Bristol Myers Squibb (BMS) reported first-half 2026 revenue of approximately USD 24.5 billion (+4%), with growth products at USD 13.8 billion (+13%) offsetting legacy erosion to USD 10.7 billion (-5%).

Opdivo Qvantig, the subcutaneous nivolumab formulation, reached USD 424 million in the first half, over ten times the prior-year USD 38 million, whilst intravenous Opdivo declined 4% to USD 4.6 billion. Camzyos (mavacamten) grew 74% to USD 729 million, supporting a raised full-year revenue guide of USD 49.0 to 50.0 billion (from USD 46.0 to 47.5 billion).

In pipeline pruning, BMS removed three assets: CEACAM5-TOPO1 ADC and eIF2B activator EVT8683 (both Phase I), and BMS-986365, an androgen receptor (AR) PROTAC in Phase III for metastatic castration-resistant prostate cancer (CRPC). The global trial enrolled 492 of a planned 960 patients before being terminated in June 2026 after the clinical team assessed low probability of statistically significant radiographic progression-free survival at final analysis.

The move reflects disciplined portfolio prioritisation around high-confidence mechanisms and formulation extensions such as subcutaneous Opdivo rather than pursuing lower-probability oral degraders in crowded oncology settings.