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Can BMY Navigate Generic Challenges Across Its Key Drug Portfolio?
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Key Takeaways
BMY's legacy drugs Revlimid, Pomalyst, Sprycel and Abraxane face continued pressure from generic competition.
Eliquis sales grew 19% to $8.6 billion in first-half 2026, driven by robust demand and market share gains.
Revlimid shows resilience despite generics, while Eliquis faces a $1.5-$2 billion sales decline in 2027
Bristol Myers’ (BMY - Free Report) legacy portfolio, which includes Eliquis, Revlimid, Pomalyst, Sprycel and Abraxane, continues to encounter headwinds from generic competition.
Legacy portfolio revenues fell 5% year over year to $10.7 billion in the first half of 2026, primarily due to generic-related declines in Revlimid, Pomalyst, Sprycel and Abraxane.
Eliquis has been a notable exception, delivering 22% revenue growth in the second quarter on the back of robust demand and further market share gains. Co-marketed globally with Pfizer (PFE - Free Report) , the blood thinner generated $8.6 billion in sales in the first half of 2026, representing a 19% increase from the year-ago period’s level. Its strong performance has helped cushion the impact of declining sales across other legacy products.
BMY also expects the price reduction implemented at the start of 2026 to support U.S. Eliquis sales in the second half by removing the accumulated CPI-related penalty in certain government channels. Following better-than-expected first-half results, management raised its full-year Eliquis revenue growth forecast to 20-25% from 10-15%.
Additionally, Revlimid sales have demonstrated relative resilience despite generic competition in the United States, offering some further support to the legacy portfolio. As a result, BMY now anticipates a 4-6% decline in legacy portfolio revenues for 2026, a significant improvement from its previous expectation of a 12-16% contraction.
The stronger outlook for Eliquis, together with the improved legacy portfolio forecast and solid momentum across the Growth Portfolio, had prompted BMY to raise its 2026 revenue guidance to $49-$50 billion in July (from $46-$47.5 billion).
However, the sustainability of this momentum remains a concern. Management had previously warned that Eliquis could face increasing revenue pressure beyond 2026, with sales expected to decline approximately $1.5-$2 billion in 2027. This anticipated drop could offset some of the revenue gains generated by the Growth Portfolio. Generic competition for the drug in the United States is expected in 2028, adding to longer-term uncertainty.
While Eliquis is positioned to support BMY’s top-line growth in the near term, the company will need continued strong execution from its Growth Portfolio to compensate for the anticipated revenue shortfall. Although new drug approvals and pipeline expansion are critical to its growth strategy, legacy products still account for approximately 44% of total revenues and face varying levels of generic competition and loss-of-exclusivity risk.
Thus, despite an improved near-term revenue outlook, BMY continues to face challenges in sustaining growth as its legacy portfolio comes under increasing competitive pressure.
Oncology is a key therapeutic area of focus for Bristol Myers, which is developing and delivering transformational medicines in this space. However, BMY faces competition from large pharma companies like Merck (MRK - Free Report) and Pfizer.
The immuno-oncology space is dominated by pharma giant MRK’s blockbuster drug Keytruda (pembrolizumab).
Keytruda is approved for several types of cancer and alone accounts for around 48% 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, small molecules, bispecifics and other immuno-oncology biologics that treat a wide range of cancers, including breast cancer, gastrointestinal cancer, genitourinary cancer, hematology-oncology and thoracic cancers, including lung cancer. Pfizer also has oncology biosimilars in its portfolio.
Pfizer strengthened its oncology portfolio through the acquisition of Seagen.
The company 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.
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Image: Shutterstock
Can BMY Navigate Generic Challenges Across Its Key Drug Portfolio?
Key Takeaways
Bristol Myers’ (BMY - Free Report) legacy portfolio, which includes Eliquis, Revlimid, Pomalyst, Sprycel and Abraxane, continues to encounter headwinds from generic competition.
Legacy portfolio revenues fell 5% year over year to $10.7 billion in the first half of 2026, primarily due to generic-related declines in Revlimid, Pomalyst, Sprycel and Abraxane.
Eliquis has been a notable exception, delivering 22% revenue growth in the second quarter on the back of robust demand and further market share gains. Co-marketed globally with Pfizer (PFE - Free Report) , the blood thinner generated $8.6 billion in sales in the first half of 2026, representing a 19% increase from the year-ago period’s level. Its strong performance has helped cushion the impact of declining sales across other legacy products.
BMY also expects the price reduction implemented at the start of 2026 to support U.S. Eliquis sales in the second half by removing the accumulated CPI-related penalty in certain government channels. Following better-than-expected first-half results, management raised its full-year Eliquis revenue growth forecast to 20-25% from 10-15%.
Additionally, Revlimid sales have demonstrated relative resilience despite generic competition in the United States, offering some further support to the legacy portfolio. As a result, BMY now anticipates a 4-6% decline in legacy portfolio revenues for 2026, a significant improvement from its previous expectation of a 12-16% contraction.
The stronger outlook for Eliquis, together with the improved legacy portfolio forecast and solid momentum across the Growth Portfolio, had prompted BMY to raise its 2026 revenue guidance to $49-$50 billion in July (from $46-$47.5 billion).
However, the sustainability of this momentum remains a concern. Management had previously warned that Eliquis could face increasing revenue pressure beyond 2026, with sales expected to decline approximately $1.5-$2 billion in 2027. This anticipated drop could offset some of the revenue gains generated by the Growth Portfolio. Generic competition for the drug in the United States is expected in 2028, adding to longer-term uncertainty.
While Eliquis is positioned to support BMY’s top-line growth in the near term, the company will need continued strong execution from its Growth Portfolio to compensate for the anticipated revenue shortfall. Although new drug approvals and pipeline expansion are critical to its growth strategy, legacy products still account for approximately 44% of total revenues and face varying levels of generic competition and loss-of-exclusivity risk.
Thus, despite an improved near-term revenue outlook, BMY continues to face challenges in sustaining growth as its legacy portfolio comes under increasing competitive pressure.
Competition for BMY’s Key Drugs
BMY’s growth portfolio primarily comprises Opdivo, Orencia, Yervoy, Reblozyl, Opdualag, Abecma, Zeposia, Breyanzi, Camzyos, Sotyku, Krazati and others.
Oncology is a key therapeutic area of focus for Bristol Myers, which is developing and delivering transformational medicines in this space. However, BMY faces competition from large pharma companies like Merck (MRK - Free Report) and Pfizer.
The immuno-oncology space is dominated by pharma giant MRK’s blockbuster drug Keytruda (pembrolizumab).
Keytruda is approved for several types of cancer and alone accounts for around 48% 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, small molecules, bispecifics and other immuno-oncology biologics that treat a wide range of cancers, including breast cancer, gastrointestinal cancer, genitourinary cancer, hematology-oncology and thoracic cancers, including lung cancer. Pfizer also has oncology biosimilars in its portfolio.
Pfizer strengthened its oncology portfolio through the acquisition of Seagen.
The company 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.
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