Bristol Myers raises 2026 guidance after Eliquis price cuts boost outlook

Bristol Myers Squibb reported a fourth-quarter beat and raised its 2026 outlook, saying a strategic pricing program for its blockbuster anticoagulant Eliquis and strength in its growth portfolio will underpin revenue next year. The company issued guidance for fiscal 2026 of roughly $46.0 billion to $47.5 billion in total revenue and non-GAAP diluted EPS of $6.05 to $6.35, figures that sit above Street consensus.

Company results for the quarter showed total revenue of $12.5 billion, up 1% year over year, with Growth Portfolio revenues of $7.4 billion, a 16% increase. For full-year 2025 Bristol Myers reported revenue of $48.2 billion and Growth Portfolio sales of $26.4 billion, up 17% from a year earlier. Adjusted Q4 EPS was $1.26 and GAAP EPS was $0.53; the press release notes both GAAP and non-GAAP figures include a net $(0.60) impact from “Acquired IPRD charges and licensing income.” Full-year non-GAAP EPS was $6.15 and GAAP EPS was $3.46, each including a net $(1.40) from the same item.

Management singled out Eliquis as a key lever for 2026. The company announced in June plans to sell Eliquis directly to cash‑paying U.S. patients at a discount of more than 40%, and followed that with a January 1 list-price cut for commercial patients. Management expects Eliquis revenue to increase 10% to 15% in 2026 and said, “Eliquis will be an important driver of growth in 2026.”

Opdivo, the company’s flagship oncology franchise, posted $2.69 billion in Q4 sales, a 9% rise with the new subcutaneous formulation contributing $133 million. “Opdivo’s strength in the quarter came from demand from new indications for the cancer drug, as well as strong market share in first-line lung cancer treatment,” Lenkowsky said. The company also noted pipeline progress: “In December 2025, the FDA approved Breyanzi as the first and only CAR T treatment for adult patients with relapsed or refractory marginal zone lymphoma who have received at least two prior lines of systemic therapy.”

Bristol Myers laid out non-GAAP guidance line items for 2026 that include a gross margin of about 69% to 70%, operating expenses of roughly $16.3 billion, other income/(expense) near $(700) million and an effective tax rate of about 18%. The company expects an anticipated revenue decline for its Legacy Portfolio of approximately 12% to 16%, which it said will be partially offset by continued Growth Portfolio momentum.

Executive commentary framed the results as momentum for the new portfolio mix. “We made significant progress in 2025, with real momentum in our Growth Portfolio and a strengthened balance sheet that provides the strategic flexibility to continue investing in growth drivers,” said Christopher Boerner, Ph.D., board chair and chief executive officer, Bristol Myers Squibb. “2026 is data-rich, and we are advancing a truly differentiated pipeline with multiple pivotal readouts expected in the back half of the year. Our core business is strong and growing, and we have the”, (sentence truncated in the excerpt).

Investors reacted positively, with premarket gains in the range of about 2% to 4% after the results and guidance. The company also increased its quarterly dividend to $0.63 per share, marking the 17th consecutive annual increase and the 94th consecutive year of paying a dividend (fiscal‑year 2026 total $2.52 per share).

The guidance gap versus analysts is notable: LSEG consensus for 2026 revenue stood near $44.2 billion and Zacks’ consensus was about $44.13 billion, while consensus EPS estimates clustered around $6.02 to $6.08. For investors and payers, Bristol Myers’ move to trade price and volume for share expansion in Eliquis signals a broader industry test of lower list prices and direct-to-patient discounts as a lever to sustain sales amid legacy declines.