BMY US S&P 500Russell 1000 Earnings call
Bristol Myers Squibb (BMY) · Q2 2026 results and valuation
Share price: $62.91 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter
Net income up 23.9% on the previous quarter, guidance raised. Tone in line with last period.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+23.9%
Net income vs Q1 2026
Guidance raised
Net income 3.32B vs 2.68B
Revenue +12.9%
Against the same quarter last year (Q2 2025) it is +153.2%, so it is not just seasonal.
2 · How management spoke
Unchanged
Language tone vs last period
Language: restrained — about as upbeat as in Q1 2026.
3 · What stood out
Key theme
To highlight a few examples, in hematology, Bristol Myers Squibb presented positive Phase III it had an exciting ASCO in June, where it shared data…
Valuation
Is Bristol Myers Squibb undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 1.4% growth a year (3-year revenue growth), the model's fair value is $61.56 a share — the stock trades 2% above it. Today's price assumes 1.7% growth a year.
Current price
$62.91
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+1.7% for 10 yrs
Fair value / share
$61.56
Buy below
$46.17
Price vs fair value
Overvalued 2%
Price vs buy-below price
Overvalued 36%
Read between the lines
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Guidance ↑
Based on this first half momentum and confidence in its second half outlook, Bristol Myers Squibb is raising its full year guidance for both revenue and adjusted diluted EPS.
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Guidance
Slower enrollment and relapse events in the Cobenfy Alzheimer's psychosis program prompted the revenue guidance update.
Source quote
“With respect to the Cobenfy development program in Alzheimer's psychosis, based on the pace of enrollment in the ADEPT-2 and 4 studies and relapse events accruing more slowly...”
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Figure
BMY's Q2 revenue grew 5% year-over-year to $13 billion, driven by strong growth portfolio performance.
Source quote
“Total revenue in the second quarter increased 5% year-over-year to approximately $13 billion, with strong performance of our growth portfolio...”
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Fading
Bristol Myers Squibb's strategy remains grounded in 3 priorities: focusing R&D on life-threatening diseases, driving strong execution across the organization to build…
Source quote
“Our strategy remains grounded in 3 priorities: focusing R&D on life-threatening diseases, driving strong execution across the organization to build... We delivered a solid Q1 and continued to improve our say-to-do ratio, with disciplined execution across the business as we continue to best position the company for long-term sustainable growth. We saw progress across all 3 in the quarter.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Restrained — about as upbeat as in Q1 2026.
Sentences that drove the tone
“We have slightly increased our projected operating expenses for the year to account for accelerated prelaunch activities, supporting our CELMoDs, iberdomide and mezigdomide, the expanding pumitamig development program and opportunities...”
“And I think what you're getting at is, right, JASCAYD's launch validates the market opportunity and shows there's an opportunity to gain significant share as better tolerated and effective new...”
“And reiterate Chris' comment, our strategy remains focused on driving execution across the organization to build momentum in our growth portfolio and advance our pipeline while maintaining financial flexibility to...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 12.97B | 11.49B | +12.9% | 12.27B | +5.7% |
| Operating income | 4.09B | 3.24B | +26.1% | 1.77B | +130.5% |
| Net income | 3.32B | 2.68B | +23.9% | 1.31B | +153.2% |
| EPS | 1.62 | 1.31 | +23.7% | 0.64 | +153.1% |
| P/E today 13.0 | 12.7 | 17.0 | −4.3 | 18.6 | −5.9 |
Topics
Most discussed now
- Bristol Myers Squibb is also advancing a broad and differentiated pipeline while maintaining financial flexibility to invest in the highest…
- What you've seen in the most recent launch, it clearly validates the market opportunity that there is an opportunity to...
- As a reminder, the study is being monitored by an independent data monitoring committee, which continues to endorse the study.
- At the same time, Bristol Myers Squibb is delivering strong performance from its existing business.
- Growth portfolio revenue rose 14% to $7.6 billion, now representing nearly 60% of total revenue.
Faded since Q1 2026
- Fading Bristol Myers Squibb anticipates these readouts will help us further diversify and broaden its portfolio and are part of its efforts to...
- Dropped Aim resected immune system
- Fading Bristol Myers Squibb's growth portfolio continued to perform well with global revenue increasing 9% to $6.2 billion.
- Fading Within the legacy portfolio, Bristol Myers Squibb saw solid growth from Eliquis, which was offset by the continued impact of increased…
Latest announcements
Official filings, newest first.
- Results of operations; Regulation FD disclosure · SEC 8-K
- Shareholder vote results · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Other events · SEC 8-K
- Other events · SEC 8-K
- Other events · SEC 8-K