Q3 2026 results
| Metric | Result | Change |
|---|---|---|
| Total Revenue | $13.1 billion | +7% year-over-year |
| Growth Portfolio Revenue | $7.7 billion | +12% year-over-year |
| Opdivo Revenue | $2.4 billion | -6% year-over-year |
| Reblozyl Revenue | $750 million | +22% year-over-year |
| Camzyos Revenue | $420 million | +42% year-over-year |
| Diluted EPS | $1.35 | Not stated |
Guidance and outlook
- Full-year 2026 non-GAAP EPS guidance is $6.35 to $6.55.
- Legacy portfolio revenue is expected to decrease between 3% and 5%.
- Eliquis full-year revenue growth is expected to be 20% to 25%.
How management sounded
Positive (+6 on our -10 to +10 scale). Management raised full-year guidance and highlighted double-digit growth in the growth portfolio alongside successful pipeline readouts. Management sounded more upbeat than on 8% of the 190 calls we cover; most companies sound positive on their own calls, so the comparison says more than the label.
Q&A summary
Admilprod/IPF
Asked: Analysts asked about confidence in the 120 mg dose given mixed results in the IPF study.
Answer: Management noted the 60 mg dose met the primary endpoint with a favorable safety profile, while the 120 mg dose showed improvement but was not statistically significant.
Zenbexus Launch
Asked: Analysts asked about early launch feedback for Zenbexus.
Answer: Management reported positive adoption in both community and academic settings, with a focus on replacing older regimens.
Milvexian/SSP
Asked: Analysts asked about confidence in the upcoming SSP readout.
Answer: Management expressed confidence based on Phase II data showing a 30% risk reduction and careful dose selection.
Cobenfi/Alzheimer's
Asked: Analysts asked about the Alzheimer's market opportunity and constraints.
Answer: Management noted the Alzheimer's market is significantly larger than schizophrenia, with a focus on safety in elderly patients.
AI/R&D
Asked: Analysts asked about AI integration in R&D.
Answer: Management stated they are targeting a 20% to 30% reduction in drug testing timelines and using AI to improve efficiency and probability of success.
What to watch before the next call
- Phase III data readouts for Milvexian in secondary stroke prevention and lupus before year-end.
- Upcoming CTAD presentation in November regarding Cobenfi data.
- Regulatory discussions and potential Phase III results for PPF in the first quarter of 2027.
