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With quarterly earnings underway, BioPharma Dive is providing a snapshot of some companies results and how theyre being received by investors. Today, were offering insight into the latest numbers from Bristol Myers Squibb, Biogen and Regeneron.Bristol Myers legacy liftBristol Myers Squibb delivered an earnings report on Thursday that analysts described as solid overall but also mixed, as a couple newer drugs disappointed while most of the pharmaceutical giants older products outperformed.Bristol Myers recorded $11.5 billion in revenue over the first three months of this year, a 3% increase from the same period in 2025. A little over half of the total came from the companys growth portfolio, which is hallmarked by drugs like Opdivo, Yervoy, Orencia and Reblozyl, with the remainder coming from a legacy portfolio.According to Cantor Fitzgerald analyst Carter Gould, the revenue total was $572 million above the average analyst estimate, a beat overwhelmingly driven by this legacy group. The blood thinner Eliquis and the cancer medications Revlimid and Pomalyst were respectively 8%, 22% and 49% above consensus. Opdivo and Reblozyl, meanwhile, were each roughly 5% under.Gould wrote in a note to clients that the legacy portfolios performance, though important for near-term cash flows, is peripheral to investors overriding focus on a series of late-stage clinical trials set to readout in the coming months. The trials are testing some of Bristol Myers most closely watched drugs, including a new anticoagulant called milvexian as well as two blood cancer therapies known as iberdomide and mezigdomide.Another study is evaluating the companys schizophrenia medication Cobenfy as a potential treatment for the psychosis tied to Alzheimers disease. Positive results could unlock a major market opportunity for a drug thats off to a slower-than-expected sales start.Bristol Myers has one of the most impactful clinical catalyst calendars in the second half of this year, with readouts that could support multiple blockbuster indications and meaningfully increase the companys longer-term growth profile, wrote Matt Phipps, of William Blair.Bristol Myers shares were up 5% at Thursdays markets close. However, analysts believe the data coming in the back half of this year will have a much more significant impact on investor sentiment than earnings pumped up by aging franchises.Though the company is making progress, we still think more needs to be proven out on the long term revenue trajectory, with the rubber meeting the road [in the fourth quarter] with a plethora of significant Phase 3 datasets, wrote Sean McCutcheon, from the investment bank Raymond James.In its report, Bristol Myers affirmed previously issued 2026 financial guidance. Revenue should be about $46 billion to $47.5 billion, and earnings per share should come in at $6.05 to $6.35. Numbers are already trending toward the upper end of those ranges, the company said. Jacob BellBiogens parting gray skiesBiogens latest round of earnings outpaced Wall Street forecasts and fueled a roughly 5% hike to the biotechnology companys shares on Wednesday.During the three-month period from January through March, Biogen posted $2.5 billion in total revenue and $3.57 in non-GAAP earnings per share. Those figures were above average analyst estimates of $2.25 billion and $2.91, according to TD Cowen.The beat stemmed, in good part, from better-than-expected performances of newer products like the Alzheimers drug Leqembi, the Friedreich's ataxia therapy Skyclarys and the multiple sclerosis medicine Tysabri. The three drugs respectively generated $168 million, $151 million and $441 million, reflecting increases of 74%, 17% and 16%.Biogen still warns that top-line revenue will decline by a mid-single-digit percentage this year compared to 2025, as the companys core multiple sclerosis business continues to erode. Even so, the fresh earnings indicated to at least some analysts that, after several tumultuous years, Biogen finally seems to be through the worst of the storm.Tailwinds abound, wrote Brian Abrahams, of RBC Capital Markets, in a note to clients.Abrahams highlighted Biogens recent $5.6 billion acquisition of Apellis Therapeutics, which, once closed, would hand the buyer two already approved, immune system-regulating drugs. Later this year, Biogen also expects to reveal data from a closely watched study of BIIB080, a kind of genetic medicine designed to reduce the production of an Alzheimers-linked protein called tau.While the RBC team remains cautious about BIIB080s odds of success, they see a string of possibly positive catalysts elsewhere in Biogens pipeline, including two antibody drugs known as