Bristol-myers Squibb Company · NYSE:BMY
Bristol-myers Squibb — Q2 2026 Earnings Presentation
57 slides from Bristol-myers Squibb's earnings presentation, Jul 30, 2026
Slide 1: Q2 2026 Results
Q2 2026 Results July 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 (as well as the oral statements made with respect to information contained financial measures are provided as supplemental information and are presented because herein) contains statements about Bristol-Myers Squibb Comp
Slide 3: Q2 2026 Results – Chris Boerner
Q2 2026 Results Chris Boerner, PhD Board Chair and Chief Executive Officer 3
Slide 4: Q2 2026 Performance
Q2 2026 Performance Growth Portfolio Revenues Key Milestones1 $ in billions +15%; +14% Ex-FX* ASCO Data highlighted the breadth of innovation across our oncology franchise $6.6 $7.6 CELMoDs: advancing towards commercialization Iberdomide PDUFA: August 17, 2026 Mezigdomide PDUFA: May 13, 2027 Q2 2025
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) • Sotyktu SLE (POETYK SLE-1 & 2) • BCMAxGPRC5D dual-targeting CAR T RRMM • Arlo-cel 4L+ MM (QUINTESSENTIAL) • Golcadomide 1L FL (GOLSEEK-
Slide 6: Rewiring how we operate
Rewiring how we operate* AI-Powered Execution Operating Discipline Financial Flexibility Expanding AI to help teams Company-wide savings Invest in growth drivers, move faster and operate through strategic productivity pursue strategic business more efficiently, further initiative, combined with deve
Slide 7: Q2 2026 Results – David Elkins
Q2 2026 Results David Elkins Executive Vice President and Chief Financial Officer 7
Slide 8: Growth Portfolio continues to drive revenues
Growth Portfolio continues to drive revenues $ in billions Growth Portfolio $13.0 $12.3 5.4 5.7 Other Growth Brands1 +15% YoY $7.6 $6.6 +14% Legacy Portfolio Ex-FX* Q2 2025 Q2 2026 Other Mature Brands *See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Other Growth Brands: Abecm
Slide 9: Q2 2026 Oncology product summary
Q2 2026 Oncology product summary Global Net Sales1 Opdivo $M YoY % Ex-FX* % • Remains an important revenue contributor to the Growth Portfolio and continues to deliver value to 2 $2,485 (3%) (4%) patients Qvantig $769 +6% +5% • Continued global growth is driven by meaningful convenience to patients
Slide 10: Q2 2026 Hematology product summary
Q2 2026 Hematology product summary Global Net Sales1 Reblozyl $M YoY % Ex-FX* % • Growth driven by continued global demand across MDS-associated anemia, with the predominant share $735 +29% +29% in 1L $484 +41% +41% Breyanzi 2 • Continued strong demand as the leading CD19 directed $425 (49%) (49%) C
Slide 11: Q2 2026 Cardiovascular & Immunology product summary
Q2 2026 Cardiovascular & Immunology product summary Global Net Sales (Cardiovascular) Camzyos $M YoY % Ex-FX* % • Continued strong global demand and market penetration in oHCM $4,481 +22% +21% • Strong launch momentum outside the U.S. $416 +60% +59% Eliquis • Continued U.S. demand growth and market
Slide 12: Q2 2026 Neuroscience product summary
Q2 2026 Neuroscience product summary Global Net Sales Cobenfy $M YoY % Ex-FX* % • Steady growth trajectory expected near term • Improving patient experience through prescriber $169 +12% +12% education emphasizing optimized dose utilization $63 +81% +81% *See “Forward-Looking Statements and Non-GAAP
Slide 13: Q2 2026 Financial Performance
Q2 2026 Financial Performance GAAP US GAAP Non-GAAP Non-GAAP * $ in billions, except EPS Q2 2026 Q2 2025 Q2 2026 Q2 2025 Total Revenues, net 13.0 12.3 13.0 12.3 Gross Margin %1 71.3% 72.5% 71.4% 72.6% Operating Expenses2 4.8 4.3 4.1 4.0 Acquired IPR&D - 1.5 - 1.5 Amortization of Acquired Intangibles
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 $3.4 Strength • Maintain strong invest
Slide 15: 2026 Guidance
