Bristol-Myers Squibb Company

10/29/2026 | Press release | Distributed by Public on 10/29/2026 09:17

Quarterly Report for Quarter Ending September 30, 2026 (Form 10-Q)

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Management's discussion and analysis of financial condition and results of operations is provided as a supplement to and should be read in conjunction with the consolidated financial statements and related footnotes included elsewhere in this Quarterly Report on Form 10-Q to enhance the understanding of our results of operations, financial condition and cash flows. Certain amounts in this Quarterly Report on Form 10-Q may not sum due to rounding. Percentages have been calculated using unrounded amounts.
EXECUTIVE SUMMARY
Our principal strategy is to combine the resources, scale and capability of a large pharmaceutical company with the speed, agility and focus on innovation typically found in the biotech industry. Our focus as a biopharmaceutical company is on discovering, developing and delivering transformational medicines for patients facing serious diseases in areas where we believe that we have an opportunity to make a meaningful difference: oncology, hematology, immunology, cardiovascular, neuroscience and other areas where we can also create long-term value. Our priorities are to focus on transformational medicines where we have a competitive advantage, drive operational excellence and strategically allocate capital for long-term growth and shareholder returns. Our R&D strategy is designed to invest in the most promising science and to consistently execute in a way that translates that science into new medicines with the highest probability of success. To execute this strategy, we focus on three key priorities: science, execution, and value. Additionally, we are driving commercial execution in our key first-in-class and/or best-in-class marketed products, where we continue to expand and see potential for further expansion into the future. For further information on our strategy, see "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations-Executive Summary-Strategy" in our 2025 Form 10-K. Refer to the Summary of Abbreviated Terms at the end of this Quarterly Report on Form 10-Q for terms used throughout the document.
In 2026, we have achieved multiple regulatory approvals across our portfolio, including: (i) approval of our first CELMoD, Zenbexus (iberdomide), in combination with daratumumab and hyaluronidase-fihj and dexamethasone for the treatment of adult patients with MM who have received at least one prior line of therapy including a proteasome inhibitor and an immunomodulatory agent in the U.S.; (ii) approval of Camzyos for pediatric patients with symptomatic oHCM in the U.S.; (iii) approval of Sotyktu for the treatment of adults with active PsA in the U.S. and EU; and (iv) approval of Opdivo for cHL in the U.S. and EU. We have also made meaningful progress advancing our pipeline, highlighted by: (i) topline Phase III results from the ALOFT-IPF study of admilparant in adults with IPF, which met its primary endpoint at the 60 mg dose; (ii) positive topline interim Phase III results from the ACTION-1 study of RYZ101 in patients with SSTR+ GEP-NETs who have progressed following Lu177-based therapy; (iii) FDA acceptance of our NDA for mezigdomide in RRMM with a PDUFA date of May 13, 2027; (iv) positive interim Phase II results from the ROSETTA Lung-02 study of pumitamig in patients with previously untreated advanced NSCLC; (v) positive topline Phase II results from the registrational QUINTESSENTIAL study of arlo-cel in adult patients with quadruple-class exposed RRMM; and (vi) positive interim results from two Phase III studies conducted in China for iza-bren in heavily pretreated, unresectable locally advanced or metastatic TNBC and recurrent or metastatic ESCC.
We continue to view business development as an important component of our strategy, focusing on opportunities where we can add strategic value and deliver returns. In May 2026, we entered into global license agreements with Hengrui to develop and commercialize 13 early stage assets in oncology, hematology and immunology. For additional information relating to this arrangement, refer to "Item 1. Financial Statements - Note 4. Acquisitions, Divestitures, Licensing and Other Arrangements". Additionally, in August 2026, we announced plans to build a new, state-of-the-art multi-modal manufacturing campus in Houston, Texas, and a new, radiopharmaceutical manufacturing facility in Whitestown, Indiana, reflecting our continuing efforts to invest in research and development, technology and domestic production within the U.S.
We remain committed to the strategic allocation of resources and investing in areas that maximize value and drive sustainable growth. As previously announced, our ongoing strategic productivity initiative includes acceleration of the delivery of medicines to patients by evolving and streamlining our enterprise operating model in key areas such as R&D, manufacturing, commercial and other functions. As a result of an expansion in 2025, we expect to realize annual cost savings of approximately $2.0 billion by the end of 2027. The exit costs resulting from these actions are included in our updated 2023 Restructuring Plan.
Financial Highlights
Three Months Ended September 30, Nine Months Ended September 30,
Dollars in millions, except per share data 2026 2025 2026 2025
Total Revenues $ 13,069 $ 12,222 $ 37,532 $ 35,692
Diluted earnings/(loss) per share
GAAP $ 1.05 $ 1.08 $ 3.98 $ 2.93
Non-GAAP 1.35 1.63 4.97 4.89
Revenues increased 7% during the third quarter of 2026 and 5% year-to-date, primarily reflecting higher demand and higher average net selling prices across the Growth Portfolio and for Eliquis, which was partially offset by the impact of generics across the remainder of the Legacy Portfolio.
The $0.03 decrease in GAAP EPS for the third quarter of 2026 was primarily due to higher one-time Acquired IPRD charges in 2026 and the expiry of royalty income on diabetes products at the end of 2025, partially offset by lower amortization of acquired intangible assets and higher revenues in 2026. After adjusting for specified items, the $0.28 decrease in non-GAAP EPS was primarily due to the aforementioned higher Acquired IPRD charges and the expiry of royalty income on diabetes products, partially offset by higher revenues.
The $1.05 increase in GAAP EPS year-to-date was primarily due to lower amortization of acquired intangible assets, lower one-time Acquired IPRD charges and higher revenues in 2026, partially offset by the expiry of royalty income on diabetes products at the end of 2025. After adjusting for specified items, the $0.08 increase in non-GAAP EPS was primarily due to the aforementioned lower Acquired IPRD charges and higher revenues, partially offset by the expiry of royalty income on diabetes products.
Our non-GAAP financial measures, including non-GAAP earnings and related EPS information, are adjusted to exclude specified items that represent certain costs, expenses, gains and losses and other items impacting the comparability of financial results. For further information and reconciliations relating to our non-GAAP financial measures refer to "-Non-GAAP Financial Measures."
