Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
A lower Eliquis list price brought in more revenue
Deductions fell from 47% to 30% of gross sales, so cutting the price raised what BMS keeps.
For investorsWhat Eliquis has to hold for the rebate gain to last
For foundersWhen cutting the headline price raises revenue
Payments for outside drug candidates equalled 61.4% of pre-tax earnings, which fell 18.6% even as revenue grew.
Opdivo fell 6.2% as patients moved to Qvantig, a newer version, ahead of a biosimilar challenge from Amgen.
Cost of products sold is 31.7% of revenue and capital spending 2.6%, leaving cash for research, deals and dividends.
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Business Lens describes Bristol Myers Squibb from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
