BMS beats Q2 forecasts and lifts 2026 outlook despite delays in Cobenfy and milvexian data

BMS reported second‑quarter revenue of $12.97 billion, topping analysts' estimate of $11.73 billion, and earnings per share of $2.04, well above the $1.60 consensus. The strong results prompted the company to raise its 2026 revenue guidance to a midpoint of $49.5 billion and its EPS target to $6.88.

The firm also disclosed that top‑line readouts for two late‑stage programs have been pushed back. The ADEPT trials of Cobenfy, aimed at Alzheimer’s disease psychosis, and the oral Factor XIa inhibitor milvexian, developed with Johnson & Johnson, will now report later than originally planned.

Both delays are attributed to enrollment challenges and slower accrual of relapse events, as explained by CEO Chris Boerner during the earnings call, tempering the otherwise upbeat financial outlook.