Bristol-myers Squibb Company · NYSE:BMY
Bristol-myers Squibb — Q3 2026 Earnings Presentation
57 slides from Bristol-myers Squibb's earnings presentation, Oct 29, 2026
Slide 1: Q3 2026 Results
Q3 2026 Results October 29, 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: Q3 2026 Results - Chris Boerner, PhD
Q3 2026 Results Chris Boerner, PhD Board Chair and Chief Executive Officer 3
Slide 4: Q3 2026 Performance
Q3 2026 Performance Growth Portfolio Revenues Key Milestones1 $ in billions Regulatory Approvals +12%; +12% Ex-FX* • Camzyos expanded to pediatric oHCM • Zenbexus in multiple myeloma CELMoDs Upcoming Newsflow • Zenbexus RRMM PFS Phase 3 data at ASH $6.9 $7.7 • Golcadomide 1L FL Phase 2 data at ASH •
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) (Oct ’26) • Sotyktu SLE (POETYK SLE-1 & 2) • BCMAxGPRC5D dual-targeting CAR T RRMM • Arlo-cel 4L+ MM (QUINTESSENTIAL) (Sept ’26) • Golcad
Slide 6: Key Priorities Through Year-End and Beyond
Key Priorities Through Year-End and Beyond* Sustain Growth Portfolio Solidifying the Growth Continue rewiring how we momentum Profile operate 8 medicines annualizing at >$1B, Filings, approvals and launches, as R&D rigor, driving productivity, and providing a broad base of growth exemplified by Zenb
Slide 7: Q3 2026 Results - David Elkins
Q3 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 $13.1 $12.2 5.4 5.4 Other Growth Brands1 +12% YoY $7.7 $6.9 +12% Legacy Portfolio Ex-FX* Q3 2025 Q3 2026 Other Mature Brands *See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Other Growth Brands: Abecm
Slide 9: Q3 2026 Oncology product summary
Q3 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 $2,374 (6%) (6%) patients Qvantig $793 +7% +8% • Continued global growth is driven by meaningful convenience to patients an
Slide 10: Q3 2026 Hematology product summary
Q3 2026 Hematology product summary Global Net Sales1 Reblozyl $M YoY % Ex-FX* % • Growth driven by continued global demand across MDS-associated anemia $750 +22% +22% $526 +46% +48% Breyanzi 2 • Continued strong demand as the leading CD19 directed $303 (47%) (47%) CAR T across B-cell malignancies, f
Slide 11: Q3 2026 Cardiovascular & Immunology product summary
Q3 2026 Cardiovascular & Immunology product summary Global Net Sales (Cardiovascular) Camzyos $M YoY % Ex-FX* % • Continued strong global demand and market penetration in oHCM $4,690 +25% +26% • Strong launch momentum outside the U.S. $420 +42% +42% Eliquis • Continued U.S. demand growth and market
Slide 12: Q3 2026 Neuroscience product summary
Q3 2026 Neuroscience product summary Global Net Sales Cobenfy $M YoY % Ex-FX* % • Potential new indications to drive next wave of growth • Improving patient experience through prescriber $168 +5% +5% education emphasizing optimized dose utilization $57 +33% +33% *See “Forward-Looking Statements and
Slide 13: Q3 2026 Financial Performance
Q3 2026 Financial Performance GAAP US GAAP Non-GAAP Non-GAAP * $ in billions, except EPS Q3 2026 Q3 2025 Q3 2026 Q3 2025 Total Revenues, net 13.1 12.2 13.1 12.2 Gross Margin %1 68.3% 71.9% 68.4% 72.9% Operating Expenses2 4.1 4.3 4.1 4.2 Acquired IPR&D 1.6 0.6 1.6 0.6 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 $4.2 $3.4 Balance Sheet • Strong balance sheet affords financial flexibility Strength • Maintain strong invest
Slide 15: 2026 Guidance
2026 Guidance* Non-GAAP1 Key Highlights July October (Prior) (Updated) • FY revenue increase vs. prior guidance reflects year-to- Total FY Revenues date strength: ~$49.0 - $50.0B ~$49.75 - $50.25B (Reported & Ex-FX) • Continued Growth Portfolio strength Gross Margin % ~69-70% No change • 3% to 5% de
Slide 16: Q3 2026 Results Q&A
Q3 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 Q3 2026 Results Not for Prod
Slide 17: Clinical Development Portfolio — Phase I and II
Clinical Development Portfolio — Phase I and II Data as of October 29, 2026 Phase I BMS-986460^ Prostate Cancer BCL6 LDD Lymphoma BMS-986488+ Solid Tumors tunlu-cel (Dual Targeting BCMAxGPRC5D CAR T) R/R Multiple Myeloma BMS-986500+ Solid Tumors mezigdomide + elranatamab R/R Multiple Myelo
