Bristol-myers Squibb Company · NYSE:BMY
Bristol-myers Squibb — Q1 2026 Earnings Presentation
58 slides from Bristol-myers Squibb's earnings presentation, Apr 30, 2026
Slide 1: Q1 2026 Results
Q1 2026 Results April 30, 2026 Not for Product Promotional Use
Slide 2: Forward Looking Statements and Non-GAAP Financial Information
Forward Looking Statements and Non-GAAP Financial Information This presentation contains statements about Bristol-Myers Squibb Company’s (the the adjusted items or the effects of foreign currency translation, as applicable, and “Company”) future financial results, plans, business development strateg
Slide 3: Q1 2026 Results - Chris Boerner
Q1 2026 Results Chris Boerner, PhD Board Chair and Chief Executive Officer 3
Slide 4: Q1 2026 Performance
Q1 2026 Performance Growth Portfolio Revenues Key Milestones1 $ in billions +12%; +9% Ex-FX* Achieved multiple clinical & regulatory milestones Iberdomide Mezigdomide Iza-bren $5.6 $6.2 Q1 2025 Q1 2026 Diverse portfolio of growth drivers New indication approvals *See “Forward-Looking Statements and
Slide 5: Significant data expected in 2026…and beyond
Significant data expected in 2026…and beyond* NME registrational data LCM pivotal data Key next wave early-stage data 2026 2026 2026 • Admilparant IPF (ALOFT-IPF) • Cobenfy AD Psychosis (ADEPT-1, 2 & 4) • BCMAxGPRC5D dual-targeting CAR T RRMM • Arlo-cel 4L+ MM (QUINTESSENTIAL) • Sotyktu SLE (POETYK
Slide 6: Keys to enable long-term, sustainable growth
Keys to enable long-term, sustainable growth* Sharpen execution across talent and decision-making to drive our • Drive top-tier R&D early- to –mid stage pipeline productivity Broaden AI application across R&D to optimize operations while improving quality & pace of innovation • Operate with → financ
Slide 7: Q1 2026 Results - David Elkins
Q1 2026 Results David Elkins Executive Vice President and Chief Financial Officer 7
Slide 8: Growth Portfolio represents the majority of revenue
Growth Portfolio represents the majority of revenue Growth Portfolio $ in billions $11.2 $11.5 5.3 5.6 +12% YoY Other Growth Brands1 $5.6 $6.2 +9% Ex-FX* Legacy Portfolio Q1 2025 Q1 2026 Other Mature Brands *See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Other Growth Brands:
Slide 9: Q1 2026 Oncology product summary
Q1 2026 Oncology product summary Global Net Sales1 Opdivo $M YoY % Ex-FX* % • Remains an important contributor to the Growth Portfolio and continues to deliver value to patients $2,146 (5%) (8%) Qvantig $651 +4% +2% • Continued global growth is driven by meaningful convenience to patients and health
Slide 10: Q1 2026 Hematology product summary
Q1 2026 Hematology product summary Global Net Sales1 Reblozyl $M YoY % Ex-FX* % • Growth driven by continued global demand across MDS-associated anemia $555 +16% +15% • Established strong brand momentum, with the 2 predominant share of business from 1L MDS-anemia $513 (22%) (22%) Breyanzi $411 +56%
Slide 11: Q1 2026 Cardiovascular & Immunology product summary
Q1 2026 Cardiovascular & Immunology product summary Global Net Sales (Cardiovascular) Camzyos $M YoY % Ex-FX* % • Continued strong global demand and market penetration in oHCM $4,137 +16% +13% • Strong launch momentum outside the U.S. Eliquis $314 +97% +94% • Continued U.S. demand growth and market
Slide 12: Q1 2026 Neuroscience product summary