Economic and Market Factors
Governmental Actions
Ongoing regulatory focus on prescription drugs has increased pressures across our portfolio. These pressures have resulted in lower prices, lower reimbursement rates and smaller populations for whom payers will reimburse, which have negatively impacted, and may continue to negatively impact our results of operations (including intangible asset impairment charges), operating cash flow, liquidity and financial flexibility. Under the IRA, the HHS announced the "maximum fair price" for a 30-day equivalent supply of Eliquis, which applies to the U.S. Medicare channel effective January 1, 2026 and the "maximum fair price" for a 30-day supply of Pomalyst, which applies to the U.S. Medicare channel effective January 1, 2027. Additionally, in January 2026, the HHS selected Orencia as a medicine subject to "negotiation" for government-set prices beginning in 2028. It is possible that more of our products could be selected in future years based upon the selection criteria currently utilized by the HHS or potentially expanded future criteria, or that the "maximum fair price" for our previously selected products could be renegotiated, each of which could, among other things, accelerate revenue erosion prior to expiry of intellectual property protections. We continue to evaluate the impact of the IRA on our results of operations, and it is possible that these changes may result in a material impact on our business and results of operations.
In December 2025, we announced the U.S. Government Agreement pursuant to which BMS will receive certain U.S. tariff relief until January 2029, including for recently imposed tariffs relating to patented pharmaceuticals and associated pharmaceutical ingredients pursuant to the Presidential Proclamation dated April 2, 2026, and will not be subject to future pricing mandates in the U.S. while the agreement remains in effect. However, such exemptions may be terminated or may not be extended. In addition, we remain subject to any current or future pricing mandates implemented outside of the U.S. It is possible that such regulations may result in a material impact on our business and results of operations.
See risk factors on governmental action items included under "Part I-Item 1A. Risk Factors-Product, Industry and Operational Risks-Increased pricing pressure and other restrictions in the U.S. and abroad continue to negatively affect our revenues and profit margins", "-We could lose market exclusivity of a product earlier than expected", "-We could experience difficulties, delays and disruptions in our supply chain as well as in the manufacturing, distribution and sale of our products", "-Changes to tax regulations could negatively impact our earnings" and "-Adverse changes in U.S. and global economic and political conditions could adversely affect our operations and profitability" in our 2025 Form 10-K.
Significant Product and Pipeline Approvals
The following is a summary of the significant approvals received in 2026 as of October 29, 2026:
Product Date Approval
Camzyos September 2026
The FDA expanded approval of Camzyos for the treatment of symptomatic oHCM to improve functional capacity and symptoms in adults and pediatric patients weighing 30 kg (66 lbs) or more.
Zenbexus (iberdomide) August 2026
FDA approval of Zenbexus (iberdomide) in combination with daratumumab and hyaluronidase-fihj and dexamethasone (ZDd) for the treatment of adult patients with MM who have received at least one prior line of therapy including a proteasome inhibitor and an immunomodulatory agent.
Opdivo June 2026
EC approval of Opdivo in combination with AVD, for the treatment of adult and adolescent patients 12 years and older with previously untreated, Stage III or IV cHL.
Sotyktu May 2026
EC approval of Sotyktu, alone or in combination with methotrexate, for the treatment of active PsA in adults who have had an inadequate response or who have been intolerant to a prior disease-modifying antirheumatic (DMARD) therapy.
Japan's Ministry of Health, Labour and Welfare approval of Sotyktu for the treatment of PsA in patients with an inadequate response to existing therapies.
Breyanzi April 2026
Japan's Ministry of Health, Labour and Welfare approval of Breyanzi for the treatment of both relapsed or refractory MCL and relapsed or refractory MZL.
Opdivo March 2026
FDA approval of Opdivo in combination with AVD, for the treatment of adult and pediatric patients 12 years and older with previously untreated, Stage III or IV cHL.
EC approval of Opdivo in combination with brentuximab vedotin, for the treatment of children 5 years of age and older, adolescents, and adults up to 30 years of age with relapsed or refractory cHL after one prior line of therapy.
Sotyktu March 2026
FDA approval of Sotyktu for the treatment of adults with active PsA.
Refer to "-Product and Pipeline Developments" for a listing of other developments in our marketed products and late-stage pipeline since the start of the third quarter of 2026.
Acquisitions, Divestitures, Licensing and Other Arrangements
Refer to "Item 1. Financial Statements-Note 3. Alliances" and "-Note 4. Acquisitions, Divestitures, Licensing and Other Arrangements" for information on significant acquisitions, divestitures, licensing and other arrangements.
RESULTS OF OPERATIONS
Regional Revenues
The composition of the changes in revenues was as follows:
Three Months Ended September 30, Nine Months Ended September 30,
Dollars in millions 2026 2025 % Change
Foreign Exchange(b)
2026 2025 % Change
Foreign Exchange(b)
United States $ 9,074 $ 8,329 9 % - % $ 25,853 $ 24,721 5 % - %
International
3,592 3,602 - % (1) % 10,700 10,193 5 % 2 %
Other(a)
403 290 39 % (3) % 978 778 26 % (4) %
Total revenues $ 13,069 $ 12,222 7 % - % $ 37,532 $ 35,692 5 % 1 %
(a) Includes royalties and alliance-related revenues for products not sold by our regional commercial organizations, including royalties received from Merck on Winrevair*.
(b) Foreign exchange impacts were derived by applying the prior period average currency rates to the current period revenues.
United States
•U.S. revenues increased 9% during the third quarter of 2026 and 5% year-to-date, reflecting higher demand and higher average net selling prices across the Growth Portfolio and for Eliquis, partially offset by the impact of generic erosion within the remainder of the Legacy Portfolio. Average U.S. net selling prices increased 7% year-to-date compared to the corresponding period a year ago, primarily driven by lower rebates as a result of the Eliquis list price reduction in 2026.
International
•International revenues were relatively flat during the third quarter of 2026 and increased 5% year-to-date, primarily due to higher demand across the Growth Portfolio, offset by generic erosion within the Legacy Portfolio. Excluding the impacts of foreign exchange, international revenues increased 1% during the third quarter of 2026 and 3% year-to-date.
No single country outside the U.S. contributed more than 10% of total revenues during the nine months ended September 30, 2026 and 2025. Our business is typically not seasonal; however, in the first quarter we typically see an unwinding of sales channel inventory build-up from the fourth quarter of the prior year.
