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BMY's Growth Portfolio Shines in Q3: Turning Point Ahead?
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Key Takeaways
Bristol Myers' growth portfolio offset weaker sales from older drugs in Q3 2025.
Opdivo and Opdivo Qvantig drove strong oncology sales with expanded indications.
Reblozyl and Breyanzi surpassed $2B and $1B in annualized sales, boosting revenues.
Bristol Myers Squibb’s (BMY - Free Report) growth portfolio put up a strong performance in the third quarter of 2025 and enabled it to offset the decline in sales of legacy drugs.
The growth portfolio comprises drugs like Opdivo, Opdivo Qvantig, Orencia, Yervoy, Reblozyl, Camzyos, Breyanzi, Opdualag, Zeposia, Abecma, Sotyku, Krazati and Cobenfy.
Among these, immuno-oncology drug Opdivo is the top revenue generator. Opdivo is approved for various oncology indications around the world, either as monotherapy or in combination with other drugs.
Opdivo continues to maintain sales momentum, driven by a strong launch in MSI-high colorectal cancer and continued growth in first-line non-small cell lung cancer in the United States, while international sales are supported by demand across multiple indications.
The approval of Opdivo Qvantig (nivolumab and hyaluronidase-nvhy) injection for subcutaneous use has boosted its immuno-oncology portfolio. The initial uptake has been strong and BMY now expects global Opdivo sales, together with Qvantig, to deliver stronger growth than previously guided, with full-year sales projected to rise in the high single-digit to low double-digit range.
The stellar performance of the thalassemia drug Reblozyl has significantly boosted BMY’s top line. BMY is now annualizing over $2 billion in Reblozyl sales. Revenue growth continues to be strong, primarily due to demand in first-line RS-positive and RS-negative settings as well as improved duration of therapy.
Breyanzi sales are now annualizing more than $1 billion, reflecting strong growth in large B-cell lymphoma and expansion in new indications approved last year.
Cardiovascular drug Camzyos sales continue to increase on robust demand.
The approval of Cobenfy (xanomeline and trospium chloride), an oral medication for the treatment of schizophrenia in adults, has diversified the portfolio further. Cobenfy represents the first new pharmacological approach to treating schizophrenia in decades. The initial uptake is encouraging, with sales of $105 million year to date.
While the newer drugs boost sales, generic competition for legacy drugs is a significant headwind.
Competition for BMY’s Key Drugs
Oncology is a key therapeutic area of focus for Bristol Myers, which is developing and delivering transformational medicines in this space.
The immuno-oncology space is dominated by pharma giant Merck’s (MRK - Free Report) blockbuster drug Keytruda (pembrolizumab).
Keytruda is approved for several types of cancer and alone accounts for around 50% of MRK’s pharmaceutical sales. Merck is currently working on different strategies to drive long-term growth of Keytruda.
Pfizer (PFE - Free Report) is one of the largest and most successful drugmakers in the field of oncology. It has an innovative oncology product portfolio of antibody-drug conjugates (ADCs), small molecules, bispecifics and other immunotherapies that treat a wide range of cancers, including certain types of breast cancer, genitourinary cancer and hematologic malignancies, as well as certain types of melanoma, gastrointestinal, gynecological and lung cancer. Pfizer also has oncology biosimilars in its portfolio.
Pfizer recently inked a licensing agreement with 3SBio for the development, manufacturing and commercialization of SSGJ-707, a bispecific antibody targeting PD-1 and VEGF, outside China. BMY is also trying to develop bispecific antibodies.
BMY’s Price Performance, Valuation and Estimates
Shares of Bristol Myers have lost 13.2% year to date against the industry’s growth of 15.9%.
Image Source: Zacks Investment Research
From a valuation standpoint, BMY is trading at a discount to the large-cap pharma industry. Going by the price/earnings ratio, BMY’s shares currently trade at 8.07x forward earnings, lower than its mean of 8.41x and the large-cap pharma industry’s 16.42X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for 2025 earnings per share has remained unchanged in the past 60 days, while that for 2026 EPS has moved south.
