New drug combination boosts Squibb's (BMY.US) Q3 performance exceeds expectations

The Zhitong Finance App learned that before the US stock market on Thursday, Shi Guibao (BMY.US) announced financial results for the third quarter of 2026. Thanks to the continued release of “growth portfolio” products, the company's Q3 performance exceeded expectations and raised its full-year revenue guidance.

According to the data, Squibao's total revenue for the third quarter was US$13.069 billion, up 7% year on year, better than market expectations. Among them, US market revenue was 9.074 billion US dollars, up 9% year on year; international market revenue was 3,995 billion US dollars, up 3% year on year.

By product portfolio, “growth portfolio” revenue was US$7.662 billion, up 12% year over year, mainly driven by products such as Opdivo Qvantig, Breyanzi, Reblozyl, Camzyos, and Opdualag. The revenue of the “Old Drug Combination” was US$5.415 billion, a slight increase of 1% over the previous year, mainly due to Eliquis (Eliquis) growth offsetting the impact of generic drugs in other products.

In terms of profit, GAAP diluted earnings per share for the third quarter were 1.05 US dollars, lower than 1.08 US dollars in the same period last year; non-GAAP diluted earnings per share were 1.35 US dollars, lower than 1.63 US dollars in the same period last year, but still better than market expectations. According to the financial report, both indicators include the net negative impact of $0.58 per share from acquisition IPRD fees and licensing revenue.

In terms of profit margins, GAAP gross margin fell to 68.3% from 71.9% in the same period last year, and non-GAAP gross margin fell from 72.9% to 68.4% due to changes in product structure and one-time expenses related to the termination of a contract.

Annual performance outlook

Squibb raised its revenue guidance for the full year 2026 from approximately US$49 billion to US$50 billion to approximately US$49.75 billion to US$50.25 billion, which mainly reflects the continued growth of its broad product portfolio.

The full-year non-GAAP earnings per share guide was updated to $6.35-6.55, which includes the net negative impact of $0.60 per share from the acquisition of ongoing project expenses and licensing revenue. The previous forecast was $6.75-7.00. The company maintained its annual gross margin guideline of 69% to 70% unchanged.

After the financial report was announced, Schubb's stock price rose 1.32% in the premarket.