GTN Adjustments
The reconciliation of gross product sales to net product sales by each significant category of GTN adjustments was as follows:
Three Months Ended September 30, Nine Months Ended September 30,
Dollars in millions 2026 2025 % Change 2026 2025 % Change
Gross product sales $ 17,965 $ 22,494 (20) % $ 53,070 $ 64,548 (18) %
GTN adjustments
Charge-backs and cash discounts (2,268) (3,475) (35) % (7,108) (9,840) (28) %
Medicaid and Medicare rebates (1,649) (4,887) (66) % (5,283) (13,244) (60) %
Other rebates, returns, discounts and adjustments (1,441) (2,281) (37) % (4,317) (6,819) (37) %
Total GTN adjustments (5,358) (10,644) (50) % (16,708) (29,903) (44) %
Net product sales $ 12,606 $ 11,850 6 % $ 36,362 $ 34,645 5 %
GTN adjustments percentage 30 % 47 % (17) % 31 % 46 % (15) %
U.S. 32 % 54 % (22) % 35 % 53 % (18) %
International 22 % 18 % 4 % 21 % 19 % 2 %
Reductions/(increases) to provisions for product sales made in prior periods resulting from changes in estimates were $125 million and $192 million for the three and nine months ended September 30, 2026 and $87 million and $418 million for the three and nine months ended September 30, 2025, respectively. The changes in gross product sales and GTN adjustments were primarily due to a list price reduction for Eliquis in the U.S. in 2026.
GTN adjustments are primarily a function of product sales volume, regional and payer channel mix, contractual or legislative discounts and rebates.
Product Revenues
Three Months Ended September 30, Nine Months Ended September 30,
Dollars in millions 2026 2025 % Change 2026 2025 % Change
Growth Portfolio
Opdivo $ 2,374 $ 2,532 (6) % $ 7,005 $ 7,356 (5) %
U.S. 1,345 1,454 (8) % 3,920 4,293 (9) %
International & Other
1,029 1,077 (4) % 3,085 3,063 1 %
Opdivo Qvantig
334 67 >200% 758 105 >200%
U.S. 250 60 >200% 587 97 >200%
International & Other
84 7 >200% 171 8 >200%
Orencia 983 964 2 % 2,835 2,697 5 %
U.S. 754 721 5 % 2,145 1,987 8 %
International & Other
230 243 (6) % 691 710 (3) %
Yervoy 793 739 7 % 2,213 2,090 6 %
U.S. 482 455 6 % 1,330 1,300 2 %
International & Other
311 284 10 % 883 790 12 %
Reblozyl 750 615 22 % 2,040 1,661 23 %
U.S. 610 494 23 % 1,642 1,336 23 %
International & Other
140 121 16 % 398 324 23 %
Breyanzi 526 359 46 % 1,422 966 47 %
U.S. 359 251 43 % 1,005 709 42 %
International & Other
167 109 53 % 417 257 62 %
Opdualag 367 299 23 % 1,011 835 21 %
U.S. 305 259 18 % 845 739 14 %
International & Other
62 40 57 % 166 96 72 %
Camzyos 420 296 42 % 1,149 714 61 %
U.S. 299 238 26 % 838 578 45 %
International & Other
121 57 111 % 311 137 127 %
Zeposia 168 161 5 % 455 418 9 %
U.S. 115 113 2 % 300 278 8 %
International & Other
53 48 11 % 155 139 11 %
Sotyktu 100 80 26 % 256 206 24 %
U.S. 63 51 25 % 150 126 19 %
International & Other
37 29 27 % 106 80 32 %
Krazati 58 53 10 % 163 149 9 %
U.S. 54 48 11 % 147 139 6 %
International & Other
5 5 (1) % 16 10 61 %
Cobenfy
57 43 33 % 176 105 68 %
U.S. 55 43 29 % 171 104 64 %
International & Other
2 - >200% 4 - >200%
Other Growth Products(a)
731 651 12 % 1,965 1,714 15 %
U.S. 261 246 6 % 717 727 (1) %
International & Other
470 405 16 % 1,248 987 26 %
Total Growth Portfolio $ 7,662 $ 6,857 12 % $ 21,448 $ 19,016 13 %
U.S. 4,951 4,432 12 % 13,797 12,413 11 %
International & Other
2,711 2,425 12 % 7,651 6,603 16 %
Three Months Ended September 30, Nine Months Ended September 30,
Dollars in millions 2026 2025 % Change 2026 2025 % Change
Legacy Portfolio
Eliquis $ 4,690 $ 3,746 25 % $ 13,307 $ 10,991 21 %
U.S. 3,653 2,631 39 % 10,087 7,930 27 %
International & Other
1,037 1,115 (7) % 3,220 3,060 5 %
Revlimid 303 575 (47) % 1,076 2,349 (54) %
U.S. 239 485 (51) % 870 2,027 (57) %
International & Other
63 89 (29) % 206 322 (36) %
Pomalyst/Imnovid 130 675 (81) % 847 2,041 (59) %
U.S. 72 596 (88) % 642 1,717 (63) %
International & Other
58 79 (27) % 205 324 (37) %
Sprycel 73 119 (38) % 233 413 (44) %
U.S. 43 69 (38) % 132 263 (50) %
International & Other
30 49 (39) % 102 150 (32) %
Abraxane 65 74 (13) % 170 284 (40) %
U.S. 9 24 (61) % 33 97 (65) %
International & Other
56 50 10 % 136 187 (27) %
Other Legacy Products(b)
154 177 (13) % 481 599 (20) %
U.S. 106 92 15 % 292 274 7 %
International & Other
49 85 (43) % 188 324 (42) %
Total Legacy Portfolio
$ 5,415 $ 5,365 1 % $ 16,114 $ 16,676 (3) %
U.S. 4,123 3,897 6 % 12,056 12,308 (2) %
International & Other
1,292 1,468 (12) % 4,058 4,368 (7) %
Other revenue(c)
$ (7) $ - N/A $ (31) $ - N/A
International & Other
(7) - N/A $ (31) $ - N/A
Total Revenues
$ 13,069 $ 12,222 7 % $ 37,532 $ 35,692 5 %
U.S. 9,074 8,329 9 % 25,853 24,721 5 %
International & Other
3,995 3,893 3 % 11,678 10,971 6 %
(a) Includes Abecma, Augtyro, Empliciti, Inrebic, Nulojix, Onureg, Zenbexus and royalty revenues, including royalties received from Merck on Winrevair*.
(b) Includes other mature brands.
(c) Includes revenue hedging activities in 2026.
Growth Portfolio
•Opdivo revenues decreased 6% during the third quarter of 2026 and 5% year-to-date, primarily due to lower demand in the U.S., reflecting greater utilization of Opdivo Qvantig. Additionally, the year-to-date decrease reflects changes in sales channel inventory and timing of customer orders in the U.S., partially offset by foreign exchange impacts of 1%. Excluding foreign exchange impacts, revenues decreased 6% in both periods.
