# Bristol Myers Squibb Stock Q3 2026: Growth Brands Up 12% as Eliquis Cliff Nears
> Bristol Myers Squibb stock Q3 2026: revenue rose 7% to $13.1bn as growth brands gained 12%; guidance raised, Eliquis generics due 2028. BMY analysis.

Agent brief for this QSI Labs research article. Prefer this file for quick facts; use the HTML page for the full human layout, or article.md for the full text.

## Facts
- Ticker: BMY
- QSILabs fair value: $59.58 USD
- Price: $63.02 (as of 2026-11-02)
- As of: Q3 2026 results (quarter ended 2026-09-30, reported 2026-10-29); balance sheet from the Q3 2026 Form 10-Q; price as of 2026-11-02 close
- Fiscal period: Q3 2026 (July-September 2026)
- Published: 2026-11-02
- Updated: 2026-11-02
- Author: QSI Labs Research
- Canonical: https://www.quantitativesuperintelligencelabs.com/research/bristol-myers-squibb-stock-q3-2026-earnings-eliquis-zenbexus/

## Short answer
Bristol Myers Squibb stock in Q3 2026 is a bet that the newer medicines and the pipeline can replace Eliquis and Opdivo, both of which lose US patent protection in 2028. Revenue rose 7% to $13.1bn, the Growth Portfolio rose 12% to $7.7bn and Eliquis rose 25% to $4.7bn, and BMS raised its 2026 revenue guidance to $49.75-50.25bn. Our risk-adjusted NPV puts BMS at $59.58 per share, about 5% below the $63.02 close on 2 November 2026: on our numbers the market is paying a fair price for a company whose revenue falls by almost 30% in 2028 before the newer products take over.

## Key takeaways
- Valuation: QSILabs values Bristol-Myers Squibb Company (NYSE: BMY) at $59.58 per share as of Q3 2026, against a $63.02 close on 2 November 2026, about 5% below the market price. Our bear and bull cases are $44.81 and $67.07.
- Q3 2026 results: BMS's total revenue rose 7% to $13.07bn in the quarter ended 30 September 2026; GAAP EPS was $1.05 and non-GAAP EPS $1.35, against $1.08 and $1.63 a year earlier, after a $(0.58) per share charge for acquired IPRD and licensing.
- Growth Portfolio: revenue rose 12% to $7.66bn, led by Opdivo Qvantig, Breyanzi (+46%), Reblozyl (+22%), Camzyos (+42%) and Opdualag (+23%). Opdivo fell 6% to $2.37bn as US patients moved to the subcutaneous Qvantig.
- Eliquis: sales rose 25% to $4.69bn and BMS still expects 20-25% growth for 2026, but generics are permitted to launch in the US in 2028, and the chief financial officer expects a $1.5-2bn step-down in 2027.
- Guidance: BMS now expects 2026 revenue of $49.75-50.25bn (previously $49.0-50.0bn) and non-GAAP EPS of $6.35-6.55 (previously $6.75-7.00), including a $(0.60) charge for acquired IPRD and licensing.
- Pipeline: milvexian has Phase 3 data in secondary stroke prevention due before the end of 2026 and in atrial fibrillation in Q1 2027; the FDA is due to decide on mezigdomide by 13 May 2027.

## Full versions
- [HTML](https://www.quantitativesuperintelligencelabs.com/research/bristol-myers-squibb-stock-q3-2026-earnings-eliquis-zenbexus/)
- [Markdown](https://www.quantitativesuperintelligencelabs.com/research/bristol-myers-squibb-stock-q3-2026-earnings-eliquis-zenbexus/article.md)
- [PDF](https://www.quantitativesuperintelligencelabs.com/research/bristol-myers-squibb-stock-q3-2026-earnings-eliquis-zenbexus/bristol-myers-squibb-stock-q3-2026-earnings-eliquis-zenbexus.pdf)
- [This agent brief](https://www.quantitativesuperintelligencelabs.com/research/bristol-myers-squibb-stock-q3-2026-earnings-eliquis-zenbexus/llms.txt)

Publisher: QSI Labs (Quantitative Super Intelligence Labs)
Site index: https://www.quantitativesuperintelligencelabs.com/llms.txt