BMY.RT Filings — Bristol-Myers Squibb Company - FilingSpy
BMY.RT
Bristol-Myers Squibb Company
A biopharmaceutical company that discovers and sells medicines for cancer, heart, immune, and brain conditions, with well-known brands like the immunotherapy Opdivo, the blood thinner Eliquis, and the cell therapy Breyanzi. It was formed in 1989 when two old American drugmakers merged: Bristol-Myers, started in 1887 by two college friends who bought a struggling New York firm, and Squibb, founded in 1858 by a doctor who supplied the Union Army during the Civil War. A fun early hit for the Bristol-Myers side was Sal Hepatica, a mineral-salt laxative meant to mimic natural mineral waters.
Q2 2026 operating income rose 130.5% to $4.1B as revenue reached $13.0B
Quarterly more than doubled from a year ago. rose 5.7% to $13.0B and rose 153.1% to $1.62 as growth products offset legacy generic erosion and lower aided earnings. The company posted its widest in two years, but faces 2026 price controls.
Key takeaways
rose 130.5% to $4.1B and widened to 31.5%, the highest since Q1 2024, as rose 5.7% to $13.0B and rose 153.1% to $1.62.
rose 12.9% sequentially to $13.0B, the highest quarterly revenue in the reported series, up from $11.5B in Q1 2026.
was 71.3%, down 1.2 points but up 1.1 points from Q1 2026, as cost of products sold rose on product mix and alliance profit sharing.
Section summaries
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosure About Market Risk 44
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Quantitative and Qualitative Disclosure About Market Risk 44
BMS is involved in various legal proceedings, including patent challenges, pricing litigation, and securities suits, but does not believe any will materially harm its financial position.
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Multiple generic companies filed ANDAs seeking to market generic mavacamten () before patent expiry, and BMS has sued for infringement.
was $3,393M, down 13.4% but up 207.3% from Q1 2026; was $3,088M, down 13.2% year over year and up 307.9% sequentially.
The company retained $5.0B in capacity as of June 30, 2026 and made no repurchases under the program during the quarter.
A Celgene securities class action settlement received final court approval in May 2026, while litigations continue with no $6.4B obligation triggered yet.
What changed
Q2 2026 decline slowed to 6% in Q1 then the quarter shows up 5.7% with growth products offsetting erosion; the 14% Q2 2025 legacy decline rate has not repeated at that level.
improved to $33.6B at Q1 end and further to $42.1B with cash $8.7B at Q2; the $5.0B capacity from FY2025 carried through unchanged.
faced its first IRA Medicare price in January 2026; Q1 noted a list price reduction lowered gross sales, and Q2 rose 5.7% overall with the impact still cycling.
CVR litigation flagged in every prior filing remains unresolved; the Celgene securities class action settled with final approval May 2026, removing one flagged item.
at 71.3% remains above the 61.0% Q4 2024 low and near the 71.1% FY2025 level, confirming the post- normalization flagged as a watch item.
What to watch
Q3 2026 as , and generic erosion proceeds against the current decline rate.
Deployment of the $5.0B remaining capacity and movement from $42.1B and $8.7B cash.
full-quarter impact from the January 2026 IRA Medicare price on and growth.
Resolution of the litigations and whether the $6.4B obligation is triggered.
Azurity filed a challenging an formulation patent, leading to a patent infringement suit by BMS and Pfizer.
patent litigations are ongoing across Europe, with mixed court decisions; generics have entered the UK and Poland markets.
The Texas AG and a sued BMS and Sanofi over Plavix labeling and promotion; the case is pending in Harrison County state court.
A settlement in principle was reached in the Celgene Securities Class Action, with final court approval granted in May 2026.
litigations continue, with a successor trustee's suit partially surviving dismissal and other related cases dismissed or on appeal.
There have been no material changes from the risk factors disclosed in the Company's 2025 Form 10-K. Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS The following table summarizes the surrenders of our equity securities during the three months ended June 30,…
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There have been no material changes from the risk factors disclosed in the Company's 2025 Form 10-K.
Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
The following table summarizes the surrenders of our equity securities during the three months ended June 30, 2026:
Period Total Number of Shares Purchased(a) Average Price Paid per Share(a) Total Number of Shares Purchased as Part of Publicly Announced Programs(b) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Programs(b)
Dollars in millions, except per share data
April 1 to 30, 2026 59,703 $ 60.09 — $ 5,014
May 1 to 31, 2026 24,915 $ 58.18 — $ 5,014
June 1 to 30, 2026 109,601 $ 55.10 — $ 5,014
Three months ended June 30, 2026 194,219 —
(a)Includes shares of common stock surrendered to the Company to satisfy tax withholding obligations in connection with the vesting of awards under our long-term incentive program.
(b)In May 2010, the Board of Directors authorized the repurchase of up to $3.0 billion of our common stock. From time to time thereafter, the Board approved additional share repurchase authorizations totaling an amount of $25.0 billion, including the most recent authorization of $3.0 billion in December 2023. The remaining share repurchase capacity under the program was $5.0 billion as of June 30, 2026. Our share repurchase program does not obligate us to repurchase any specific number of shares, does not have a specific expiration date and may be suspended or discontinued at any time.