Bristol Myers Squibb (BMY) official guidance

Incorporated into these revisions are projected higher ELIQUIS revenue growth of 20%-25% and a less pronounced total legacy portfolio revenue decrease now expected to be between 4% and 6%.

ELIQUIS sales this year are anticipated to grow roughly 20%-25% year-over-year. We still expect the $1.5 billion-$2 billion step down in 2027 that we referenced on the Q1 call.

Incorporated into these revisions are projected higher ELIQUIS revenue growth of 20%-25% and a less pronounced total legacy portfolio revenue decrease now expected to be between 4% and 6%.

| Effective tax rate | ~18% | No change |

As a result of these guidance updates, non-GAAP EPS is increasing to an anticipated range of $6.75 - $7.00.

| Gross Margin % | ~69% - 70% | No change |

Full-year operating expenses in 2026 are now expected to be approximately $16.5 billion, due to increased investment behind key pipeline programs and new product launches.

| Other income/(expense) | ~($700 million) | No change |

Bristol Myers Squibb is increasing its full-year, non-GAAP revenue guidance from a range of approximately $46.0 billion to $47.5 billion to a range of approximately $49.0 billion to $50.0 billion.

We remain on track to deliver the remainder of our $2 billion in cost savings from our strategic productivity initiative by the end of 2027.

Based upon the first quarter results and our current projections, we see our financial performance tracking towards the upper end of our established revenue and EPS guidance ranges.

Based upon the first quarter results and our current projections, we see our financial performance tracking towards the upper end of our established revenue and EPS guidance ranges.

And second, in terms of Eliquis-specific updated guidance, we currently expect 2027 Eliquis sales compared to 2026 to show a step down in the range of $1.5-$2 billion, which is broadly consistent with analysts' existing estimates.

We feel really good about the growth portfolio, mid-single-digit growth.

We are maintaining our full year tax guidance of approximately 18%.

As a result, we are narrowing our expected EPS range for 2025 to be between $6.40 and $6.60, which leaves the midpoint of our range unchanged.

Our gross margin guidance for the year remains unchanged at approximately 72% and our operating expense guidance also remains unchanged at approximately $16.5 billion, reflecting over $1 billion in net savings versus 2024.

Our gross margin guidance for the year remains unchanged at approximately 72% and our operating expense guidance also remains unchanged at approximately $16.5 billion, reflecting over $1 billion in net savings versus 2024.

Regarding OIE, we now expect annual income of approximately $500 million due to higher than anticipated royalties, licensing income, and favorable interest income.

We continue to expect the legacy portfolio to decline approximately 15%-17% for the year and our REVLIMID sales expectation remain at approximately $3 billion, along with the continued impacts from generics of [Pomulous] in Europe, SPRYCEL, and Abraxane.

Turning to our non-GAAP guidance on Slide 15, we are increasing our full year revenue guidance by $750 million at the midpoint to a range of $47.5 billion-$48 billion, primarily reflecting continued strong performance of our growth portfolio.

We continue to expect the legacy portfolio to decline approximately 15%-17% for the year and our REVLIMID sales expectation remain at approximately $3 billion, along with the continued impacts from generics of [Pomulous] in Europe, SPRYCEL, and Abraxane.

Due to the strong performance year-to-date, we now expect global OPDIVO sales together with Qvantig to deliver stronger growth than previously guided, with sales expected to increase in the high single-digit to low double-digit range for the full year.

Non-GAAP EPS is now expected to be in the range of $6.40 - $6.60, inclusive of an $(0.80) per share net impact related to Acquired IPRD charges and licensing income.

| Total Revenues (Reported & Ex-FX) | ~$46.5 - $47.5 billion | ~$47.5 - $48.0 billion |