•Opdivo Qvantig revenues increased more than 200% during the third quarter of 2026 and year-to-date, primarily due to higher demand as a result of the product's launch in 2025.
•Orencia revenues increased 2% during the third quarter of 2026 and 5% year-to-date, primarily due to higher demand in the United States. Formulation and additional patents expire in 2026 and beyond. In April 2026, BMS entered into agreements with Dr. Reddy's Laboratories that allow for (i) an Orencia biosimilar for intravenous administration to be marketed in the U.S. upon approval and (ii) an Orencia biosimilar for subcutaneous administration to be marketed in the U.S. as early as February 2028. BMS is not aware of an Orencia biosimilar currently on the market in the U.S., EU or Japan.
•Yervoy revenues increased 7% during the third quarter of 2026 and 6% year-to-date, primarily due to higher demand. The year-to-date increase also reflects foreign exchange impacts of 1%. Excluding foreign exchange impacts, revenues increased 8% and 5%, respectively. BMS is not aware of a Yervoy biosimilar on the market in the U.S., EU or Japan.
•Reblozyl revenues increased 22% during the third quarter of 2026 and 23% year-to-date, primarily due to higher demand.
•Breyanzi revenues increased 46% during the third quarter of 2026 and 47% year-to-date, primarily due to higher demand. The third quarter increase was partially offset by foreign exchange impacts of 1%. Excluding foreign exchange impacts, revenues increased 48% and 47%, respectively.
•Opdualag revenues increased 23% during the third quarter of 2026 and 21% year-to-date, primarily due to higher demand. The year-to-date increase also reflects foreign exchange impacts of 1%. Excluding foreign exchange impacts, revenues increased 23% and 20%, respectively.
•Camzyos revenues increased 42% during the third quarter of 2026 and 61% year-to-date, primarily due to higher demand. The year-to-date increase also reflects foreign exchange impacts of 1%. Excluding foreign exchange impacts, revenues increased 42% and 60%, respectively.
•Zeposia revenues increased 5% during the third quarter of 2026 and 9% year-to-date, primarily due to higher average net selling prices and foreign exchange impacts of (1)% and 1%, respectively. Excluding foreign exchange impacts, revenues increased 5% and 8%, respectively.
•Sotyktu revenues increased 26% during the third quarter of 2026 and 24% year-to-date, primarily due to higher average net selling prices. The year-to-date increase also reflects foreign exchange impacts of 1%. Excluding foreign exchange impacts, revenues increased 25% and 23%, respectively.
•Krazati revenues increased 10% during the third quarter of 2026 and 9% year-to-date, primarily due to higher demand.
•Cobenfy revenues increased 33% during the third quarter of 2026 and 68% year-to-date, primarily due to higher demand in the U.S.
Legacy Portfolio
•Eliquis revenues increased 25% during the third quarter of 2026 and 21% year-to-date, primarily due to higher average net selling prices in the U.S. and higher demand. In 2026, the Company reduced the list price for Eliquis in the U.S., which resulted in higher realized average net selling prices due to lower rebates. The year-to-date increase also reflects foreign exchange impacts of 1%. Excluding foreign exchange impacts, revenues increased 26% and 20%, respectively. Following the May 2021 expiration of regulatory exclusivity for Eliquis in Europe, generic manufacturers have sought to challenge our Eliquis patents and related SPCs and have begun marketing generic versions of Eliquis in certain countries prior to the expiry of our patents and related SPCs, which has led to the filing of infringement and invalidity actions involving our Eliquis patents and related SPCs in various countries in Europe. In the EU, the apixaban composition of matter patents and related SPCs expire in November 2026. Additionally, in October 2026, BMS and Pfizer initiated a patent infringement action against an applicant seeking approval to market apixaban products in the U.S. We believe in the innovative science behind Eliquis and the strength of our intellectual property, which we will defend against infringement. Refer to "Item 1. Financial Statements-Note 18. Legal Proceedings and Contingencies-Intellectual Property" for further information.
•Revlimid revenues decreased 47% during the third quarter of 2026 and 54% year-to-date, primarily due to lower demand in the U.S. as a result of generic erosion. In the U.S., certain third parties have been granted volume-limited licenses to sell generic lenalidomide. Pursuant to these licenses, several generics have entered or are expected to enter the U.S. market with volume-limited quantities of generic lenalidomide. As of January 31, 2026, these licenses are no longer volume-limited. In the EU and Japan, generic lenalidomide products have entered the market.
•Pomalyst/Imnovid revenues decreased 81% during the third quarter of 2026 and 59% year-to-date, primarily due to lower demand in the U.S. as a result of generic erosion. Excluding foreign exchange impacts, revenues decreased 80% and 58%, respectively. In the U.S. (March 2026) and EU, generics have entered the market.
•Sprycel revenues decreased 38% during the third quarter of 2026 and 44% year-to-date, primarily due to lower demand as a result of generic erosion. The third quarter decrease also reflects foreign exchange impacts of (1)%. Excluding foreign exchange impacts, revenues decreased 38% and 43%, respectively.
•Abraxane revenues decreased 13% during the third quarter of 2026 and 40% year-to-date, primarily due to lower demand as a result of generic erosion. Excluding foreign exchange impacts, revenues decreased 12% and 40%, respectively.
Estimated End-User Demand
Pursuant to the SEC Consent Order described under "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations- SEC Consent Order" in our 2025 Form 10-K, we monitor inventory levels on hand in the U.S. wholesaler distribution channel and outside of the U.S. in the direct customer distribution channel. We disclose products with levels of inventory in excess of one month on hand or expected demand, subject to certain limited exceptions. There were none as of September 30, 2026, for our U.S. distribution channels, and as of June 30, 2026, for our non-U.S. distribution channels.
In the U.S., we generally determine our months on hand estimates using inventory levels of product on hand and the amount of out-movement provided by our three largest wholesalers, which accounted for approximately 90% of total gross sales of U.S. products during the nine months ended September 30, 2026. Factors that may influence our estimates include generic erosion, seasonality of products, wholesaler purchases in light of increases in wholesaler list prices, new product launches, new warehouse openings by wholesalers and new customer stockings by wholesalers. In addition, these estimates are calculated using third-party data, which may be impacted by their recordkeeping processes.
