Updated Version 2 - Correction - Bristol Myers Squibb Raises 2026 Revenue Forecast, Lowers Earnings Per Share Outlook Due to Provision for Expenses

Updated stock price information; added analyst comments in paragraphs 5 and 9-10; included CEO comments in paragraph 14; provided details on trial suspension in paragraphs 17-18

Deena Beasley/Sneha S K

Reuters, October 29 - Bristol-Myers Squibb BMY.N on Thursday raised its full-year revenue forecast citing strong sales of new drugs, but lowered its 2026 earnings-per-share outlook due to a large acquisition-related charge.

The American pharmaceutical company now expects adjusted earnings per share for 2026 between $6.35 and $6.55, and revenue between $49.75 billion and $50.25 billion. Previously, it had forecast earnings per share of $6.75 to $7.00 and revenue of $49.0 billion to $50.0 billion.

According to London Stock Exchange Group (LSEG) data, Wall Street analysts had on average previously expected full-year earnings per share of $6.49 and revenue of $49.89 billion for the company.

Third quarter revenue rose 7% to $13.1 billion, above analyst estimates of $12.75 billion. Adjusted earnings per share for the quarter were $1.35, 21 cents higher than Wall Street expectations. The company booked a 58-cent charge for the quarter.

“While the better-than-expected results are good news, progress in the R&D pipeline remains a focus for investors,” said Cantor Fitzgerald analyst Carter Gould.

Bristol-Myers Squibb’s new drugs continued to drive growth, with sales up 12% year over year, primarily propelled by the cancer cell therapy Breyanzi and anemia drug Reblozyl.

Sales of the intravenous cancer immunotherapy Opdivo fell 6% year over year to $2.37 billion, while the newer subcutaneous version, Qvantig, saw sales more than triple to $334 million.

“We have delivered strong commercial performance with our existing products, while also making significant progress in our late-stage pipeline,” said chief commercialization officer Adam Lenkowsky in an interview.

Guggenheim analysts said the strong quarterly performance of the company’s growth products was encouraging, with older drugs continuing to underpin cash flow.

“As more clinical trial results are released, BMY’s stable quarterly performance should lay the foundation for growth in the latter part of the decade,” the analysts said.

The company indicated that its so-called “established” drugs saw a 1% rise in total quarterly sales, including a 25% jump for the anticoagulant Eliquis, which was co-developed with Pfizer PFE.N.

Investors are closely watching Cobenfy’s potential expansion in Alzheimer’s disease treatment, as well as the development of anticoagulant milvexian; both are considered key future growth drivers.

Bristol-Myers Squibb is expected to release clinical trial data next year for milvexian in atrial fibrillation and Cobenfy for psychosis related to Alzheimer’s disease.

“We’re optimistic about the momentum heading into the fourth quarter. We hope to maintain this momentum through 2027. On the late-stage R&D front, we’re moving forward smoothly,” CEO Chris Boerner said on the company’s earnings call.

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2027 set as target to restart clinical trials

Lenkowsky said Bristol-Myers Squibb is working with the U.S. Food and Drug Administration (FDA) to resume patient enrollment for its experimental cell therapy, zolacabtagene autoleucel, for autoimmune diseases by early 2027.

In September 2026, following Novartis NOVN.S pausing eight clinical trials due to three patient deaths (link), the company voluntarily suspended related studies to review safety data.

Chief Medical Officer Cristian Massacesi said a thorough review found the “root cause of the safety issue” was related to a reagent used during manufacturing.

“We have made the appropriate adjustments and are working with regulators to restart the clinical program as soon as possible,” Massacesi said.

Last week, Bristol disclosed the death of a participant in the clinical trial for this cell therapy (link), which is intended to treat relapsing or progressing multiple sclerosis.

(For the convenience of non-English speakers, Reuters provides automated translations of its reports into several other languages. Due to potential errors in automated translation or possible lack of appropriate context, Reuters does not guarantee the accuracy of the automated translation and provides it for reader convenience only. Reuters assumes no responsibility for any damage or loss arising from the use of the automated translation service.)