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Can BMY's Growth Portfolio Drive Top-Line Expansion in 2026?
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Key Takeaways
BMY's growth portfolio rose 17% in the first nine months, while legacy drug sales fell 16% on generics.
BMY's Opdivo momentum and Qvantig approval support projected high single- to low double-digit growth.
BMY's Reblozyl topped a $2B run rate, Breyanzi passed $1B, while legacy drugs still made up 47% of sales.
Bristol Myers Squibb’s (BMY - Free Report) performance in 2025 reflects an ongoing transition in its revenue base, with growth from newer products partially offsetting continued declines in legacy drugs. Sales from the company’s growth portfolio increased 17% in the first nine months of 2025, while revenues from legacy products declined 16%, largely due to generic competition.
The legacy portfolio, which includes Revlimid, Pomalyst, Sprycel and Abraxane, remains under pressure as loss of exclusivity continues to weigh on overall sales.
At the same time, the growth portfolio — comprising drugs such as Opdivo, Opdivo Qvantig, Orencia, Yervoy, Reblozyl, Camzyos, Breyanzi, Opdualag, Zeposia, Abecma, Sotyku, Krazati and Cobenfy — has become increasingly important in stabilizing top-line performance.
Among these, the company’s immuno-oncology (IO) portfolio, Reblozyl, Camzyos and Breyanzi maintains momentum for the company.
Blockbuster IO drug Opdivo has maintained sales momentum, supported by uptake in MSI-high colorectal cancer and first-line non-small cell lung cancer in the United States, as well as steady international demand across multiple indications. The approval of Opdivo Qvantig, a subcutaneous formulation, has added incremental growth, with early uptake prompting management to project high single-digit to low double-digit growth in combined global Opdivo sales for the full year.
Other newer products are contributing to revenue growth, though at varying stages of maturity. Reblozyl has reached an annualized sales run rate above $2 billion, driven by demand in first-line thalassemia settings and longer treatment durations. 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.
Overall, BMY’s newer products are helping offset the expected erosion from legacy drugs, but generic competition remains a structural headwind as the legacy portfolio accounted for 47% of total sales in the first nine months.
The legacy portfolio also includes the blood thinner drug Eliquis, which is marketed under a global co-development and co-commercialization agreement Pfizer (PFE - Free Report) , remains the biggest contributor to the top line.
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 IO 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 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 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 & Estimates
Shares of Bristol Myers have lost 4.2% in a year against the industry’s growth of 20.2%.
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 9.01x forward earnings, higher than its mean of 8.41x but lower than the large-cap pharma industry’s 17.56x.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for 2025 earnings per share has moved north in the past 60 days, while that for 2026 EPS has moved south.
Image: Shutterstock
Can BMY's Growth Portfolio Drive Top-Line Expansion in 2026?
Key Takeaways
Bristol Myers Squibb’s (BMY - Free Report) performance in 2025 reflects an ongoing transition in its revenue base, with growth from newer products partially offsetting continued declines in legacy drugs. Sales from the company’s growth portfolio increased 17% in the first nine months of 2025, while revenues from legacy products declined 16%, largely due to generic competition.
The legacy portfolio, which includes Revlimid, Pomalyst, Sprycel and Abraxane, remains under pressure as loss of exclusivity continues to weigh on overall sales.
At the same time, the growth portfolio — comprising drugs such as Opdivo, Opdivo Qvantig, Orencia, Yervoy, Reblozyl, Camzyos, Breyanzi, Opdualag, Zeposia, Abecma, Sotyku, Krazati and Cobenfy — has become increasingly important in stabilizing top-line performance.
Among these, the company’s immuno-oncology (IO) portfolio, Reblozyl, Camzyos and Breyanzi maintains momentum for the company.
Blockbuster IO drug Opdivo has maintained sales momentum, supported by uptake in MSI-high colorectal cancer and first-line non-small cell lung cancer in the United States, as well as steady international demand across multiple indications. The approval of Opdivo Qvantig, a subcutaneous formulation, has added incremental growth, with early uptake prompting management to project high single-digit to low double-digit growth in combined global Opdivo sales for the full year.
Other newer products are contributing to revenue growth, though at varying stages of maturity. Reblozyl has reached an annualized sales run rate above $2 billion, driven by demand in first-line thalassemia settings and longer treatment durations. 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.
Overall, BMY’s newer products are helping offset the expected erosion from legacy drugs, but generic competition remains a structural headwind as the legacy portfolio accounted for 47% of total sales in the first nine months.
The legacy portfolio also includes the blood thinner drug Eliquis, which is marketed under a global co-development and co-commercialization agreement Pfizer (PFE - Free Report) , remains the biggest contributor to the top line.
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 IO 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 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 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 & Estimates
Shares of Bristol Myers have lost 4.2% in a year against the industry’s growth of 20.2%.
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 9.01x forward earnings, higher than its mean of 8.41x but lower than the large-cap pharma industry’s 17.56x.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for 2025 earnings per share has moved north 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.