Bristol-Myers Squibb Co. (BMY): 2Q26 Earnings Preview: Solid Commercial Trends; Stock Still Anchored to Key Clinical Events

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Bristol-Myers Squibb Co. (BMY): 2Q26 Earnings Preview: Solid Commercial Trends; Stock Still Anchored to Key Clinical Events

Equity Research

20 July 2026 | 6:00AM EDT

Bristol-Myers Squibb Co. (BMY): 2Q26 Earnings Preview: Solid

Commercial Trends; Stock Still Anchored to Key Clinical Events

At BMY’s 2Q26 earnings next week (July 30th) we expect another quarter Asad Haider, CFA

+1(212)902-0691 | asad.haider@gs.com

showcasing solid commercial execution, continuing the trend seen over the past Goldman Sachs & Co. LLC

several quarterly results. Recall on the 1Q26 call in April, management had said the Nick Jennings

business was tracking toward the upper-end of the FY26 guidance and we believe +1(415)249-7412nick.jennings@gs.com|

this trend continued through 2Q. For the print, our revenue forecasts of $11.9bn are Goldman Sachs & Co. LLC

Jeff Suslightly above VA Consensus ($11.7bn), largely driven by our expectation of +1(212)357-9930 | jeff.su@gs.com

commercial momentum across the growth portfolio (Opdivo Qvantig, Breyanzi, Goldman Sachs & Co. LLC

Orencia) offset somewhat by downside in Sotyktu (per a sharp decline in volume

following JNJ’s recent Icotyde launch), alongside no notable inflection in Cobenfy,

and FX headwinds vs. when FY26 guidance was reiterated at 1Q. We see scope for a

raise to the company’s 2026 guidance on both the topline, and the bottom line

where we note that operational efficiency with ongoing cost optimization efforts was

a key subtext at our recent NDR with management.

That said, more so than the near-term trajectory of numbers, we expect the

narrative on BMY shares to remain anchored to the slew of consequential ~4Q26

clinical events. Top-of-mind here is the Ph3 readout of the JNJ-partnered oral Factor