2026 Guidance* Non-GAAP1 Key Highlights April (Prior) July (Updated) • FY revenue vs. prior guidance reflects strong first half results and our current projections for the year: Total FY Revenues ~$46.0 - $47.5B ~$49.0 - $50.0B (Reported & Ex-FX) • Continued Growth Portfolio strength Gross Margin %
Slide 16: Q2 2026 Results Q&A
Q2 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 July 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 HbF Activating CELM
Slide 18: Clinical Development Portfolio — Phase III
Clinical Development Portfolio — Phase III Data as of July 30, 2026 Phase III atigotatug + nivolumab 1L Extensive-Stage Small Cell Lung Cancer Atrial Fibrillation* milvexian 1L EGFR-mutated Non-Small Cell Lung Cancer Secondary Stroke Prevention* iza-bren EGFR-mutated Post-TKI Non-Small Cell Lung C
Slide 19: Q2 2026 Changes to the Development Pipeline
Data as of July 30, 2026 Q2 2026 Changes to the Development Pipeline Phase I Phase II Phase III Registrational Submissions New or BMS-986533 in imzokitug + pumitamig in 1L iza-bren in 1L EGFRmt NSCLC mezigdomide in 2L+ MM Kd (US, EU, JP) Neurodegenerative Diseases NSCLC Phase iza-bren
Slide 20: Q2 2026 Opdivo Sales Mix
Q2 2026 Opdivo Sales Mix U.S. Sales Mix Ex-U.S. Sales Mix 21% 18% 13% 32% 19% 21% 27% 7% 20% 22% Note: percentages are approximate Q2 2026 Results Not for Product Promotional Use 20
Slide 21: Q2 2026 Eliquis NBRx/TRx Share
Q2 2026 Eliquis NBRx/TRx Share NBRx Share – U.S. TRx Share – U.S. 18.1% 16.7% 21.0% 19.5% 6.6% 5.4% 10.1% 9.0% 75.3% 77.9% 71.6% 68.9% Q2 2025 Q2 2026 Q2 2025 Q2 2026 Eliquis Warfarin Other NOACs Data Source: IQVIA Xponent data thru 6/19/2026; Q2’26 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: Q2 2026 key clinical trials update
Q2 2026 key clinical trials update Oncology Hematology Immunology Cardiovascular Neuroscience • Krazati • Reblozyl • Sotyktu • delocamten • Cobenfy • Opdivo • arlo-cel • admilparant • milvexian • irafamdastat • atigotatug • iberdomide • obexelimab • moponetug • iza-bren • mezigdomide • zola-cel • na
Slide 24: Krazati (KRAS G12C inhibitor)
Oncology Hematology Immunology Cardiovascular Neuroscience Krazati (KRASG12C inhibitor) Indication 1L NSCLC PD-L1≥50% (with KRASG12C mutation) 1L NSCLC (with KRASG12C mutation) Phase/Study Phase II/III – KRYSTAL-7 Phase III – KRYSTAL-4 # of Patients N = 626 N = 630 • Adagrasib 400 mg BID + pembroliz
Slide 25: Opdivo (anti-PD1)
Oncology Hematology Immunology Cardiovascular Neuroscience 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 • Opdivo 480 mg Q4W • Opdivo Qvantig + Yervoy + chemotherapy Dose 1 • Placebo • Opdivo
Slide 26: atigotatug + nivolumab
Oncology Hematology Immunology Cardiovascular Neuroscience atigotatug (anti-fucosyl-GM1) + nivolumab (anti-PD1) Indication 1L ES-SCLC Phase/Study Phase III - TIGOS # of Patients N = 530 • Atigotatug + nivolumab FDC combined with carboplatin + etoposide IV Q3W followed by atigotatug + nivolumab FDC m
Slide 27: iza-bren (EGFR x HER3 ADC)
Oncology Hematology Immunology Cardiovascular Neuroscience 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: iza-bren D1/D8 Q3W schedule combination with osimertinib • Group B: iza-bren D1/D8 Q3W
Slide 28: iza-bren (EGFR x HER3 ADC)
Oncology Hematology Immunology Cardiovascular Neuroscience iza-bren (izalontamab brengitecan, EGFR x HER3 ADC) Indication EGFR-mutated Post-TKI NSCLC 1L EGFR-mutated NSCLC Phase/Study Phase II/III – IZABRIGHT-Lung01 Phase III – IZABRIGHT-Lung02 # of Patients N = 500 N = 850 • Iza-bren Dose 1 on spec
Slide 29: iza-bren (EGFR x HER3 ADC)
Oncology Hematology Immunology Cardiovascular Neuroscience iza-bren (izalontamab brengitecan, EGFR x HER3 ADC) Indication 1L TNBC Post-IO Metastatic Urothelial Cancer Phase/Study Phase II/III – IZABRIGHT-Breast01 Phase II/III – IZABRIGHT-Bladder01 # of Patients N = 500 N = 470 • Iza-bren Dose 1 on s
