Demand for new Bristol-Myers Squibb (BMY.US) drugs is strong! Q2 revenue exceeded expectations, and the 2026 full-year results guidance was raised sharply

Zhitong Finance App learned that as demand for most of the drug combinations under the leadership of new heart disease and cancer drugs in the second quarter exceeded Wall Street expectations, the company raised sales and profit forecasts for the full year 2026. According to financial reports, the company's Q2 revenue reached US$12.97 billion, up 5.7% year over year, exceeding expectations of US$1.23 billion; adjusted earnings per share were US$2.04, exceeding expectations of $0.44.

The company expects full-year sales to reach $49 billion to $50 billion, higher than the previous forecast range of $47.5 billion. The company also said adjusted earnings per share would reach $6.75 to $7.

Bristol-Myers Squibb, which is preparing to lose patent protection for some of its most significant products, soared to $12.97 billion in quarterly sales, exceeding analysts' average expectations of more than $1 billion. This increase was mainly driven by newer products such as blood cancer treatment Breyanzi, skin cancer drug Opdualag, and heart disease drug Camzyos. Earnings of $2.04 per share for the quarter were also higher than expected.

Adam Lenkowski, executive vice president and chief commercialization officer of Bristol-Myers Squibb, said in an interview that this was the highest quarterly sales in the company's history.

Investors are focusing on trial results for potentially major drugs, including Cobenfy for Alzheimer's mental disorder, and milvexian for stroke and a heart condition known as atrial fibrillation.

Lenkovsky said, “What the R&D pipeline shows you is that we are clearly not stopping at advancing science,” and “you can start seeing the future of Bristol-Myers Squibb taking shape today.”

Cobenfy, one of the few drugs that failed to meet expectations, is at the core of Bristol-Myers Squibb's $14 billion acquisition of Karuna Therapeutics Inc. in 2024. It has been difficult for this drug to treat schizophrenia to be favored by the market because insurance companies have set up barriers and some psychiatrists are unwilling to prescribe it. Bristol-Myers Squibb recorded sales of the drug in the second quarter of $63 million, below analysts' average expectations of $65.5 million.

The company is betting on an easier to use alternative to its best-selling cancer drug Opdivo, Opdivo Qvantig, which it believes will help the company resist competition from cheaper generic drugs after losing patent protection. Opdivo Qvantig's sales exceeded expectations, reaching $261 million in sales for the quarter.

Bristol-Myers Squibb's biggest drug, Eliquis, recorded sales of $4.5 billion this quarter, exceeding Wall Street's average estimate of $4 billion. The drug is expected to begin losing its monopoly in Europe later this year and eventually face competition from cheaper generic drugs. Executives have said this will cause sales to drop by as much as $2 billion a year.