litifilimab and felzartamab.Against this backdrop, we see investor debate on the stock as shifting away from the base business towards what could drive upside from here, Eric Schmidt, an analyst at Cantor Fitzgerald, wrote in his own client note. Jacob BellRegenerons mixed pictureRegenerons first-quarter revenue and per-share earnings of $3.6 billion and $9.47, respectively, exceeded Wall Street forecasts. But shares nonetheless sank 6% Wednesday on a pair of updates for two drugs investors are keeping an eye on: a high dose version of its flagship eye medication Eylea, and an experimental cancer immunotherapy in advanced testing.Sales of Eylea HD, which Regeneron developed to protect its core business against biosimilars and other competitive threats, came in below analysts forecasts and totaled $468 million in the first quarter.Moreover, the launch of a pre-filled syringe of Eylea HD thats easier for physicians to administer has been slowed by issues at a Catalent manufacturing plant in Indiana. Those delays are heightening pressure on Regeneron; Leerink Partners analyst David Risinger noted that five new Eylea biosimilars could launch in the second half of the year.Regeneron also revealed a setback for a cancer immunotherapy, fianlimab, that its long hoped can broaden the reach of its cancer drug business. That therapy, which takes aim at the immune checkpoint LAG-3, is close to an important Phase 3 readout in front-line metastatic melanoma. The study is testing a combination of fianlimab and another Regeneron immunotherapy called Libtayo against Merck & Co.s Keytruda, and should produce results by the end of June.But ahead of that readout, Regeneron disclosed that Phase 2 data in lung cancer didnt support further development. This setback is unsurprising given prior signals from Regeneron, wrote RBCs Abrahams. Still, he and Leerinks Risinger both lowered their share targets for Regeneron given the uncertainty surrounding the Eylea franchise and unclear pipeline progress.Investors will want more visibility on where/when the prioritized internal R&D investment can manifest in differentiated blockbuster-potential programs, wrote Abrahams, especially after several years of perceived pipeline pivots.Risinger added that his team hopes management will pursue external transaction activity to boost the companys growth prospects. Jonathan Gardner '

Bristol Myers Squibb said Thursday that sales of Eliquis climbed 16% in the first quarter to $4.1 billion, as increased demand for the factor Xa inhibitor continued to outstrip lower pricing in the US. The company reaffirmed that revenue for the product is expected to increase between 10% and 15% this year.In September, BMS and partner Pfizer started selling Eliquis directly to patients in the US at more than 40% off the current list price, a move that followed discussions with the Trump administration about drug affordability. Meanwhile, at the start of 2026, Eliquis also faced a 56% reduction in its cost to Medicare under the Inflation Reduction Act (IRA).The combined headwinds were expected to lead to significantly lower sales of Eliquis in the US, but BMS said in February that this was unlikely as the revised pricing would actually help it avoid penalties imposed by the Medicare programme.And this appears to have played out, with sales of Eliquis in the US growing 16% in the three-month period to $3.1 billion. BMS noted that the product continued to increase its market share, with both new-to-brand prescriptions and total prescriptions rising around 2% over the prior year to 75.9% and 70.5%, respectively."We're really pleased with what we're seeing from Eliquis," said Chief Commercialisation Officer Adam Lenkowsky, who noted that the product's strong performance should support growth later in the year.Quarterly sales beatIn the quarter, overall revenue from BMS rose 3% to $11.5 billion, topping forecasts of about $10.9 billion, with sales of the growth portfolio — including immuno-oncology products, Camzyos, Breyanzi and Reblozyl — lifting 12% to $6.2 billion. Revenue from older products, which includes Eliquis, slipped 6% to $5.3 billion.The company reaffirmed that it expects overall sales this year of between $46 billion and $47.5 billion, with analysts guiding for $47.1 billion.Despite the sales beat, RBC Capital markets analyst Trung Huynh said this was outweighed by mixed performance of some growth drivers, such as anemia treatment Reblozyl. "We think 2026 quarters matter less than 2H26 catalysts," ​which include an upcoming FDA decision on the cereblon E3 ligase modulator (CELMoDs) iberdomide in multiple myeloma, as well as late-stage data for milvexian in atrial fibrillation and Cobenfy in Alzheimer's agitation.More to come.