Q1 2026 Neuroscience product summary Global Net Sales Cobenfy $M YoY % Ex-FX* % • Steady growth trajectory expected near term 1 • Opportunity to improve patient experience through $118 +11% +7% prescriber education emphasizing optimized dose utilization $56 +107% +107% • Focus on expanding both brea
Slide 13: Q1 2026 Financial Performance
Q1 2026 Financial Performance GAAP US GAAP Non-GAAP Non-GAAP * $ in billions, except EPS Q1 2026 Q1 2025 Q1 2026 Q1 2025 Total Revenues, net 11.5 11.2 11.5 11.2 Gross Margin %1 70.2% 72.9% 70.3% 73.1% Operating Expenses2 4.3 3.8 3.9 3.8 Acquired IPR&D 0.1 0.2 0.1 0.2 Amortization of Acquired Intangi
Slide 14: Strategic approach to Capital Allocation
Strategic approach to Capital Allocation Cash flow from Operations $B Business • Pursue opportunities and partnerships to diversify Development portfolio & strengthen long-term outlook $6.3 $3.9 Balance Sheet • Strong balance sheet affords financial flexibility Strength • Maintain strong investment-
Slide 15: 2026 Guidance
2026 Guidance* Non-GAAP1 Key Highlights February (Prior) April (Reaffirmed) • FY revenue tracking toward the upper end of our established guidance range: Total FY Revenues ~$46.0 - $47.5B No change (Reported & Ex-FX) • Continued Growth Portfolio strength Gross Margin % ~69-70% No change • 12% to 16%
Slide 16: Q1 2026 Results Q&A
Q1 2026 Results Q&A Chris Boerner, PhD David Elkins Adam Lenkowsky Cristian Massacesi, MD Board Chair, Executive VP, Executive VP, Executive VP, Chief Executive Officer Chief Financial Officer Chief Commercialization Chief Medical Officer, Officer Global Drug Development
Slide 17: Clinical Development Portfolio — Phase I and II
Clinical Development Portfolio — Phase I and II Data as of April 30, 2026 Phase I BMS-986460^ Prostate Cancer BCL6 LDD Lymphoma BMS-986488+ Solid Tumors CD33-GSPT1 ADC Acute Myeloid Leukemia BMS-986500+ Solid Tumors Dual Targeting BCMAxGPRC5D CAR T R/R Multiple Myeloma BMS-986506+ Soli
Slide 18: Clinical Development Portfolio — Phase III
Clinical Development Portfolio — Phase III Data as of April 30, 2026 Phase III AR LDD Metastatic Castration-Resistant Prostate Cancer Atrial Fibrillation* milvexian atigotatug + nivolumab 1L Extensive-Stage Small Cell Lung Cancer Secondary Stroke Prevention* 1L Non-Small Cell Lung Cancer Idiop
Slide 19: Q1 2026 Changes to the Development Pipeline
Data as of April 30, 2026 Q1 2026 Changes to the Development Pipeline Phase I Phase II Phase III Registrational Submissions New or ◼ CD19 TCE (BMS-986528) in ◼ navlimetostat in Solid Tumors ◼ iberdomide in 2L+ MM [MRD] (US) Autoimmune Diseases Phase Transition Approvals Removed ◼ CD40xFAP Bispecif
Slide 20: Q1 2026 Opdivo Sales Mix
Q1 2026 Opdivo Sales Mix U.S. Sales Mix Ex-U.S. Sales Mix 22% 21% 12% 32% 19% 27% 21% 7% 20% 20% Note: percentages are approximate Q1 2026 Results Not for Product Promotional Use 20
Slide 21: Q1 2026 Eliquis NBRx/TRx Share
Q1 2026 Eliquis NBRx/TRx Share NBRx Share – U.S. TRx Share – U.S. 19.0% 18.1% 21.3% 20.0% 7.1% 6.0% 10.5% 9.5% 73.9% 75.9% 70.5% 68.2% Q1 2025 Q1 2026 Q1 2025 Q1 2026 Eliquis Warfarin Other NOACs Data Source: IQVIA Xponent data thru 3/28/2026; Q1’26 average calculated with currently available data Q
Slide 22: Composition of Other Growth & Other Legacy Products
Composition of Other Growth & Other Legacy Products Other Growth Products Other Legacy Products • Abecma • Idhifa • Augtyro • Istodax • Empliciti • Thalomid • Inrebic • Glucophage • Nulojix • Kenalog • Onureg • Vidaza • 3rd Party Royalty Revenue1 • Baraclude • Reyataz • Other Mature Brands 1. Includ
