Earnings Call Intelligence Subscribe
Home › Call Sheets › BMY › Q2'26
Call sheet · Q2'26

Bristol-Myers Squibb (BMY)

Q2'26 earnings call · held July 30, 2026 · compared with the Q1'26 call · management-credibility review
6/12
Disclosure score
1 high, 3 medium, 2 low flags
Financial quality
Bottom line
The sleeper story is Milvexian's slowing event rate is actually bullish, signaling the drug is preventing strokes/bleeds better than modeled, with management noting they're 'increasingly encouraged' precisely because the study continues. Market sees timeline delays as negative, but DMC continuation at this stage suggests non-inferiority bar will be met. The binding constraint isn't pipeline potential but execution on enrollment and site quality, with both ADEPT and Milvexian revealing operational challenges. 'With the passage of time as the study progresses, we are increasingly encouraged about Milvexian's potential.' My view changes if Q3 shows further timeline slippage or DMC concerns.

The 30-second version

  • The sleeper: Milvexian's event rate slowdown signals better bleeding profile than Street models
  • Growth portfolio up 14% but the real story is breadth: 10 products with double-digit growth
  • Cobenfi and ADEPT delays buried in prepared remarks expose enrollment quality issues

What changed this quarter

MetricQ1'26Q2'26Change
Total Revenue$11.5B (+1% YoY)$11.9B (+3% YoY)+200 bps acceleration
Adjusted EPS$1.58$2.04+29% sequential growth
Growth Portfolio Revenue$6.2B (+9% YoY)$6.8B (+14% YoY)+500 bps acceleration
Growth Portfolio % of Total54%60%+600 bps portfolio shift
Operating Cash Flow$1.1B$3.4B3.1x sequential surge
Gross Margin70.3%71.4%+110 bps improvement
Operating Expenses$3.9B$4.1B+5% increase despite productivity initiative
Eliquis Revenue$4.1B (+13% YoY)$4.5B (+21% YoY)+800 bps growth acceleration
Opdivo Revenue$2.1B (-8% YoY)$2.5B (-4% YoY)Decline moderating
Cobenfi Revenue$56M$63M+13% sequential but below Street

Accountability tracked

7 new promises made4 narrative shifts flagged6 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
Read the full BMY Q2'26 report Subscribe
About Research ↗Call SheetsCredibility IndexMissed PromisesScreens13F BooksData & InstitutionalPrivacyTermsSubscribe
This is a free preview. The full write-up and promise ledger are published to subscribers on Substack.
Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

Follow what management promises next

Get free previews of our earnings-call research: the key changes, management scores, and questions worth investigating. Subscribe for full call sheets and deeper analysis.

Subscriptions are managed by Substack. If the form does not load, subscribe directly. Or follow the RSS feed.