Bristol Myers Squibb (BMY) official guidance

We are maintaining our projections for gross margin, operating expenses, and tax rate, while slightly lowering the expense level on our other income and expense line.

After including the $0.58 per share previously referenced, our expected non-GAAP EPS guidance range for 2026 is now $6.35-$6.55.

We are maintaining our projections for gross margin, operating expenses, and tax rate, while slightly lowering the expense level on our other income and expense line.

We are maintaining our projections for gross margin, operating expenses, and tax rate, while slightly lowering the expense level on our other income and expense line.

Lastly, our strategic productivity initiative, that $2 billion worth of efficiencies that we're well on track to achieve that by the end of 2027.

We are maintaining our projections for gross margin, operating expenses, and tax rate, while slightly lowering the expense level on our other income and expense line.

Incorporated into these revisions is a total legacy portfolio revenue decrease, now expected to be between 3% and 5%, while we continue to expect ELIQUIS full-year revenue growth of 20%-25%.

Incorporated into these revisions is a total legacy portfolio revenue decrease, now expected to be between 3% and 5%, while we continue to expect ELIQUIS full-year revenue growth of 20%-25%.

Bristol Myers Squibb is increasing its full-year, non-GAAP revenue guidance from a range of approximately $49.0 billion to $50.0 billion to a range of approximately $49.75 billion to $50.25 billion. This update primarily reflects broad-based and continuing momentum across the portfolio.

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.

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.