 · September 22, 2026+3.6% EPS+3.3% move
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
Get the BMY recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-07-30T22:17:34.308679+00:00
- FN2 earnings calendar · 2026-09-04T01:23:15.205020+00:00
- Polygon adjusted daily market bars · 2026-09-23T10:00:53.200247+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-23T10:00:53.196878+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-23. For educational purposes only; not investment advice.