NEW YORK, August 2, 2026, 17:00 EDT
- Bristol Myers ended Friday at $65.31, up 5.2% for the week. The stock settled 0.5% shy of its 52-week peak.
- The revised outlook indicates 2.7% revenue growth for this year, compared to the earlier midpoint suggesting a 3.0% decrease.
- The Financial Times said discussions with AstraZeneca had taken place. Both firms declined to confirm the talks, and Reuters was unable to verify the report independently.
Bristol Myers Squibb Company NYSE:BMY started Monday following reports of a potential major deal. According to the Financial Times, AstraZeneca PLC NYSE:AZN considered a merger valued at close to $400 billion. AstraZeneca declined to comment. Bristol Myers did not immediately provide a response, and Reuters was unable to independently confirm the story. U.S. financial markets were closed Sunday.
Market values as of Friday highlight the reported interest. Bristol accounted for 33.7% of the total equity value between the two companies. It also generated 45.7% of their total revenue in the second quarter.
| Measure | Bristol Myers | AstraZeneca | Combined |
|---|---|---|---|
| Market value on Friday | $133.4 billion | $263.0 billion | $396.4 billion |
| Total revenue in Q2 | $12.97 billion | $15.38 billion | $28.36 billion |
| Proportion of combined equity value | 33.7% | 66.3% | 100% |
| Proportion of combined second-quarter revenue | 45.7% | 54.3% | 100% |
| Market value to annualized Q2 revenue | 2.6 times | 4.3 times | 3.5 times |
Market capitalizations are based on Friday’s U.S. closing levels. Revenue is sourced from each firm’s reported quarterly totals. Shares and multiples have been computed and are not company projections.
AstraZeneca’s straightforward sales measure was approximately 66% greater. Such a difference would make the exchange ratio a key factor if discussions proceed. This is derived from market data, not an announced deal condition.
Bristol completed a robust week for earnings, with its share price climbing from $62.09 on July 24 to $65.31 by Friday’s close. The stock gained 2.8% during Thursday’s earnings report, and increased a further 0.7% on Friday.
The quarter topped Wall Street expectations on almost all key metrics. Revenue surpassed the LSEG consensus by $1.22 billion. Adjusted earnings came in 45 cents above forecasts. Multiple newer medicines also performed ahead of estimates.
| Q2 measure | Reported | LSEG estimate | Beat |
|---|---|---|---|
| Revenue | $12.97 billion | $11.75 billion | $1.22 billion, or 10.4% |
| Adjusted EPS | $2.04 | $1.59 | $0.45, or 28.3% |
| Eliquis sales | $4.48 billion | $4.06 billion | $421 million, or 10.4% |
| Reblozyl sales | $735 million | $664 million | $71 million, or 10.7% |
| Camzyos sales | $416 million | $365 million | $51 million, or 14.0% |
| Breyanzi sales | $484 million | $422 million | $62 million, or 14.7% |
Reuters reports estimates based on LSEG data. Percentage changes have been calculated.
The composition is more significant than the headline result. Growth-portfolio revenue was $7.56 billion, accounting for 58.3% of total sales. Legacy revenue fell 4%, with Eliquis up 22%. Revlimid sales decreased 49% due to generic competition.
| Q2 portfolio | Revenue | Year-on-year change | Approximate revenue share |
|---|---|---|---|
| Growth portfolio | $7.56 billion | +15% | 58.3% |
| Legacy portfolio | $5.42 billion | -4% | 41.8% |
| Other revenue | -$9 million | Not material | -0.1% |
| Total | $12.97 billion | +6% | 100% |
Bristol credited gains to Opdivo Qvantig, Reblozyl, Camzyos, Breyanzi and Opdualag.
Chief Executive Christopher Boerner stated that the growth portfolio “continues to deliver.” Chief commercial officer Adam Lenkowsky reported that nine products are experiencing double-digit growth. “These are all medicines that are early in their life cycle,” he said. Bristol Myers Squibb
Management revised the full-year earnings outlook. The midpoint for revenue was lifted by 5.9%. The midpoint for adjusted EPS climbed 10.9%. Based on Friday’s share price, the midpoint corresponds to roughly 9.5 times projected adjusted earnings for 2026.
| 2026 measure | April guidance | July guidance | Calculated change |
|---|---|---|---|
| Revenue | $46.0-$47.5 billion | $49.0-$50.0 billion | Midpoint rises 5.9% |
| Implied growth versus 2025 | -3.0% | +2.7% | Moves to growth |
| Adjusted EPS | $6.05-$6.35 | $6.75-$7.00 | Midpoint increases 10.9% |
| Price/adjusted EPS midpoint | 10.5 times | 9.5 times | Reduction by one turn |
| Eliquis revenue growth | 10%-15% | 20%-25% | 10 percentage point gain |
| Operating expenses | About $16.3 billion | About $16.5 billion | Increase of 1.2% |
The revenue growth figure is based on Bristol’s projected $48.2 billion in sales for 2025. Earnings multiples are determined with Friday’s closing price and the company’s non-GAAP guidance.
The upgrade continues to rely significantly on Eliquis. The anticoagulant, co-marketed with Pfizer Inc. NYSE:PFE, accounted for 34.5% of Bristol’s revenue in the quarter. The company lifted its projected 2026 growth range by 10 percentage points. Milvexian and some Cobenfy trial results were postponed to 2027.
Monday’s open marks the first key test. Investors are set to monitor for confirmation, denial, or any regulatory filings. The following scheduled pipeline milestone is the August 17 FDA decision on iberdomide. Trading in the interim may react to estimate revisions and news of deals.
Risks: The talks, as reported, could be postponed, called off, or remain unconfirmed. Any potential deal might encounter obstacles in regulation, funding, integration, or politics. Additionally, Bristol contends with risks from generic competition, postponed trial data, and high reliance on Eliquis.
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