Bristol Myers Squibb said physicians have converted about 17% of intravenous Opdivo use to the newer subcutaneous Opdivo Qvantig, and the company is targeting 30%-40% conversion, tracking toward the high end of that range. The update came with third-quarter results showing Opdivo sales fell 6% to $2.37 billion while Qvantig sales rose more than 200% year over year to $334 million.

Why It Matters To Oncology

• Qvantig's three-minute in-office subcutaneous injection could ease infusion-center burden and improve patient convenience, a commercially important lever as checkpoint inhibitor markets mature.

• For clinicians, the shift highlights how route-of-administration changes can influence treatment delivery even when the active drug remains the same.

• For drug discovery and lifecycle strategy, BMS is using formulation innovation to defend and extend a major immuno-oncology franchise despite pressure on legacy intravenous sales.

The Financials

• BMS reported third-quarter revenue of $13.1 billion, up 7% and above expectations of $12.8 billion.

• The company raised its 2026 revenue outlook to $49.75 billion-$50.25 billion from $49 billion-$50 billion.

• Adjusted EPS guidance was cut to $6.35-$6.55 from $6.75-$7.00.

• Eliquis sales rose 25% to $4.7 billion, while Opdivo sales missed expectations at $2.37 billion versus $2.42 billion expected.

What They're Saying

• Chief Commercial Officer Adam Lenkowsky said BMS has converted roughly 17% of IV Opdivo to subcutaneous dosing so far and is hearing that Qvantig improves practice efficiency and is preferred by patients when offered.

• Lenkowsky said BMS expects physicians to convert at least 30%-40% of Opdivo business to Qvantig and that the launch is tracking toward the higher end of that range.

• RBC Capital Markets analyst Trung Huynh said execution on legacy products was solid but "not clean," adding that the investment case now rests on pipeline catalysts including milvexian and the Cobenfy ADEPT program.

What's Next

• Oncology watchers will be tracking whether Qvantig conversion can offset ongoing erosion in IV Opdivo and help stabilize the broader franchise.

• BMS also pointed to continued business development activity, saying it is evaluating partnerships, licensing deals and acquisitions that support sustainable late-decade growth.

• Beyond oncology, investors will watch pipeline readouts and commercial execution in newer products, especially where uptake has been slower than hoped.

Reference: Bristol Myers Squibb Reports Third Quarter Financial Results for 2026 and Raises Full-Year

Revenue Outlook