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Bristol Myers Squibb said Thursday it is lifting its financial outlook for the year, boosted by sales of its Eliquis anticoagulant alongside a strong showing from its newer drug lineup as well. Those figures helped fuel a 6% increase in second-quarter sales to nearly $13 billion, surpassing analyst expectations of $11.8 billion. The upbeat financial outlook came as BMS revealed that two of its closely watched pipeline catalysts face delays. The company now expects atrial fibrillation data from the Phase III LIBREXIA-AF1 trial of milvexian, an experimental oral factor XIa inhibitor seen as key to replacing eventual revenue declines from Eliquis, in the first quarter of 2027. It was originally due to read out late this year. The new timeline reflects a slower-than-expected accumulation of clinical events in the event-driven study. Delayed, but encouraged "As a reminder, [LIBREXIA-AF1] is being monitored by an independent data monitoring committee, which continues to endorse the study, and with the passage of time as the study progresses, we are increasingly encouraged about milvexian," CEO Chris Boerner said on an earnings call with analysts. Chief Medical Officer Christian Massacesi suggested the delay increases his confidence that milvexian can achieve both the primary endpoint of non-inferior efficacy to Eliquis and secondary endpoint of superior bleeding outcomes. Concerns over bleeding remain the biggest barrier to broader anticoagulant use, leaving around 40% of eligible atrial fibrillation patients undertreated, according to Chief Commercialisation Officer Adam Lenkowsky. He says milvexian may be able to address patients at higher bleeding risk, such as the elderly or those with renal impairment, and eventually "shift first-line decision making over time." From a sales standpoint, Eliquis remained the standout performer in the second quarter, with sales jumping 22% to $4.5 billion, with BMS increasing its full-year growth outlook for the factor Xa inhibitor to between 20%-25%, from 10%-15% guided in April. Lenkowsky said Eliquis' share of new US prescriptions is approaching 80%.ADEPT timeline shifts Meanwhile, topline data readouts from the ADEPT programme evaluating BMS's schizophrenia treatment Cobenfy in Alzheimer's disease psychosis have also been pushed back to early 2027, from a previous target of later this year. Boerner said the shift was "based on the pace of enrolment in the ADEPT-2 and -4 studies and relapse events accruing more slowly than projected in ADEPT-1." In December, BMS said it was adding new patients to ADEPT-2 after "irregularities" were uncovered at some study centres. Nevertheless, the company plans on sharing two other pieces of data from the Cobenfy programme later this year: namely, safety and efficacy findings from the open-label lead-in portion of ADEPT-1, as well as data from ADEPT-3, a rollover study that lets patients who finished ADEPT-1, -2 and -4 continue on the drug. Cobenfy generated $63 million in quarterly sales, which is up 81% year over year.  Elsewhere, BMS posted double-digit gains for several other products in its growth portfolio, including Reblozyl (+29%, $735 million), Breyanzi (+41%, $484 million), Camzyos (+60%, $416 million), Opdualag (+23%, $349 million) and Krazati (+14%, $55 million). Its immunotherapy Opdivo slipped 3% to $2.5 billion, though its subcutaneous formulation, Opdivo Qvantig, more than tripled to $261 million. Revlimid sales fell 49% to $425 million amid ongoing generic erosion. BMS now anticipates revenues in the range of $49 billion to $50 billion from $46 billion to $47.5 billion previously. Adjusted 2026 earnings are seen between $6.75 to $7.00 a share, up from its prior view of $6.05 to $6.35.