Slide 30: navlimetostat (PRMT5 inhibitor)
Oncology Hematology Immunology Cardiovascular Neuroscience navlimetostat (PRMT5 inhibitor) Indication 1L Metastatic NSCLC (with Homozygous MTAP deletion) 1L Metastatic PDAC (with Homozygous MTAP deletion) Phase/Study Phase II/III – MountainTAP-29 Phase II/III – MountainTAP-30 # of Patients N = 590 N
Slide 31: navlimetostat (PRMT5 inhibitor)
Oncology Hematology Immunology Cardiovascular Neuroscience navlimetostat (PRMT5 inhibitor) Indication Advanced Solid Tumors (with Homozygous MTAP deletion) Phase/Study Phase II – MountainTAP-5 # of Patients N = 260 Part I Part II • Navlimetostat mono (Solid Tumors) • Navlimetostat + pumitamig + chem
Slide 32: nivolumab + relatlimab HD
Oncology Hematology Immunology Cardiovascular Neuroscience 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 • Nivolumab + relatlimab FDC IV 360 mg/360 mg + chemotherapy Q3W • Pembrolizumab 200 mg + chemo
Slide 33: pumitamig (BNT327, PD-L1 x VEGF-A)
Oncology Hematology Immunology Cardiovascular Neuroscience 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 = 1260 N = 621 Non-Squamous Squamous • Atezolizumab + etoposide + Phase II Phase II ca
Slide 34: pumitamig (BNT327, PD-L1 x VEGF-A)
Oncology Hematology Immunology Cardiovascular Neuroscience 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 # of Patients N = 850 N = 750 • Pumitamig • Pumitamig • Durvalumab • Pembrolizumab Design
Slide 35: pumitamig (BNT327, PD-L1 x VEGF-A)
Oncology Hematology Immunology Cardiovascular Neuroscience 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 Gastric-204 Phase III – ROSETTA BREAST-01* # of Patients N = 990 N = 690 N = 558 • Pumitamig
Slide 36: pumitamig (BNT327, PD-L1 x VEGF-A)
Oncology Hematology Immunology Cardiovascular Neuroscience 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 – ROSETTA RCC-208 Phase II – BNT327-07* # of Patients N = 198 N = 474 N = 60 • Pumitamig • Pum
Slide 37: RYZ101 225Ac-DOTATATE (SSTR2 binder)
Oncology Hematology Immunology Cardiovascular Neuroscience 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 = 124 • RYZ101 10.2 MBq Q8W Phase Ib dose escalation
Slide 38: Reblozyl (Erythroid Maturation Agent)
Oncology Hematology Immunology Cardiovascular Neuroscience Reblozyl (Erythroid Maturation Agent) 1L+ TD MF 1L NTD Low or Intermediate Risk Indication Associated Anemia MDS Associated Anemia Phase/Study Phase III – INDEPENDENCE Phase III – ELEMENT-MDS # of Patients N = 313 N = 402 • Reblozyl 1.33 mg/
Slide 39: arlo-cel (GPRC5D CAR T)
Oncology Hematology Immunology Cardiovascular Neuroscience arlo-cel (arlocabtagene autoleucel, GPRC5D CAR T) Indication 4L+ MM1 2-4L MM2 Phase/Study Phase II – QUINTESSENTIAL Phase III – QUINTESSENTIAL-2 # of Patients N = 230 N = 440 • Arlo-cel • Arlo-cel • Standard regimens (DPd or Kd) as per Inves
Slide 40: iberdomide (CELMoD)
Oncology Hematology Immunology Cardiovascular Neuroscience iberdomide (CELMoD) Indication 2L+ MM Post-Transplant Maintenance NDMM Phase/Study Phase III – EXCALIBER-RRMM Phase III – EXCALIBER-Maintenance # of Patients N = 939 N = 1,216 • Iberdomide 1.0, 1.3, 1.6 mg + daratumumab 1800 mg + dex • Iberd
Slide 41: mezigdomide (CELMoD)
Oncology Hematology Immunology Cardiovascular Neuroscience 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 = 810 N = 606 N = 62 • Mezigdomide 1.0 mg + bortezomib 1.3 • Mezigdomide 1.0 mg + carfi
Slide 42: golcadomide (CELMoD)
Oncology Hematology Immunology Cardiovascular Neuroscience 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 Phase II – GOLSEEK-2 # of Patients N = 850 N = 400 N = 90 • Golcadomide 0.4 mg + R-CHOP • G
Slide 43: Sotyktu (TYK-2 inhibitor)