Image: Shutterstock
BMY's Growth Portfolio Shines in Q3: Turning Point Ahead?
Key Takeaways
Bristol Myers Squibb’s (BMY - Free Report) growth portfolio put up a strong performance in the third quarter of 2025 and enabled it to offset the decline in sales of legacy drugs.
The growth portfolio comprises drugs like Opdivo, Opdivo Qvantig, Orencia, Yervoy, Reblozyl, Camzyos, Breyanzi, Opdualag, Zeposia, Abecma, Sotyku, Krazati and Cobenfy.
Among these, immuno-oncology drug Opdivo is the top revenue generator. Opdivo is approved for various oncology indications around the world, either as monotherapy or in combination with other drugs.
Opdivo continues to maintain sales momentum, driven by a strong launch in MSI-high colorectal cancer and continued growth in first-line non-small cell lung cancer in the United States, while international sales are supported by demand across multiple indications.
The approval of Opdivo Qvantig (nivolumab and hyaluronidase-nvhy) injection for subcutaneous use has boosted its immuno-oncology portfolio. The initial uptake has been strong and BMY now expects global Opdivo sales, together with Qvantig, to deliver stronger growth than previously guided, with full-year sales projected to rise in the high single-digit to low double-digit range.
The stellar performance of the thalassemia drug Reblozyl has significantly boosted BMY’s top line. BMY is now annualizing over $2 billion in Reblozyl sales. Revenue growth continues to be strong, primarily due to demand in first-line RS-positive and RS-negative settings as well as improved duration of therapy.
Breyanzi sales are now annualizing more than $1 billion, reflecting strong growth in large B-cell lymphoma and expansion in new indications approved last year.
Cardiovascular drug Camzyos sales continue to increase on robust demand.
The approval of Cobenfy (xanomeline and trospium chloride), an oral medication for the treatment of schizophrenia in adults, has diversified the portfolio further. Cobenfy represents the first new pharmacological approach to treating schizophrenia in decades. The initial uptake is encouraging, with sales of $105 million year to date.
While the newer drugs boost sales, generic competition for legacy drugs is a significant headwind.
Competition for BMY’s Key Drugs
Oncology is a key therapeutic area of focus for Bristol Myers, which is developing and delivering transformational medicines in this space.
The immuno-oncology space is dominated by pharma giant Merck’s (MRK - Free Report) blockbuster drug Keytruda (pembrolizumab).
Keytruda is approved for several types of cancer and alone accounts for around 50% of MRK’s pharmaceutical sales. Merck is currently working on different strategies to drive long-term growth of Keytruda.
Pfizer (PFE - Free Report) is one of the largest and most successful drugmakers in the field of oncology. It has an innovative oncology product portfolio of antibody-drug conjugates (ADCs), small molecules, bispecifics and other immunotherapies that treat a wide range of cancers, including certain types of breast cancer, genitourinary cancer and hematologic malignancies, as well as certain types of melanoma, gastrointestinal, gynecological and lung cancer. Pfizer also has oncology biosimilars in its portfolio.
Pfizer recently inked a licensing agreement with 3SBio for the development, manufacturing and commercialization of SSGJ-707, a bispecific antibody targeting PD-1 and VEGF, outside China. BMY is also trying to develop bispecific antibodies.
BMY’s Price Performance, Valuation and Estimates
Shares of Bristol Myers have lost 13.2% year to date against the industry’s growth of 15.9%.
Image Source: Zacks Investment Research
From a valuation standpoint, BMY is trading at a discount to the large-cap pharma industry. Going by the price/earnings ratio, BMY’s shares currently trade at 8.07x forward earnings, lower than its mean of 8.41x and the large-cap pharma industry’s 16.42X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for 2025 earnings per share has remained unchanged in the past 60 days, while that for 2026 EPS has moved south.
Image Source: Zacks Investment Research
BMY currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.