Slide 23: Q1 2026 key clinical trials update
Q1 2026 key clinical trials update Oncology Hematology Immunology Cardiovascular Oncology Hematology Immunology Cardiovascular Neuroscience • Krazati • Reblozyl • Sotyktu • milvexian • Cobenfy • Opdivo • arlo-cel • admilparant • MYK-224 • irafamdastat • Nivo+Rela HD • iberdomide • obexelimab • mopon
Slide 24: Krazati (KRAS G12C inhibitor)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated Krazati (KRASG12C inhibitor) Indication 1L NSCLC PD-L1≥50% 1L NSCLC (with KRASG12C mutation) (with KRASG12C mutation) Phase/Study Phase II/III – KRYSTAL-7
Slide 25: Opdivo (anti-PD1)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated Opdivo (anti-PD1) Indication Adjuvant HCC 1L NSCLC SC + IV Phase/Study Phase III – CheckMate -9DX Phase II – CheckMate-1533 # of Patients N = 545 N = 76 •
Slide 26: Nivolumab + Relatlimab HD
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated Nivolumab + Relatlimab HD (anti-PD1 + anti-LAG3 FDC) Indication 1L NSCLC PD-L1≥1% Phase/Study Phase III – RELATIVITY-1093 # of Patients N = 1,000 • Nivolu
Slide 27: AR LDD (dual androgen receptor degrader & antagonist)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated AR LDD (dual androgen receptor degrader & antagonist) Indication Metastatic CRPC Phase/Study Phase III - rechARge # of Patients N = 960 Part I Part II • B
Slide 28: atigotatug + nivolumab
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated atigotatug (anti-fucosyl-GM1) + nivolumab (anti-PD1) Indication 1L ES-SCLC Phase/Study Phase III - TIGOS # of Patients N = 530 • BMS-986489 (atigotatug +
Slide 29: iza-bren (izalontamab brengitecan, EGFR x HER3 ADC)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated iza-bren (izalontamab brengitecan, EGFR x HER3 ADC) Indication Advanced Solid Tumors Phase/Study Phase I/II - CA244-0001 # of Patients N = 416 • Group A:
Slide 30: iza-bren (izalontamab brengitecan, EGFR x HER3 ADC)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated iza-bren (izalontamab brengitecan, EGFR x HER3 ADC) Indication 1L TNBC EGFR-mutated Post-TKI NSCLC Post-IO Metastatic Urothelial Cancer Phase/Study Phase
Slide 31: navlimetostat (PRMT5 inhibitor)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated navlimetostat (PRMT5 inhibitor) Indication 1L Metastatic NSCLC (with Homozygous MTAP deletion) 1L Metastatic PDAC (with Homozygous MTAP deletion) Phase/St
Slide 32: navlimetostat (PRMT5 inhibitor)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated navlimetostat (PRMT5 inhibitor) Indication Advanced Solid Tumors (with Homozygous MTAP deletion) Phase/Study Phase II – MountainTAP-5 # of Patients N = 26
Slide 33: pumitamig (BNT327, PD-L1 x VEGF-A)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated pumitamig (BNT327, PD-L1 x VEGF-A) Indication 1L NSCLC 1L ES-SCLC Phase/Study Phase II/III – ROSETTA LUNG-02* Phase III – ROSETTA LUNG-01* # of Patients N
Slide 34: pumitamig (BNT327, PD-L1 x VEGF-A)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated pumitamig (BNT327, PD-L1 x VEGF-A) Indication Stage III NSCLC 1L NSCLC PD-L1≥50% Phase/Study Phase III – ROSETTA Lung-201 Phase III – ROSETTA Lung-202 # o