Oncology Hematology Immunology Cardiovascular Neuroscience Sotyktu (TYK-2 inhibitor) Indication Systemic Lupus Erythematosus (SLE) Sjogren’s Disease (SjD) Phase/Study Phase III – POETYK SLE-1 Phase III – POETYK SLE-2 Phase III – POETYK SjS-1 # of Patients N = 516 N = 513 N = 774 • Sotyktu 3 mg BID •
Slide 44: admilparant (LPA1 antagonist)
Oncology Hematology Immunology Cardiovascular Neuroscience admilparant (LPA1 antagonist) Indication Idiopathic Pulmonary Fibrosis (IPF) Progressive Pulmonary Fibrosis (PPF) Phase/Study Phase III – ALOFT-IPF Phase III – ALOFT-PPF # of Patients N = 1,255 N = 1,057 • Admilparant 60 mg BID • Admilparant
Slide 45: obexelimab (CD19 x FcγRIIB bifunctional mAb)
Oncology Hematology Immunology Cardiovascular Neuroscience obexelimab (CD19 x FcγRIIB bifunctional mAb) Indication IgG4-Related Disease Phase/Study Phase III – INDIGO # of Patients N = 194 • Obexelimab SC • Placebo SC Design • Primary: Time to first IgG4-RD flare that requires initiation of rescue t
Slide 46: zola-cel (CD19 NEX-T CAR T)
Oncology Hematology Immunology Cardiovascular Neuroscience zola-cel (CD19 NEX-T CAR T) Active Systemic Lupus Erythematosus (SLE) Indication Active Systemic Sclerosis (SSc) including Lupus Nephritis (LN) 1 Phase/Study Phase II – Breakfree-SLE Phase III – Breakfree-SSc # of Patients N = 89 N = 92 • Zo
Slide 47: delocamten (MYK-224, myosin inhibitor)
Oncology Hematology Immunology Cardiovascular Neuroscience delocamten (MYK-224, myosin inhibitor) Indication Heart Failure with Preserved Ejection Fraction (HFpEF) Phase/Study Phase IIa – AURORA-HFpEF # of Patients N = 208 • MYK-224 • Placebo Design Primary: • TEAEs and SAEs Endpoints • AEs leading
Slide 48: milvexian (FXIa inhibitor)
Oncology Hematology Immunology Cardiovascular Neuroscience milvexian (FXIa inhibitor) Indication Secondary Stroke Prevention Non-Valvular Atrial Fibrillation Phase III – LIBREXIA-STROKE Phase III – LIBREXIA-AF Phase/Study Non-BMS Sponsored* Non-BMS Sponsored* # of Patients N = 12,532 N = 20,284 • Mi
Slide 49: Cobenfy (M1/M4 muscarinic agonist)
Oncology Hematology Immunology Cardiovascular Neuroscience Cobenfy (M1/M4 muscarinic agonist) Indication Alzheimer’s Disease Psychosis (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, • Cobenfy 20 mg/2 m
Slide 50: Cobenfy (M1/M4 muscarinic agonist)
Oncology Hematology Immunology Cardiovascular Neuroscience Cobenfy (M1/M4 muscarinic agonist) Indication Alzheimer’s Disease Psychosis (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, • Cobenfy BID* for
Slide 51: Cobenfy (M1/M4 muscarinic agonist)
Oncology Hematology Immunology Cardiovascular Neuroscience Cobenfy (M1/M4 muscarinic agonist) Indication Bipolar-I Mania Adjunctive Bipolar-I Mania Phase/Study Phase III – BALSAM-1 Phase III – BALSAM-2 Phase III - BALSAM-4 # of Patients N = 274 N = 274 N = 424 • KarXT BID* • KarXT BID* • KarXT BID*
Slide 52: Cobenfy (M1/M4 muscarinic agonist)
Oncology Hematology Immunology Cardiovascular Neuroscience Cobenfy (M1/M4 muscarinic agonist) Indication Alzheimer’s Disease Agitation (AAD) Phase/Study Phase III – ADAGIO-1 Phase III – ADAGIO-2 # of Patients N = 426 N = 426 • KarXT + KarX-EC • KarXT + KarX-EC • Placebo • Placebo Design • Primary: M
Slide 53: 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 54: 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 55: 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 56: 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 • Placebo Design Primary: • Mean change from baseline in brain tau deposition as measured
Slide 57: Abbreviations
Oncology Hematology Immunology Cardiovascular Neuroscience Abbreviations AAD American Academy of Dermatologists DPd Daratumumab, Pomalidomide, and LPA1 Lysophosphatidic Acid Receptor 1 Q3W Every Three Weeks Dexamethasone Ac Actinium LU177 SA Lutetium-177 Specific Activity Q4W Every Four Weeks ACR20
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