Bristol-Myers Squibb (BMY) Q2 2026: Eliquis +21.8%, full-year guidance sharply raised
BMY posted Q2 2026 revenue of $12.973 billion (+5.7%), GAAP net income of $3.316 billion (+152.6%), and adjusted (non-GAAP) EPS of $2.04 (vs. $1.46 a year earlier), and sharply raised its full-year guidance. The Growth Portfolio extended its double-digit expansion to $7.560 billion (+14.6%), led by anticoagulant Eliquis — the company's top product — at $4.481 billion (+21.8%). Revlimid fell 49.3% and Pomalyst tumbled 71.2%, shrinking the Legacy Portfolio by approximately 4.6%. The patent cliff has not disappeared; Eliquis and newer products are absorbing the impact. The recognition of $830 million in in-process research and development (IPRD) impairment charges over six months is a reminder of pipeline risk.
(Unless otherwise stated, figures are from BMS's Q2 2026 Form 10-Q; guidance and consensus figures are based on the company's earnings release and reports by Reuters and RTTNews.)
1. Consolidated Balance Sheet Analysis
1-1. Key Asset Items: Period Comparison
| Item | Dec. 31, 2025 ($M) | Jun. 30, 2026 ($M) | Change | Commentary |
|---|---|---|---|---|
| Cash and cash equivalents | 10,209 | 8,722 | -14.6% | Reflects $2.57B in dividends paid and $1.70B in debt repayments |
| Marketable debt securities (short-term) | 464 | 2,345 | +405.4% | Cash redeployed into short-term bonds — effective liquidity improved |
| Receivables | 11,414 | 10,553 | -7.5% | Lower balance tracks decline in gross product sales |
| Inventories | 2,690 | 2,737 | +1.7% | Stable; no inventory overhang |
| Property, plant and equipment | 7,543 | 7,791 | +3.3% | $652M CapEx related to manufacturing network reorganization |
| Intangible assets | 19,103 | 17,387 | -9.0% | $830M IPRD impairment + $943M regular amortization (partially offset by FX translation) |
Cash itself fell 14.6%, but short-term marketable securities quintupled, bringing the combined cash-plus-short-term-securities total to $11,067 million — effective liquidity remains adequate. The real story is the $1.716 billion decline in intangible assets. In Q2 alone, the company recognized $420 million of partial impairment on oncology IPRD assets; the first-half cumulative total of $830 million flowed into R&D expense. Disappointing clinical results and indication repositioning of radiopharmaceutical assets were cited as the cause (10-Q Note 14), signaling continued impairment pressure on pipeline assets accumulated since the Celgene acquisition. The year-ago IPRD impairment was $300 million.
