BMYMP · Bristol-Myers Squibb Company PFD CONV 2

Bristol-Myers Squibb's Q1 2026 results demonstrate sustained momentum in its Growth Portfolio, which grew 12% YoY to $6.2 billion, led by strong performances from Camzyos (97% WW growth), Breyanzi (56%), and Reblozyl (16%), reflecting robust demand and market penetration in oncology, hematology, and cardiovascular areas. Eliquis continued U.S. demand growth with 16% increase, though Legacy Portfolio declined 6% due to generic erosion on Revlimid (-63%) and others. Total revenues rose 3% to $11.5 billion, with U.S. flat at -1% but international up 11%. Gross margin compressed 270 bps to 70.2% GAAP on product mix shift, while SG&A rose modestly 2% to $1.6 billion. R&D increased 17% GAAP to $2.6 billion due to IPRD charges, but flat non-GAAP. CEO Christopher Boerner highlighted disciplined execution and pipeline progress. Guidance reaffirmed at $46.0-47.5 billion revenues and $6.05-6.35 non-GAAP EPS, both trending upper end, supported by Growth strength offsetting Legacy declines and 10-15% Eliquis growth. Balance sheet remains strong with $10.9 billion cash vs. $44.5 billion debt; operating cash flow $2.0 billion. Committed to dividend and ~$5 billion remaining buyback authorization.