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Bristol-Myers Squibb’s $1 Billion Qvantig Breakthrough — Can It Reshape The Opdivo Franchise?

Bristol-Myers Squibb reported its second quarter 2026 financial results with an overall revenue increase of 5% year-over-year to approximately $13 billion. The company’s growth portfolio demonstrated robust expansion, rising 14% to $7.6 billion and now accounting for nearly 60% of total revenue. Key growth drivers included products such as Reblozyl, Breyanzi, Camzyos, Opdualag, and Qvantig, with 10 portfolio products achieving double-digit growth. The legacy portfolio declined primarily due to generic competition, though Eliquis revenue increased by 21%, nearly offsetting declines in other legacy assets. Revlimid, despite full generic availability in the U.S., showed resilience. Gross margin stood at 71.4%, and diluted earnings per share reached $2.04 for the quarter. The company maintained strong cash flow generation, registering $3.4 billion in operating cash flow, and reduced debt by $1.2 billion, ending the quarter with $11.5 billion in cash and marketable securities.