Slide 18: Clinical Development Portfolio — Phase III
Clinical Development Portfolio — Phase III Data as of October 29, 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 L
Slide 19: Q3 2026 Changes to the Development Pipeline
Data as of October 29, 2026 Q3 2026 Changes to the Development Pipeline Registrational Phase I Phase II Phase III Submissions New or BMS-986548 in Solid Tumors evifacotrep in Mood & Anxiety obexelimab in IgG4-RD (JP) Disorders Phase CD70 HD Allo CAR T in ccRCC Transition HbF Activati
Slide 20: Q3 2026 Opdivo Sales Mix
Q3 2026 Opdivo Sales Mix U.S. Sales Mix Ex-U.S. Sales Mix 20% 20% 13% 29% 20% 20% 28% 7% 20% 24% Note: percentages are approximate Q3 2026 Results Not for Product Promotional Use 20
Slide 21: Q3 2026 Eliquis NBRx/TRx Share
Q3 2026 Eliquis NBRx/TRx Share NBRx Share – US TRx Share – US 17.7% 17.0% 20.5% 19.5% 6.2% 5.1% 9.6% 8.8% 76.1% 77.9% 71.8% 69.9% Q3 2025 Q3 2026 Q3 2025 Q3 2026 Eliquis Warfarin Other NOACs Data Source: IQVIA Xponent data via CSCAN; Q3'26 reflects Jul–Aug 2026 actuals; Sep’26 not yet reported Q3 20
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 • Kenalog • Nulojix • Vidaza • Onureg • Baraclude • Zenbexus • Other Mature Brands • 3rd Party Royalty Revenue1 1. Includes royalties
Slide 23: Q3 2026 key clinical trials update
Q3 2026 key clinical trials update Oncology Hematology Immunology Cardiovascular Neuroscience • Krazati • Reblozyl • Sotyktu • delocamten • Cobenfy • Opdivo • Zenbexus • admilparant • milvexian • irafamdastat • atigotatug • arlo-cel • obexelimab • moponetug • iza-bren • mezigdomide • zola-cel • navl
Slide 24: Krazati (KRAS G12C inhibitor)
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 + pembrolizumab 200 mg Q3W • Adagrasib 400 mg BID + pembrolizumab 200
Slide 25: Opdivo (anti-PD1)
Opdivo (anti-PD1) Indication 1L NSCLC SC + IV Phase/Study Phase II – CheckMate -1533 # of Patients N = 76 • Opdivo Qvantig + Yervoy + chemotherapy Dose 1 • Opdivo Qvantig + Yervoy + chemotherapy Dose 2 Design • Primary: Cmax, Tmax (nivolumab SC PK endpoints) Endpoints Status • Projected data readout
Slide 26: atigotatug + nivolumab
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 maintenance • Atezolizumab combined with carboplatin + etopo
Slide 27: iza-bren (EGFR x HER3 ADC)
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 schedule combination with pembrolizumab • Group C: iza-bren
Slide 28: iza-bren (EGFR x HER3 ADC)
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 Phase II • Iza-bren + osimertinib • Iza-bren Dose 1 D1/D8 Q3W • Osimertinib or osime
Slide 29: iza-bren (EGFR x HER3 ADC)
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 = 600 N = 470 Phase II Phase II • Iza-bren Dose 1 D1/D8 Q3W • Iza-bren Dose 1 D1/D8 Q3W • Iza-b
Slide 30: navlimetostat (PRMT5 inhibitor)
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 = 470 Phase II Phase II • Navlimetostat Dose 1 + pembroliz
Slide 31: navlimetostat (PRMT5 inhibitor)
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 + chemotherapy (NSCLC) • Navlimetostat + daraxonrasib ± gemcitabi
Slide 32: nivolumab + relatlimab HD
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 + chemotherapy IV Q3W Design • Primary: OS Endpoints • Key Seconda
Slide 33: pumitamig (BNT327, PD-L1 x VEGF-A)
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 = 1,260 N = 621 Non-Squamous Squamous • Atezolizumab + etoposide + Phase II Phase II carboplatin • Pumitamig Dose 1 + carboplatin + pemetrexed •
Slide 34: pumitamig (BNT327, PD-L1 x VEGF-A)
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 • Primary: PFS • Primary: PFS, OS Endpoints • Key Secondary
Slide 35: pumitamig (BNT327, PD-L1 x VEGF-A)
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 + chemotherapy • Pumitamig + chemotherapy • Pumitamig + tr
Slide 36: pumitamig (BNT327, PD-L1 x VEGF-A)