iStock, seamartini Strong quarterly results are prompting Bristol Myers Squibb to lift its 2026 outlook, though the company is facing another delay for key Cobenfy Alzheimer’s data and a pushed-back readout for milvexian. Bristol Myers Squibb rang in beats for both revenue and earnings per share in the second quarter, but the news was overshadowed by yet another delay of key data for the neuropsychology drug Cobenfy. The New Jersey pharma booked $12.97 billion in second-quarter revenue, topping the consensus estimate of $11.73 billion and representing a 5% jump from the same time last year. EPS also came in at $2.04, 28% above consensus estimates of $1.60, according to a Thursday earnings report . The quarterly findings have prompted the Big Pharma to raise annual revenue guidance 6% to a midpoint of $49.5 billion, plus boost EPS expectations by 11% to $6.88. But it’s not all good news. BMS has pushed out the Phase 3 topline readouts for two drugs: the ADEPT program evaluating Cobenfy for Alzheimer’s disease psychosis and a Johnson & Johnson-partnered investigational oral Factor XIa inhibitor called milvexian. ezstandalone.cmd.push(function () { ezstandalone.showAds(129); }); The ADEPT-2 and 4 studies have faced enrollment challenges. In ADEPT-1, relapse events have been accruing more slowly than expected, CEO Chris Boerner said on a Thursday earnings call. “We now anticipate top-line data readouts from the ADEPT program to begin in early 2027 and be spread across the year with the potential interim analysis for ADEPT-1 later this year,” he said. ADEPT encompasses numerous Phase 3 trials designed to expand Cobenfy’s label beyond schizophrenia. BMS picked up the oral drug in 2024 in the $14 billion buyout of Karuna Therapeutics . If the delay triggers a sense of déjà vu, you’re not alone—this isn’t the first time BMS has postponed the ADEPT findings. In December 2025, the pharma had to reopen enrollment for one of the trials—ADEPT-2—after identifying “irregularities” due to trial execution at some study sites. The pharma didn’t specify what these irregularities were but pushed the readout to late 2026. Now, “’27 is the new late ’26?” BMO analyst Evan David Seigerman wondered about the latest delay. The later readout will likely cloud BMS’ top- and bottom-line beats, he wrote. While investors await the main readouts, BMS plans on sharing safety and efficacy data later this year from the open-label, lead-in portion of ADEPT-1, plus data from an open-label rollover study of patients who have already completed the ADEPT-1,-2 and -4 studies, Boerner said. “These data reinforce our continued confidence in the potential for this medicine in Alzheimer’s psychosis,” he added. Alzheimer’s disease BMS Delays Cobenfy Alzheimer’s Psychosis Data After ‘Irregularities’ in Phase III Study Analysts had noted “unease” from investors regarding the state of the Phase III ADEPT-2 trial, with BMS at one point telling Leerink Partners that the reopening of enrollment would be a “significant development.” December 3, 2025 · 2 min read · Tristan Manalac Read more Meanwhile, the milvexian hold up is for the Phase 3 LIBREXIA-AF trial in atrial fibrillation. Findings from the late-stage LIBREXIA-STROKE study of the candidate in secondary stroke prevention are still expected by the end of this year. The delay follows the early discontinuation of a separate Phase 3 for milvexian late last year. Partners BMS and J&J stopped the acute coronary syndrome study early after an independent data committee said the trial was unlikely to meet its efficacy goal. That failure added to a pile of pivotal trial disappointments BMS recorded last year, prompting questions about broader trial conduct concerns on Thursday’s earnings call. “It’s impossible to have 100% the probability of success in any of the registrational studies,” CMO and R&D head Cristian Massacesi said. However, he pointed to BMS’ efforts to integrate AI and other processes into its program to improve that chance. Cardiovascular disease BMS Jettisons Coronary Trial for J&J-Partnered Anticoagulant Bristol Myers Squibb and Johnson & Johnson will continue to test the asset in stroke and atrial fibrillation. November 14, 2025 · 1 min read · Dan Samorodnitsky Read more When focusing on the wins, BMS’ quarterly beat was driven by sales growth for autoimmune inflammatory medicine Orencia, anemia injection Reblozyl, Camzyos for obstructive hypertrophic cardiomyopathy (oHCM) and under-the-skin Opdivo infusions. Legacy portfolio beats for oral immunomodulatory med Revlimid and blood thinner Eliquis—more than 100% and 13%, respectively—also bolstered commercial performance. Notably, BMS raised yearly revenue expectations for Eliquis by 20-25%. Meanwhile, Cobenfy sales came in at $63 million, missing expectations by about 4%. When asked about the drug’s uptake in schizophrenia, CCO Adam Lenkowsky pointed to two areas in need of improvement. “We need to accelerate new patient starts as well as improve repeat prescribing,” Lenkowsky said on the investor call. “As we shared before, this is a disease state that prescribing behavior is deeply entrenched. Cobenfy will continue to grow by building more positive experiences in the market.” Mergers & acquisitions Biopharma strikes 50+ M&As deals in H1, led by Lilly’s $25B spend The total of 52 mergers and acquisitions for the first half of 2026 reflects what analysts, industry watchers and executives are saying over and over: M&A is back. July 1, 2026 · 1 min read · Annalee Armstrong Read more Despite a slew of M&A announcements across other Big Pharmas this year, BMS is signaling a more measured approach to dealmaking. “We’ve got a very strong late-stage pipeline. We certainly don’t feel any compulsion to chase deals,” Boerner said. To pique BMS’ interest, potential M&A targets would have to be in a therapeutic area the company knows well that could also drive shareholder value. “If those things come together and ideally continue to enable us to de-risk our near-term growth profile, we certainly have the financial flexibility and the capabilities to be in the mix,” the CEO concluded.