BMY FY2026 Q2 상향

Bristol-Myers Squibb Company 실적 발표

Jul 30, 2026 · 08:15 ET Adam LenkowskiChris BoernerChuck Triano earningscall_biz

Buzzberg 분석

Full-year 2026 guidance raised on strong first-half momentum

BMS reported a strong Q2 2026 beat, raised guidance, but management's narrative centered on both the strength of its portfolio and the broader competitive dynamics in its key therapeutic areas. The call had notable cross-company signals around AI partnerships and the competitive landscape in IPF/PPF. BMS raised FY2026 revenue and EPS guidance, mainly driven by the outsized performance of Eliquis (up 21% in Q2) and the growth portfolio.

Buzzberg 분석 Full-year 2026 guidance raised on strong first-half momentum BMS reported a strong Q2 2026 beat, raised guidance, but management's narrative centered on both the strength of its portfolio and the broader competitive dynamics in its key therapeutic areas. The call had notable cross-company signals around AI partnerships and the competitive landscape in IPF/PPF. BMS raised FY2026 revenue and EPS guidance, mainly driven by the outsized performance of Eliquis (up 21% in Q2) and the growth portfolio. 전체 분석 보기분석 접기

Management confirmed partnership agreements with NVIDIA and Anthropic to embed AI into drug discovery, a significant enterprise-level partnership signal.
The company provided key pipeline updates, with delays for cobenfi (ADEPT program) and milvexian (AFib trial), but framed these as positive signals (slower event accrual, DMC endorsements).
In IPF/PPF, management highlighted their differentiation on tolerability vs. standard of care (like Boehringer's nintedanib) and the emerging second-line/add-on market dynamic.

매출$12.973B+13% 전분기 대비

주당순이익(EPS)$2.04+29% 전분기 대비

매출총이익률71.28%보고값

영업이익률31.5%보고값

근거 있는 핵심 내용 6개

지금 중요한 점

이번 발표에서 가장 의미 있는 변화를 정리했습니다.

Guidance

Full-year 2026 guidance raised on strong first-half momentum

Pipeline

Milvexian AFib readout slipped to Q1 2027

Pipeline

Management increasingly encouraged on Milvexian despite delay

핵심 내용 3개 더 보기

Pipeline

Cobenfy ADEPT program data now expected early 2027

Strategy

Company targets more than 10 new medicines by decade end

Commercial

Eliquis loss of exclusivity expected to feed Milvexian launch

보고 기간

보고 실적

지표	보고값	변화
매출	$12.973B	+13% 전분기 대비
주당순이익(EPS)	$2.04	+29% 전분기 대비
매출총이익률	71.28%	보고값
영업이익률	31.5%	보고값
잉여현금흐름	$3.088B	보고값
자본지출	$0.305B	보고값

향후 전망

향후 가이던스

지표	기간	범위	중간값	상태
주당순이익(EPS)	FY2026	$7.00–$7.30컨센서스 상회	$7.15	상향
매출	FY2026	$51.5B–$52.5B컨센서스 상회	$52B	상향

AI, 자본지출 및 수요 분석

경영진 분석

톤

Upbeat

Management emphasized strong execution, raised full-year guidance, and repeatedly expressed confidence in the pipeline and long-term growth trajectory despite pushing some readouts into 2027.

경영진의 AI 분석

Management said BMS has embedded AI across research and enterprise operations, with demand for compute growing alongside the maturity of its AI capabilities. They announced new partnerships with Anthropic and NVIDIA to help scientists understand disease biology, design and test candidate molecules faster, and make better-informed decisions earlier.

아래에 언급된 기업 3개 모두 표시

기업발표 이후 수익률

파트너

NVDA +10.7% ANTHROPIC

파트너

BMS is partnering with NVIDIA to embed AI across its research operations, likely driving demand for NVIDIA's compute platforms (DGX, etc.) in the life sciences vertical.

근거

“we've recently announced partnership agreements with both Anthropic and NVIDIA. Concretely, this will help our scientists do three things, understand disease biology more deeply, design and test candidate molecules faster...”

Chris Boerner

공급망

PFE +1.9%

공급망

Milvexian's AFib trial (versus Eliquis) readout delayed to Q1 2027 due to slower-than-expected event accrual; DMC 'continues to endorse the study.' This is a classic case of ‘patience is a virtue’—the slower event rate partly reflects the comparator (Eliquis) working well, but also hints at potential favorable unblinded dynamics. — A delay here pushes back the competitive threat to Eliquis (and Pfizer) but also the upside optionality for BMS; the DMC endorsement is a positive signal on the primary endpoint (non-inferiority on strokes).

근거

“having DMC continues to assess the efficacy and safety data, as you say, and giving us in very much closer to the final readout, the reassurance that the study can progress is a good thing.”

Cristian Massacesi

외부 신호

공급망 알파 · 3발표 이후 수익률

Milvexian's AFib trial (versus Eliquis) readout delayed to Q1 2027 due to slower-than-expected event accrual; DMC 'continues to endorse the study.' This is a classic case of ‘patience is a virtue’—the slower event rate partly reflects the comparator (Eliquis) working well, but also hints at potential favorable unblinded dynamics.

Cristian Massacesi

BMY+3.3%PFE+1.9%

Eliquis demand is surging so much in 2026 that it’s actually masking the underlying transition of the BMS portfolio; management reiterated the $1.5-$2B step down in Eliquis revenue for 2027 as generic entry looms, meaning ‘headline growth’ in 2026 is flattered by Eliquis timing (WAC cut and CPI penalty elimination).

Adam Lenkowski

BMY+3.3%

근거

“we still expect the $1.5 to $2 billion step down in 2027 that we referenced on the Q1 call.”

BMS's IPF/PPF program (amilpirant) is targeting a market where the recent launch of a competitor (likely BI's Giscade) is already validating the 'switch/add-on' market opportunity created by generic entry; BMS sees this as a tailwind for its eventual launch.

Adam Lenkowski

BMY+3.3%

근거

“what we're seeing today with some of the most recently approved products has an overall rate of diarrhea of 40%, over 60% in combination. And what we've seen with admilpirant in our phase two studies is a side effect profile that is compar…”

방법론 및 범위

경영진 발언만 분석합니다. 검증된 기업 언급 3개를 모두 표시하며, 보고 실적과 향후 가이던스를 분리합니다. 공개 근거는 화자가 표시된 짧은 인용문 8개로 제한됩니다. AI 분석은 불완전하거나 틀릴 수 있으므로 중요한 주장은 원문에서 확인하세요.