Bristol-Myers Squibb Surges as Raised 2026 Guidance Signals Eliquis Engine Is Still Alive

Bristol-Myers is being repriced after guidance

BMY is trading around $65.31 versus a prior close of $64.86, after trading as high as $65.66 during the session. The move follows a guidance upgrade, so this looks more like a reset in expectations than a routine premarket jump.

What reset

Bristol-Myers lifted 2026 revenue guidance to $49 billion to $50 billion from $46 billion to $47.5 billion, and raised adjusted EPS to $6.75 to $7.00 from $6.05 to $6.35. Management also said its growth portfolio grew 15% in Q2 and that nine products were growing double digits. That suggests the company's transition beyond older, pressure-hit franchises is progressing.

Why the market reacted

The main support is Eliquis. Bristol-Myers now expects Eliquis revenue growth of 20% to 25% for the year, helping offset continued erosion in older products. In the quarter, Revlimid sales fell 49% to $425 million, but stronger-than-expected results from Reblozyl, Camzyos, and Breyanzi showed the broader portfolio is helping to fill the gap. That is why investors are responding to the higher outlook rather than just the quarterly beat.