Camzyos is only available through a restricted program called the Camzyos REMS Program. Product distribution is limited to REMS certified pharmacies, and enrolled pharmacies must only dispense to patients who are authorized to receive Camzyos. Revlimid and Pomalyst are distributed in the U.S. primarily through contracted pharmacies under the Lenalidomide REMS (Revlimid) and Pomalyst REMS programs, respectively. These are proprietary risk-management distribution programs tailored specifically to provide for the safe and appropriate distribution and use of Revlimid and Pomalyst. Internationally, Revlimid and Imnovid are distributed under mandatory risk-management distribution programs tailored to meet local authorities' specifications to provide for the products' safe and appropriate distribution and use. These programs may vary by country and, depending upon the country and the design of the risk-management program, the product may be sold through hospitals or retail pharmacies.
Our non-U.S. businesses have significantly more direct customers. Information on available direct customer product level inventory and corresponding out-movement information and the reliability of third-party demand information varies widely. We limit our direct customer sales channel inventory reporting to where we can influence demand. When this information does not exist or is otherwise not available, we have developed a variety of methodologies to estimate such data, including using historical sales made to direct customers and third-party market research data related to prescription trends and end-user demand. Given the difficulties inherent in estimating third-party demand information, we evaluate our methodologies to estimate direct customer product level inventory and to calculate months on hand on an ongoing basis and make changes as necessary. Factors that may affect our estimates include generic competition, seasonality of products, price increases, new product launches, new warehouse openings by direct customers, new customer stockings by direct customers and expected direct customer purchases for governmental bidding situations. As such, all of the information required to estimate months on hand in the direct customer distribution channel for non-U.S. business during the nine months ended September 30, 2026 is not available prior to the filing of this Quarterly Report on Form 10-Q. We will disclose any product with levels of inventory in excess of one month on hand or expected demand for the current quarter, subject to certain limited exceptions, in our next annual report on Form 10-K.
Expenses
Three Months Ended September 30, Nine Months Ended September 30,
Dollars in millions 2026 2025 % Change 2026 2025 % Change
Cost of products sold(a)
$ 4,146 $ 3,435 21 % $ 11,292 $ 9,839 15 %
Selling, general and administrative
1,699 1,789 (5) % 5,142 5,086 1 %
Research and development 2,365 2,528 (6) % 7,973 7,365 8 %
Acquired IPRD 1,558 633 146 % 1,651 2,328 (29) %
Amortization of acquired intangible assets 458 831 (45) % 1,332 2,491 (47) %
Other (income)/expense, net 307 (108) NM 279 725 (62) %
Total Expenses $ 10,533 $ 9,108 16 % $ 27,670 $ 27,834 (1) %
NM Calculation is not meaningful.
(a) Excludes amortization of acquired intangible assets.
Cost of Products Sold
Cost of products sold increased by $711 million in the third quarter of 2026 and $1.5 billion year-to-date, primarily due to alliance profit sharing for Eliquis and, to a lesser extent, a one-time $140 million charge related to a contract termination in 2026.
Selling, General and Administrative
Selling, general and administrative expense decreased by $90 million in the third quarter of 2026 and increased $56 million year-to-date.
Research and Development
Research and development expense decreased by $163 million in the third quarter of 2026 and increased by $608 million year-to-date. The year-to-date increase was primarily due to higher IPRD impairment charges and the purchase of a priority review voucher, partially offset by cost savings from the Company's ongoing strategic productivity initiative in 2026.
Acquired IPRD
Acquired IPRD charges resulting from upfront or contingent milestone payments in connection with asset acquisitions or licensing of third-party intellectual property rights were as follows:
Three Months Ended September 30, Nine Months Ended September 30,
Dollars in millions 2026 2025 2026 2025
BioNTech upfront fee and anniversary payment $ 500 $ - $ 500 $ 1,500
Hengrui upfront fee and anniversary payment 775 - 775 -
Philochem upfront fee - 350 - 350
SystImmune milestones 250 250 250 250
BioArctic upfront fee
- - - 100
Evotec designation and opt-in license fees - 25 10 108
Other 33 8 116 20
Acquired IPRD $ 1,558 $ 633 $ 1,651 $ 2,328
Amortization of Acquired Intangible Assets
Amortization of acquired intangible assets decreased by $373 million in the third quarter of 2026 and $1.2 billion year-to-date, primarily due to the lower amortization expense related to Pomalyst. The Pomalyst acquired marketed product right was fully amortized in the fourth quarter of 2025.
Other (Income)/Expense, Net
Other (income)/expense, net changed by $415 million in the third quarter of 2026 and $446 million year-to-date as discussed below.
Three Months Ended September 30, Nine Months Ended September 30,
Dollars in millions 2026 2025 2026 2025
Interest expense $ 403 $ 480 $ 1,220 $ 1,459
Royalty income - divestitures - (286) - (844)
Royalty and licensing income
(200) (276) (580) (697)
Investment income (118) (161) (323) (438)
Provision for restructuring 187 75 247 432
Litigation and other settlements 3 165 11 424
Contingent consideration
- - - 336
Equity investment (gains)/losses, net 26 (190) (222) (90)
Integration expenses
10 36 46 110
Divestiture (gains)/losses, net - 8 (162) 1
Other (4) 40 41 33
Other (income)/expense, net
$ 307 $ (108) $ 279 $ 725
•As part of our diabetes termination agreement with AstraZeneca, we received royalty payments based on net sales, which terminated as of December 31, 2025.
•Litigation and other settlements includes amounts related to a securities litigation matter during the third quarter of 2025. Year-to-date 2025 also includes amounts related to a pricing, sales and promotional practices dispute.
•Contingent consideration year-to-date 2025 reflects the change in fair value of the contingent value rights associated with the Mirati acquisition. Refer to "Item 1. Financial Statements-Note 5. Other (Income)/Expense, Net" for more information.
•Refer to "Item 1. Financial Statements-Note 9. Financial Instruments and Fair Value Measurements" for more information on equity investment (gains)/losses, net.
•Divestiture (gains)/losses, net year-to-date 2026 includes a $109 million gain related to the sale of BMS's 60% ownership stake in Sino-American Shanghai Squibb Pharmaceuticals. Refer to "Item 1. Financial Statements-Note 4. Acquisitions, Divestitures, Licensing and Other Arrangements" for more information.