Slide 35: pumitamig (BNT327, PD-L1 x VEGF-A)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated pumitamig (BNT327, PD-L1 x VEGF-A) Indication 1L MSS CRC 1L Gastric Cancer 1L TNBC Phase/Study Phase II/III – ROSETTA CRC-203 Phase II/III – ROSETTA Gastr
Slide 36: pumitamig (BNT327, PD-L1 x VEGF-A)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated pumitamig (BNT327, PD-L1 x VEGF-A) 2L NSCLC Indication 1L HCC 1L RCC (post-chemoimmunotherapy) Phase/Study Phase I/II – ROSETTA HCC-206 Phase I/II – ROSET
Slide 37: RYZ101 225Ac-DOTATATE (SSTR2 binder)
Oncology Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated RYZ101 225Ac-DOTATATE (SSTR2 binder) Indication 2L+ SSTR2+ GEP-NETs* SSTR+ HR+/HER2- Metastatic Breast Cancer Phase/Study Phase III – ACTION-1 Phase Ib/II – TRACY-1 # of Patients N = 288 N =
Slide 38: Reblozyl (Erythroid Maturation Agent)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated Reblozyl (Erythroid Maturation Agent) 1L+ TD MF 1L NTD Low or Intermediate Risk TD & NTD Alpha-Thalassemia Indication Associated Anemia MDS Associated Ane
Slide 39: arlo-cel (arlocabtagene autoleucel, GPRC5D CAR T)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated arlo-cel (arlocabtagene autoleucel, GPRC5D CAR T) Indication 4L+ MM1 2-4L MM2 Phase/Study Phase II – QUINTESSENTIAL Phase III – QUINTESSENTIAL-2 # of Pati
Slide 40: iberdomide (CELMoD)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated iberdomide (CELMoD) Indication 2L+ MM Post-Transplant Maintenance NDMM Phase/Study Phase III – EXCALIBER-RRMM Phase III – EXCALIBER-Maintenance # of Patie
Slide 41: mezigdomide (CELMoD)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated mezigdomide (CELMoD) Indication 2L+ MM 2L+ MM 2-4L MM Phase/Study Phase III – SUCCESSOR-1 Phase III – SUCCESSOR-2 Phase I/II – CA057-1040 # of Patients N
Slide 42: golcadomide (CELMoD)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated golcadomide (CELMoD) Indication High-Risk 1L LBCL 2L+ FL Newly Diagnosed Advanced Stage 1L FL Phase/Study Phase III – GOLSEEK-1 Phase III – GOLSEEK-4 Phas
Slide 43: Sotyktu (TYK-2 inhibitor)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated Sotyktu (TYK-2 inhibitor) Indication Psoriatic Arthritis (PsA) Phase/Study Phase III – POETYK-PsA-1 Phase III – POETYK-PsA-2 # of Patients N = 670 N = 729
Slide 44: Sotyktu (TYK-2 inhibitor)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated Sotyktu (TYK-2 inhibitor) Indication Systemic Lupus Erythematosus (SLE) Sjogren’s Disease (SjD) Phase/Study Phase III – POETYK SLE-1 Phase III – POETYK SL
Slide 45: admilparant (LPA1 antagonist)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated admilparant (LPA1 antagonist) Indication Idiopathic Pulmonary Fibrosis (IPF) Progressive Pulmonary Fibrosis (PPF) Phase/Study Phase III – ALOFT-IPF Phase
Slide 46: obexelimab (CD19 x FcγRIIB bifunctional mAb)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated obexelimab (CD19 x FcγRIIB bifunctional mAb) Indication IgG4-Related Disease Phase/Study Phase III – INDIGO # of Patients N = 194 • Obexelimab SC • Placeb
Slide 47: zola-cel (CD19 NEX-T CAR T)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated zola-cel (CD19 NEX-T CAR T) Active Systemic Lupus Erythematosus (SLE) Indication Active Systemic Sclerosis (SSc) including Lupus Nephritis (LN) 1 Phase/St
