Bristol Myers Squibb leans on growth portfolio as legacy drugs face 2026 pressure

Bristol Myers Squibb is in an ongoing transition in its revenue base, with growth from newer products partially offsetting continued declines in legacy drugs. Revenues in 2025 were flat year over year, as sales from the growth portfolio increased 17% while revenues from legacy products declined 15%, largely due to generic competition.

The legacy portfolio includes Eliquis, Revlimid, Pomalyst, Sprycel and Abraxane, and loss of exclusivity for Revlimid, Pomalyst, Sprycel and Abraxane continues to weigh on overall sales. Management expects sales from the legacy segment to decline a further 12-16% in 2026, as reflected in annual revenue guidance of $46.0-$47.5 billion, down from $48.2 billion generated in 2025. The legacy portfolio accounted for 45% of total 2025 sales.

The growth portfolio features Opdivo, Opdivo Qvantig, Orencia, Yervoy, Reblozyl, Camzyos, Breyanzi, Opdualag, Zeposia, Abecma, Sotyku, Krazati and Cobenfy. Among these, the immuno-oncology portfolio, along with Camzyos, Breyanzi and Reblozyl, maintains momentum.

Blockbuster immuno-oncology drug Opdivo has maintained sales momentum, driven by label expansions in newer indications and continued share growth within the first-line non-small cell lung cancer setting. Opdivo Qvantig, a subcutaneous formulation, has added incremental growth, with initial uptake proving robust across all approved tumor types in the United States. Opdualag sales remain robust, particularly in the United States, where it continues to serve as a standard of care in first-line melanoma.

Other newer products are also contributing to revenue growth. Reblozyl has reached an annualized sales run rate above $2 billion, driven by demand in first- and second-line MDS-associated anemia patients. Breyanzi has surpassed $1 billion in annualized sales, reflecting adoption in large B-cell lymphoma and recent label expansions. Camzyos continues to see increasing demand in the cardiovascular segment.

In neuroscience, Cobenfy has shown encouraging early uptake supported by broader access and expanding use across community and hospital settings. The therapy is expected to become a meaningful long-term contributor as additional indications are pursued. The company said it is evolving toward cell therapies and bispecific antibodies and is investing in biologics and small molecules across oncology, immunology and cardiovascular disease.

Oncology remains a key therapeutic area of focus. The company said Opdivo, a PD-1 inhibitor, treats lung, kidney and other cancers with expanding indications approved by the FDA, while competition remains intense in immuno-oncology. In cardiovascular disease, Eliquis remains a primary revenue engine even as upcoming patent expirations on key revenue drivers like Eliquis and Opdivo raise questions about future growth.

Shares of Bristol Myers have gained 12.7% in the past year, compared with the industry’s growth of 19.6%. The stock trades at 9.80x forward earnings, compared with its mean of 8.44x and the large-cap pharma industry’s 18.82x. The 2026 EPS consensus estimate moved to $6.15 from $6.04 in the past 30 days, while the 2027 estimate edged up to $5.94.