Income Taxes
Three Months Ended September 30, Nine Months Ended September 30,
Dollars in millions 2026 2025 2026 2025
Earnings/(Loss) before income taxes $ 2,536 $ 3,114 $ 9,862 $ 7,858
Income tax provision
374 919 1,705 1,888
Effective tax rate 14.8 % 29.5 % 17.3 % 24.0 %
Impact of specified items (0.6) % (7.2) % (0.9) % (6.1) %
Effective tax rate excluding specified items 14.1 % 22.3 % 16.4 % 17.9 %
Provision for income taxes in interim periods is determined based on the estimated annual effective tax rates and the tax impact of discrete items that are reflected immediately. The decreases in the effective tax rates for the third quarter of 2026 and year-to-date were primarily driven by jurisdictional earnings mix and the addition of $160 million of reserves recorded during the three months ended September 30, 2025. Excluding the impact of specified items, the decreases in the effective tax rates for the third quarter of 2026 and year-to-date were primarily driven by jurisdictional earnings mix.
Non-GAAP Financial Measures
Our non-GAAP financial measures, such as non-GAAP earnings and related EPS information, are adjusted to exclude certain costs, expenses, gains and losses and other specified items that are evaluated on an individual basis. These items are adjusted after considering their quantitative and qualitative aspects and typically have one or more of the following characteristics, such as being highly variable, difficult to project, unusual in nature, significant to the results of a particular period or not indicative of past or future operating results. These items are excluded from non-GAAP earnings and related EPS information because the Company believes they neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business performance. Similar charges or gains were recognized in prior periods and will likely reoccur in future periods, including (i) amortization of acquired intangible assets, including product rights that generate a significant portion of our ongoing revenue and will recur until the intangible assets are fully amortized, (ii) unwinding of inventory purchase price adjustments, (iii) integration expenses, (iv) restructuring costs, (v) accelerated depreciation and impairment of property, plant and equipment and intangible assets, (vi) costs of acquiring a priority review voucher, (vii) divestiture gains or losses, (viii) stock compensation resulting from acquisition-related equity awards, (ix) pension, legal and other contractual settlement charges, (x) equity investment and contingent value rights fair value adjustments (including fair value adjustments attributed to limited partnerships and other investments), and (xi) amortization of fair value adjustments of debt acquired from Celgene in our 2019 exchange offer, among other items. Deferred and current income taxes attributed to these items are also adjusted for considering their individual impact to the overall tax expense, deductibility and jurisdictional tax rates, as well as certain other significant tax items. We also provide worldwide and international revenues for our priority products excluding the impact of foreign exchange. We calculate foreign exchange impacts by converting our current-period local currency financial results using the prior period average currency rates and comparing these adjusted amounts to our current-period results. Reconciliations of these non-GAAP financial measures to the most comparable GAAP measures are included in Exhibit 99.1 to our Form 8-K filed on October 29, 2026 and are incorporated herein by reference.
Non-GAAP information is intended to portray the results of our baseline performance, supplement or enhance management's, analysts' and investors' overall understanding of our underlying financial performance and facilitate comparisons among current, past and future periods. This information is not intended to be considered in isolation or as a substitute for the related financial measures prepared in accordance with GAAP and may not be the same as or comparable to similarly titled measures presented by other companies due to possible differences in method and in the items being adjusted. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.
Specified items were as follows:
Three Months Ended September 30, Nine Months Ended September 30,
Dollars in millions 2026 2025 2026 2025
Inventory purchase price accounting adjustments $ 13 $ 13 $ 38 $ 38
Site exit and other costs - 110 3 114
Cost of products sold 13 122 41 152
Acquisition related charges - - - 19
Site exit and other costs - 1 1 6
Selling, general and administrative
- 1 1 25
IPRD impairments - 85 830 385
Priority review voucher - - 220 -
Site exit and other costs 1 10 6 49
Research and development 1 95 1,056 434
Amortization of acquired intangible assets 458 831 1,332 2,491
Interest expense
(9) (12) (27) (36)
Provision for restructuring 187 75 247 432
Litigation and other settlements - 179 - 425
Contingent consideration - - - 336
Equity investment (gains)/losses, net 26 (190) (222) (92)
Integration expenses 10 36 46 110
Divestiture (gains)/losses, net - 10 (160) 3
Other - - 3 13
Other (income)/expense, net 214 98 (113) 1,189
Increase to earnings/(loss) before income taxes
687 1,148 2,316 4,291
Income taxes on items above (81) (190) (296) (447)
Specified tax charge/(benefit)(a)
- 160 - 160
Income taxes (81) (31) (296) (287)
Increase to net earnings/(loss) attributable to BMS
$ 606 $ 1,117 $ 2,020 $ 4,004
(a) Includes changes to tax reserves during 2025 related to certain matters under IRS audit.
The reconciliations from GAAP to Non-GAAP were as follows:
Three Months Ended September 30, Nine Months Ended September 30,
Dollars in millions, except per share data 2026 2025 2026 2025
Net earnings/(loss) attributable to BMS
GAAP $ 2,162 $ 2,201 $ 8,156 $ 5,967
Specified items 606 1,117 2,020 4,004
Non-GAAP $ 2,767 $ 3,318 $ 10,176 $ 9,971
Weighted-average common shares outstanding - diluted 2,053 2,039 2,049 2,039
Diluted earnings/(loss) per share attributable to BMS
GAAP $ 1.05 $ 1.08 $ 3.98 $ 2.93
Specified items 0.30 0.55 0.99 1.96
Non-GAAP $ 1.35 $ 1.63 $ 4.97 $ 4.89
FINANCIAL POSITION, LIQUIDITY AND CAPITAL RESOURCES
Our net debt position was as follows:
Dollars in millions September 30,
2026 		December 31,
2025
Cash and cash equivalents $ 9,574 $ 10,209
Marketable debt securities - current 3,007 464
Marketable debt securities - non-current 378 396
Total cash, cash equivalents and marketable debt securities 12,959 11,069
Short-term debt obligations (1,028) (2,261)
Long-term debt (41,849) (42,850)
Net debt position $ (29,918) $ (34,043)
We believe that our existing cash, cash equivalents and marketable debt securities together with our ability to generate cash from operations and our access to short-term and long-term borrowings are sufficient to satisfy our existing and anticipated cash needs for at least the next few years, including dividends, capital expenditures, milestone payments, working capital, income taxes, restructuring initiatives, business development, business combinations, asset acquisitions, repurchase of common stock, debt maturities, as well as any debt repurchases through redemptions or tender offers. During the nine months ended September 30, 2026, our net debt position decreased by $4.1 billion primarily driven by cash provided by operations of $8.7 billion, partially offset by dividend payments of $3.9 billion.