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 – ROSETTA Lung-107* # of Patients N = 198 N = 474 N = 60 • Pumitamig • Pumitamig • Pumitamig + docetaxel • Pumitamig + ipilimu
Slide 37: RYZ101 225Ac-DOTATATE (SSTR2 binder)
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 = 64 • RYZ101 10.2 MBq Q8W Phase Ib dose escalation • SoC as per investigator’s discretion • RYZ101 Q6W x 6 inf
Slide 38: Reblozyl (erythroid maturation agent)
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/kg SC Q3W + JAK2i • Reblozyl 1 mg/kg SC Q3W Design • Placeb
Slide 39: Zenbexus (CELMoD)
Zenbexus (CELMoD) Indication 2L+ MM Post-Transplant Maintenance NDMM Phase/Study Phase III – EXCALIBER-RRMM Phase III – EXCALIBER-Maintenance # of Patients N = 939 N = 1,230 • Iberdomide 1.0, 1.3, 1.6 mg + daratumumab 1800 mg + dex • Iberdomide 0.75, 1.0, 1.3 mg 40 mg – (iberDd) • Lenalidomide 10 mg
Slide 40: arlo-cel (GPRC5D CAR T)
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 investigator’s discretion Design • Primary: ORR in prior 4L+ • P
Slide 41: mezigdomide (CELMoD)
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 + carfilzomib 56 • Phase I (dose escalation) mg/m2a + dex 20 mg –
Slide 42: golcadomide (CELMoD)
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 = 95 • Golcadomide 0.4 mg + R-CHOP • Golcadomide 0.4 mg + R • Golcadomide 0.2 mg + R • Placebo +
Slide 43: Sotyktu (TYK-2 inhibitor)
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 • Sotyktu 3 mg BID • Sotyktu 3 mg BID • Placebo • Placebo •
Slide 44: admilparant (LPA1 antagonist)
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 60 mg BID Design • Admilparant 120 mg BID • Admilparant 12
Slide 45: obexelimab (CD19 x FcγRIIB bifunctional mAb)
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 therapy in the opinion of the investigator and the Adjudicat
Slide 46: zola-cel (CD19 NEX-T CAR T)
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 • Zola-cel 10M cell single infusion • Zola-cel 10M cell single
Slide 47: delocamten (MYK-224, myosin inhibitor)
delocamten (MYK-224, myosin inhibitor) Indication Heart Failure with Preserved Ejection Fraction (HFpEF) Phase/Study Phase IIa – AURORA-HFpEF # of Patients N = 227 • MYK-224 • Placebo Design Primary: • TEAEs and SAEs Endpoints • AEs leading to treatment discontinuation Key Secondary: • Summary of pl
Slide 48: milvexian (FXIa inhibitor)
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 = 12,523 N = 20,284 • Milvexian 25 mg BID + background antiplatelet therapy • Milve
Slide 49: Cobenfy (M1/M4 muscarinic agonist)
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 mg TID, 30 mg/3 mg TID, 40 mg/4 mg TID, 50 Design 50 mg/5 mg
Slide 50: Cobenfy (M1/M4 muscarinic agonist)
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 Randomized Treatment and OLE periods: 50 mg/5 mg TID, 66.7/
Slide 51: Cobenfy (M1/M4 muscarinic agonist)
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* + Background Treatment (Li, • Placebo • Placebo VPA, or lam
Slide 52: Cobenfy (M1/M4 muscarinic agonist)
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: Mean change from baseline on the Cohen-Mansfield • Primary:
Slide 53: Cobenfy (M1/M4 muscarinic agonist)
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: Co-Primary: • Change from baseline in Alzheimer’s Disease
Slide 54: Cobenfy (M1/M4 muscarinic agonist)
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: Primary: • Change From Baseline in the Aberrant Behavior Checkli
Slide 55: irafamdastat (FAAH/MAGL inhibitor)
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 • Irafamdastat Dose 1 • Irafamdastat Dose 2 • Irafamdastat Dose 2 De
Slide 56: moponetug (anti-MTBR-tau)
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 by tau PET at Week 76 Key Secondary: • Mean change from ba
Slide 57: Abbreviations
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 American College of Rheumatology 20% Improvement DVd Daratu
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