Slide 48: milvexian (FXIa inhibitor)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated milvexian (FXIa inhibitor) Indication Secondary Stroke Prevention Non-Valvular Atrial Fibrillation Phase III – LIBREXIA-STROKE Phase III – LIBREXIA-AF Pha
Slide 49: MYK-224 (myosin inhibitor)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated MYK-224 (myosin inhibitor) Indication Heart Failure with Preserved Ejection Fraction (HFpEF) Phase/Study Phase IIa – AURORA-HFpEF # of Patients N = 208 •
Slide 50: Cobenfy (M1/M4 muscarinic agonist)
Neuroscience Oncology Hematology Immunology Cardiovascular Neuroscience Cobenfy (M1/M4 muscarinic agonist) Indication Psychosis in Alzheimer’s Disease (ADP) Phase/Study Phase III – ADEPT-1 Phase III – ADEPT-2 # of Patients N = 410 N = 500 • Cobenfy 20 mg/2 mg TID, 30 mg/3 mg TID, 40 mg/4 mg TID, 50
Slide 51: Cobenfy (M1/M4 muscarinic agonist)
Neuroscience Oncology Hematology Immunology Cardiovascular Neuroscience Cobenfy (M1/M4 muscarinic agonist) Indication Psychosis in Alzheimer’s Disease (ADP) Phase/Study Phase III – ADEPT-4 Phase III – ADEPT-5 # of Patients N = 406 N = 325 • Cobenfy 20 mg/2 mg TID, 30 mg/3 mg TID, 40 mg/4 mg TID, 50
Slide 52: Cobenfy (M1/M4 muscarinic agonist)
Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated Cobenfy (M1/M4 muscarinic agonist) Indication Manic Episodes in Bipolar-I Disease Adjunctive Bipolar Mania Phase/Study Phase III – BALSAM-1 Phase III – BALSAM-2 Phase III-BALSAM-4 # of Patients N = 27
Slide 53: Cobenfy (M1/M4 muscarinic agonist)
Oncology Oncology Hematology Immunology Cardiovascular Neuroscience Cobenfy (M1/M4 muscarinic agonist) Indication Agitation Associated with Alzheimer’s Disease (AAD) Phase/Study Phase III – ADAGIO-1 Phase III – ADAGIO-2 # of Patients N = 352 N = 352 • KarXT + KarX-EC • KarXT + KarX-EC • Placebo • Pl
Slide 54: Cobenfy (M1/M4 muscarinic agonist)
Oncology Hematology Immunology Cardiovascular Neuroscience Cobenfy (M1/M4 muscarinic agonist) Indication Alzheimer’s Disease Cognition (ADC) Phase/Study Phase III – MINDSET 1 Phase III – MINDSET 2 # of Patients N = 586 N = 586 • KarXT + KarX-EC • KarXT + KarX-EC • Placebo • Placebo Design Co-Primary
Slide 55: Cobenfy (M1/M4 muscarinic agonist)
Oncology Hematology Immunology Cardiovascular Neuroscience Cobenfy (M1/M4 muscarinic agonist) Indication Pediatric Autism Irritability Phase/Study Phase III – CN012-0044 Phase III – CN012-0045 # of Patients N = 176 N = 176 • KarXT + KarX-EC • KarXT + KarX-EC • Placebo • Placebo Design Primary: Prima
Slide 56: irafamdastat (FAAH/MAGL inhibitor)
Oncology Hematology Immunology Cardiovascular Neuroscience irafamdastat (FAAH/MAGL inhibitor) Indication Multiple Sclerosis Spasticity (MSS) Alzheimer’s Disease Agitation (AAD) Phase/Study Phase II – BALANCE-MSS-1 Phase II – BALANCE-AAD-1 # of Patients N = 200 N = 120 • Irafamdastat Dose 1 • Irafamd
Slide 57: moponetug (anti-MTBR-tau)
Oncology Hematology Immunology Cardiovascular Neuroscience moponetug (anti-MTBR-tau) Indication Alzheimer's Disease Phase/Study Phase II – TargetTau-1 # of Patients N = 310 • Moponetug Dose 1 • Moponetug Dose 2 Design • Placebo Primary: • Mean change from baseline in brain tau deposition as measured
Slide 58: Abbreviations
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated Abbreviations AAD American Academy of Dermatologists DPd Daratumumab, Pomalidomide, and LPA1 Lysophosphatidic Acid Receptor 1 Q3W Every Three Weeks Dexame
Bristol-Myers Squibb Company — Q1 2026 Earnings Presentation on 6ix