During the nine months ended September 30, 2026, $1.7 billion of debt matured and was repaid, including the $1.2 billion 3.20% Notes and $500 million of floating rate notes.
During the nine months ended September 30, 2025, the $229 million 3.875% Notes and €575 million 1.000% Euro Notes matured and were repaid.
Under our commercial paper program, we may issue a maximum of $5.0 billion of unsecured notes with maturities of not more than 365 days from the date of issuance.
As of September 30, 2026 and December 31, 2025, we had a five-year $5.0 billion revolving credit facility, which is extendable annually by one year with the consent of the lenders. In January 2026, we extended the termination date of the credit facility from January 2030 to January 2031. The facility provides for customary terms and conditions with no financial covenants and is used to provide backup liquidity for the Company's commercial paper borrowings. No borrowings were outstanding under the revolving credit facility as of September 30, 2026 and December 31, 2025.
Dividend payments were $3.9 billion during the nine months ended September 30, 2026. The decision to authorize dividends is made on a quarterly basis by our Board of Directors.
Cash Flows
The following is a discussion of cash flow activities:
Nine Months Ended September 30,
Dollars in millions 2026 2025
Cash flow provided by/(used in):
Operating activities $ 8,678 $ 12,182
Investing activities (3,849) (2,674)
Financing activities (5,412) (4,319)
Operating Activities
The $3.5 billion decrease in cash provided by operating activities compared to 2025 was primarily driven by lower net customer receipts, partially offset by lower interest payments and lower payments made in the ordinary course of business. The decrease in net customer receipts primarily reflected lower cash collections due to generic erosion across much of the Legacy Portfolio and the Eliquis list price reduction, partially offset by the corresponding reduction in GTN payments.
Investing Activities
Cash used in investing activities during 2026 was primarily driven by net purchases of marketable debt securities of $2.5 billion, a $600 million upfront payment made pursuant to the Hengrui license agreements and a $500 million anniversary payment made pursuant to the BioNTech collaboration.
Financing Activities
Cash used in financing activities during 2026 was primarily driven by dividend payments of $3.9 billion and the repayment of $1.7 billion of long-term debt.
Product and Pipeline Developments
Our R&D programs are managed on a portfolio basis from early discovery through late-stage development and include a balance of early-stage and late-stage programs to support future growth. Our late-stage R&D programs in Phase III development include both investigational compounds for initial indications and additional indications or formulations for marketed products. The following are the developments in our marketed products and our late-stage pipeline since the start of the third quarter of 2026 as of October 29, 2026:
Product Indication Date Developments
admilparant IPF October 2026 Announced topline results from the pivotal Phase III ALOFT-IPF trial evaluating the efficacy, safety and tolerability of admilparant, a potential first-in-class, orally administered, potent and selective lysophosphatidic acid receptor 1 (LPA1) antagonist, in adults with IPF. The trial met its primary endpoint at the 60 mg dose, with admilparant demonstrating a statistically significant improvement compared to placebo in absolute change in forced vital capacity (FVC) from baseline at Week 52. At the 120 mg dose, admilparant slowed the decline of FVC but was not statistically significant. Admilparant demonstrated a well-tolerated safety profile across both doses in the ALOFT-IPF trial. In both admilparant arms of the trial, discontinuations due to adverse events were low and similar to placebo.
arlo-cel RRMM September 2026 Announced positive Phase II results from the registrational QUINTESSENTIAL trial of arlocabtagene autoleucel (arlo-cel BMS-986393) in adult patients with quadruple-class exposed RRMM. Results show the study met its primary endpoint with arlo-cel demonstrating a statistically significant and clinically meaningful overall response rate (ORR) in patients with quadruple-class exposed RRMM who had received four or more prior lines of therapy. The study also met the key secondary endpoint of complete response rate (CRR) in patients with RRMM who had been quadruple-class exposed after four or more prior lines of therapy, and the key secondary endpoints of ORR and CRR after three or more prior lines of therapy.
Camzyos oHCM September 2026
The FDA expanded approval of Camzyos for the treatment of symptomatic oHCM to improve functional capacity and symptoms in adults and pediatric patients weighing 30 kg (66 lbs) or more. This FDA approval is based on positive results from the Phase III SCOUT-HCM trial.
August 2026
Announced new five-year results from EXPLORER-LTE long-term extension trial of Camzyos for the treatment of adult patients with oHCM, in which the safety profile of Camzyos remained consistent through five years and with no new safety signals identified. A substantial portion of patients experienced sustained and clinically meaningful reduction of left ventricular outflow tract obstruction, improved by at least one NYHA class and experienced notable improvements in echocardiographic measures and biomarkers. No new safety signals were observed that were not observed in the primary EXPLORER-HCM study.
Product Indication Date Developments
izalontamab brengitecan (iza-bren) Breast Cancer October 2026 Announced, with SystImmune, that SystImmune's parent company Sichuan Biokin Pharmaceutical, Ltd. (Biokin) reported positive results from a prespecified interim analysis of the randomized Phase III PANKU-Breast01 study, evaluating iza-bren, an investigational, potentially first-in-class, dual-targeting EGFRxHER3 bispecific antibody-drug conjugate (ADC), versus chemotherapy in patients with unresectable locally advanced, recurrent or metastatic hormone receptor-positive (HR+)/HER2-negative (HER2-) breast cancer who have failed at least one prior line of chemotherapy. With a median follow-up for PFS of 15.2 months, results showed iza-bren reduced the risk of disease progression or death, the study's primary endpoint, by 59%, with median PFS vs. chemotherapy of 8.2 months vs. 4.0 months as assessed by Blinded Independent Central Review (BICR). Overall survival, a key secondary endpoint of the study, was immature at the time of interim analysis. The safety profile for iza-bren was manageable and no new safety signals were identified.
