Can BMY's First CELMoD Approval Support Its Growth Strategy?
Bristol Myers wins FDA accelerated approval for Zenbexus, the first CELMoD therapy, as data show it doubles MRD-negative complete response rates.

Bristol-Myers Squibb Company operates as a global biopharmaceutical entity, actively involved in the research, development, licensing, production, and worldwide commercialization of its ...
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Est. EPS $1.72 · Revenue $12.59B · 14 analysts
Est. EPS $1.59 · Revenue $12.64B · 13 analysts
Est. EPS $6.93 · Revenue $49.55B · 16 analysts
Est. EPS $1.45 · Revenue $11.16B · 5 analysts
$2.51 per share
$2.51 per share
| Metric | Latest | YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength. | QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes. |
|---|---|---|---|
| RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three). | $48.2B | -0.2% | +12.9% |
| Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day. | $7.1B | +178.8% | +23.9% |
| Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials. | +71.1% | +25.2% | +1.5% |
| Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on). | +28.5% | +42.4% | +7.5% |
| Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales. | +14.6% | +179.0% | +9.7% |
| Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock. | $12.8B | -7.9% | +307.9% |
| FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine. | +26.7% | -7.7% | +261.3% |
| Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe. | 255.2% | -18.6% | -16.5% |
| Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking. | 1.26x | +0.2% | +7.8% |
| Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground. | $90.0B | -2.8% | +1.3% |
| Metric | Annual (A vs E) | Annual Surprise | Quarter (A vs E) | Quarter Surprise |
|---|---|---|---|---|
| EPS Surprise | 3.45 vs 6.11 | -43.6% | 1.62 vs 1.72 | -6.0% |
| Revenue Surprise | $48.2B vs $48.0B | +0.4% | $13.0B vs $12.6B | +3.0% |
| Date | Executive | Title | Security | Side | Shares | Price |
|---|---|---|---|---|---|---|
| Aug 25, 2026 | Holzer Phil M | officer: SVP and Controller | Common Stock, $0.10 par value | D | 500 | $67.50 |
| Aug 1, 2026 | Massacesi Cristian | officer: EVP,Chief Med Offr,Head of Dev | Restricted Stock Units | D | 51,172 | — |
| Aug 1, 2026 | Massacesi Cristian | officer: EVP,Chief Med Offr,Head of Dev | Common Stock, $0.10 par value | A | 51,172 | — |
| Aug 1, 2026 | Massacesi Cristian | officer: EVP,Chief Med Offr,Head of Dev | Common Stock, $0.10 par value | D | 26,175 | $65.31 |
| Aug 1, 2026 | Gallman Cari | officer: EVP, General Counsel | Common Stock, $0.10 par value | A | 1,061 | — |
Operator: Welcome to the Bristol-Myers Squibb Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Chuck Triano, Senior Vice President and Head of Investor Relations. Please go ahead. Charles Triano: Thank you, and good morning, everyone. We appreciate you joining our second quarter 2026 earnings call. With me this morning with prepared remarks are Chris Boerner, our Board Chair and Chief Executive Officer; and David Elkins, our Chief Financial Officer. Also participating in today's call is Adam Lenkowsky, our Chief Commercialization Officer; and Cristian Massacesi, our Chief Medical Officer and Head of Global Drug Development. Earlier this morning, we posted our quarterly slide presentation to bms.com that you can use to follow along with Chris and David's remarks. Before we get started, I'll remind everybody that during this call, we will make statements about the company's future plans and prospects that constitute forward-looking statements. Actual results may differ materially from those indicated by those forward-looking statements as a result of various important factors, including those discussed in the company's SEC filings. These forward-looking statements represent our estimates as of today and should not be relied upon as representing our estimates as of any future date, and we specifically disclaim any obligation to update forward-looking statements even if our estimates change. We'll also focus our comments on our non-GAAP financial measures, which are adjusted to exclude certain specified items. Reconciliations of certain non-GAAP financial measures to the most comparable GAAP measures are available at bms.com. Finally, unless otherwise stated, all comparisons are made from the same period in 2025, and sales growth rates will be discussed on an underlying basis, which excludes the impact of foreign exchange. All references to our P&L are on a non-GAAP basis. And with that, I'll hand it over to Chris. Christopher Boerner: Thanks, Chuck. Good morning, everyone, and thank you for joining our Q2 2026 earnings call. We delivered another excellent quarter, driven by disciplined execution across the business. Our progress towards transitioning the portfolio to fuel durable long-term growth is reflected in our growth portfolio's strong Q2 performance. At the same time, we're delivering strong performance from our existing business. We're also advancing a broad and differentiated pipeline while maintaining financial flexibility to invest in the highest value opportunities for patients and shareholders. Together, these efforts continue to strengthen the foundation we're building and increase our confidence in our ability to grow the company as we exit the decade. Let me walk you through some of the highlights of our performance, beginning with our Q2 results on Slide 4. Our growth portfolio continued its strong performance with sales …
| Name | Title | Compensation | Gender | Year Born | Status |
|---|---|---|---|---|---|
Christopher S. Boerner | Chief Executive Officer & Chairman | USD 5,818,520 | — | 1971 | Active |
David V. Elkins | Executive Vice President & Chief Financial Officer | USD 3,196,077 | Male | 1968 | Active |
Adam Lenkowsky | Executive Vice President & Chief Commercialization Officer | USD 3,176,492 | Male | 1972 | Active |
Greg Meyers | Executive Vice President and Chief Digital & Technology Officer | USD 2,972,005 | Male | 1973 | Active |
Karin Shanahan | Executive Vice President, Chief Supply Chain & Operations Officer | USD 2,420,673 | Female | 1965 | Active |
Cristian Massacesi | Executive Vice President, Chief Medical Officer & Head of Development | USD 2,218,956 | Male | 1969 | Active |
Charles E. Triano | SVP & Head of Investor Relations | — | Male | — | Active |
Joseph J. Eiden Jr. | Head of Medical Affairs | — | — | 1949 | Active |
Cari Gallman | Executive Vice President, General Counsel & Chief Policy Officer | — | Female | 1980 | Active |
Ahn Amanda Poole | Executive Vice President & Chief People Officer | — | Female | 1975 | Active |
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PRINCETON, N.J.--(BUSINESS WIRE)---- $BMY #CELMoD--U.S. FDA Grants Accelerated Approval to Bristol Myers Squibb's First CELMoD Therapy ZENBEXUS.