NSCLC October 2026 Announced, with SystImmune, that SystImmune's parent company Biokin reported positive results from a prespecified interim analysis in the randomized, multicenter Phase III PANKU-Lung01 study evaluating iza-bren, an investigational, first-in-class, dual-targeting EGFRxHER3 bispecific antibody-drug conjugate (ADC), versus platinum-based chemotherapy (PBC) in patients with EGFR-mutated non-squamous NSCLC who were previously treated with an EGFR tyrosine kinase inhibitor (TKI). Median follow-up for PFS was 14.6 months. Results showed iza-bren significantly improved PFS, the study's primary endpoint, compared to PBC, with a median PFS by Blinded Independent Central Review (BICR) of 11.1 months for iza-bren vs. 5.7 months for PBC. For the secondary endpoint of overall survival (OS), data were immature, though a favorable trend toward improved OS was observed with iza-bren vs. PBC. Iza-bren showed a manageable safety profile in this population, with no new safety signals observed.
mezigdomide RRMM July 2026 Announced that the FDA accepted an NDA for mezigdomide in combination with carfilzomib and dexamethasone (MeziKd) in patients with RRMM. The filing was based on positive results from the Phase III SUCCESSOR-2 trial showing MeziKd demonstrated a clinically meaningful and statistically significant improvement in PFS; a 52% reduction in the risk of disease progression or death compared with Kd in patients with relapsed or refractory multiple myeloma, including those at first relapse after prior treatment with an anti-CD38 monoclonal antibody and lenalidomide. The FDA has granted a PDUFA date of May 13, 2027 for this indication.
obexelimab IgG4-RD August 2026 Submitted the initial Japanese New Drug Application (JNDA) to Japan's Pharmaceuticals and Medical Devices Agency (PMDA) for obexelimab for the treatment of IgG4-related disease. This submission is based on results from the Phase III INDIGO trial and falls under the PMDA priority review based on the orphan product designation received in 2023.
Reblozyl MF-Associated Anemia July 2026
The FDA accepted the supplemental Biologics License Application for Reblozyl with concomitant janus kinase inhibitor therapy in adults patients with MF-associated anemia receiving red blood cell transfusions. The acceptance was supported by results from the Phase III INDEPENDENCE study. The FDA granted a PDUFA date of March 11, 2027.
RYZ101 GEP-NETs October 2026 Announced positive topline results from the planned interim analysis of the ACTION-1 trial conducted by RayzeBio, Inc., a BMS company. The study met the primary endpoint with a statistically significant and clinically meaningful improvement in PFS by blinded independent central review, and safety results consistent with the known RYZ101 safety profile. ACTION-1 is a randomized Phase III clinical trial evaluating RYZ101 (225Ac-DOTATATE) versus investigator's choice of standard of care (high-dose or high-frequency long-acting somatostatin analogues, everolimus, or sunitinib) in patients with SSTR+ GEP-NETs who have progressed following Lutetium-177 (Lu177)-based therapy.
Sotyktu PsA September 2026
Announced positive results from the Phase III POETYK PsA-2 trial, and its open-label extension, of Sotyktu for treatment of adults with active psoriatic arthritis, in which the safety profile of Sotyktu remained consistent through two years of treatment.
Product Indication Date Developments
Zenbexus
(iberdomide) 		RRMM October 2026
Announced positive topline results from the Phase III EXCALIBER-RRMM study, evaluating Zenbexus (iberdomide) in combination with daratumumab and dexamethasone (ZDd) in 800 patients with MM, as early as first relapse. Results showed ZDd demonstrated a statistically significant improvement in the dual-primary endpoint of PFS. The safety profile of Zenbexus in combination with standard therapies remained consistent with previously reported safety findings from the study. These results build on the previously reported improvement in minimal residual disease (MRD)-negative complete response vs. DVd, the other dual-primary endpoint, which supported the FDA approval of Zenbexus for RRMM.
August 2026
The FDA approved Zenbexus (iberdomide) in combination with daratumumab and hyaluronidase-fihj and dexamethasone (ZDd) for the treatment of adult patients with MM who have received at least one prior line of therapy including a proteasome inhibitor and an immunomodulatory agent. Full approval for this indication will be contingent upon verification and description of clinical benefit in the confirmatory trial(s). The approval is based on results from Phase III EXCALIBER-RRMM trial, which showed that treatment with ZDd demonstrated a statistically significant improvement in one of the dual primary endpoints of minimal residual disease (MRD)-negative complete response.
Critical Accounting Policies
The preparation of financial statements requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenue and expenses. Our critical accounting policies are those that significantly impact our financial condition and results of operations and require the most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. Because of this uncertainty, actual results may vary from these estimates. For a discussion of our critical accounting policies, refer to "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in our 2025 Form 10-K. There have been no material changes to our critical accounting policies during the nine months ended September 30, 2026. For information regarding the impact of recently adopted accounting standards, refer to "Item 1. Financial Statements-Note 1. Basis of Presentation and Recently Issued Accounting Standards."
Special Note Regarding Forward-Looking Statements
This Quarterly Report on Form 10-Q (including documents incorporated by reference) and other written and oral statements we make from time to time contain certain "forward-looking" statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange Act. You can identify these forward-looking statements by the fact they use words such as "should," "could," "expect," "anticipate," "estimate," "target," "may," "project," "guidance," "intend," "plan," "believe," "will" and other words and terms of similar meaning and expression in connection with any discussion of future operating or financial performance. One can also identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. Such forward-looking statements are based on our current expectations and projections about our future financial results, goals, plans and objectives and involve inherent risks, assumptions and uncertainties, including internal or external factors that could delay, divert or change any of them in the next several years, and could cause our future financial results, goals, plans and objectives to differ materially from those expressed in, or implied by, the statements. These statements are likely to relate to, among other things, our goals, plans and objectives regarding our financial position, results of operations, cash flows, market position, product development, product approvals, sales efforts, expenses, performance or results of current and anticipated products, our business development strategy and in relation to our ability to realize the projected benefits of our acquisitions, alliances and other business development activities, the impact of any pandemic or epidemic on our operations and the development and commercialization of our products, laws, agreements and regulations to lower drug prices, government actions relating to the imposition of new tariffs, market actions taken by private and government payers to manage drug utilization and contain costs, the expiration of patents or data protection on certain products, including assumptions about our ability to retain marketing exclusivity of certain products, and the outcome of contingencies such as legal proceedings and financial results. No forward-looking statement can be guaranteed. This Quarterly Report on Form 10-Q, our 2025 Form 10-K, particularly under the section "Item 1A. Risk Factors," and our other filings with the SEC, include additional information on the factors that we believe could cause actual results to differ materially from any forward-looking statement.
Although we believe that we have been prudent in our plans and assumptions, no assurance can be given that any goal or plan set forth in forward-looking statements can be achieved and readers are cautioned not to place undue reliance on such statements, which speak only as of the date made. Additional risks that we may currently deem immaterial or that are not presently known to us could also cause the forward-looking events discussed in this Quarterly Report on Form 10-Q not to occur. Except as otherwise required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise after the date of this Quarterly Report on Form 10-Q.
Bristol-Myers Squibb Company published this content on October 29, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on October 29, 2026 at 15:17 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]