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Can BMY Sustain Growth in Its Cardiovascular Franchise?
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Key Takeaways
BMY expanded Camzyos' FDA approval to pediatric oHCM patients, widening its addressable market.
Camzyos sales surged 61% to $1.1 billion, while Eliquis revenues rose 21% to $13.3 billion in nine months.
Milvexian's late-stage trial results in 2026 and 2027 could shape BMY's cardiovascular pipeline prospects.
Bristol Myers Squibb (BMY - Free Report) is looking to strengthen its cardiovascular franchise through label expansions for established drugs and the development of promising pipeline candidates.
Camzyos (mavacamten) is one of the key growth drivers in this portfolio. The FDA initially approved the drug in 2022 for treating adults with symptomatic New York Heart Association (NYHA) class II-III obstructive hypertrophic cardiomyopathy (oHCM). In September 2026, the FDA expanded its approval to include pediatric patients weighing at least 30 kg (66 lbs) with symptomatic oHCM, making Camzyos the first cardiac myosin inhibitor approved for this patient population.
With the latest label expansion, Camzyos now has the broadest indication among cardiac myosin inhibitors, giving Bristol Myers access to a wider patient population and supporting sustained sales growth. The expanded indication also strengthens the drug's competitive positioning in the oHCM market by extending its reach beyond adults.
The commercial momentum for Camzyos has been encouraging. Sales surged 61% year over year in the first nine months of 2026 to $1.1 billion, highlighting the drug's growing contribution to Bristol Myers' top line.
Further supporting the drug's growth prospects, Bristol Myers recently presented 56-week results from the phase III SCOUT-HCM study in a late-breaking presentation at the Hypertrophic Cardiomyopathy Medical Society Scientific Sessions. The study evaluated the efficacy and safety of Camzyos in pediatric patients aged 12 to under 18 years with symptomatic oHCM. These longer-term findings provide additional clinical evidence supporting the use of Camzyos in younger patients.
For BMY, sustaining Camzyos' growth is particularly important as the company navigates mounting revenue pressure from patent expirations affecting several legacy medicines.
Another major contributor to BMY's cardiovascular franchise is Eliquis, its blood thinner medicine developed and commercialized under a worldwide co-development and co-commercialization agreement with Pfizer. Eliquis is one of the company's largest revenue-generating products, with sales reaching $13.3 billion in the first nine months of 2026, up 21% year over year. This strong performance underscores the drug's continued importance to BMY’s overall revenue growth.
Eliquis continues to benefit from solid demand, providing a meaningful cushion against declining sales of other legacy medicines. Bristol Myers expects Eliquis revenues to increase 20-25% in 2026, reflecting continued commercial strength.
However, the anticipated loss of exclusivity in Europe poses a significant headwind to the drug's longer-term growth outlook. Continued growth in the United States is expected to partly offset the pressure from generic competition in Europe, although the extent of this mitigation will be an important factor to monitor.
Beyond its marketed cardiovascular medicines, Bristol Myers is also investing in pipeline development to sustain the franchise's long-term growth potential. A key candidate is milvexian, an investigational oral, highly selective factor XIa (FXIa) inhibitor being developed in collaboration with Johnson & Johnson.
Milvexian is being evaluated in two late-stage clinical studies: Librexia AF, which is investigating the candidate in patients with atrial fibrillation (AF), and Librexia STROKE, which is evaluating its potential for secondary stroke prevention (SSP).
Bristol Myers expects to report data from the LIBREXIA-STROKE study in 2026, followed by results from the Librexia AF study in the first quarter of 2027. These clinical milestones will be important in determining milvexian's commercial potential and its ability to strengthen the company's cardiovascular pipeline.
However, the development program has also encountered setbacks. In late 2025, the company decided to discontinue the late-stage Librexia ACS study on milvexian. Consequently, while Camzyos and Eliquis provide a strong commercial foundation, the growth of BMY's cardiovascular franchise will also depend on continued execution, successful clinical development and its ability to navigate upcoming patent-related challenges.
Competition for BMY’s Camzyos
Cytokinetics (CYTK - Free Report) became a direct competitor to Bristol Myers Squibb in the oHCM market after securing FDA approval for Myqorzo (aficamten) in December 2025. As Cytokinetics’ first approved product, Myqorzo marks its transition to a commercial-stage company.
While Camzyos benefits from an established commercial presence and extensive clinical and real-world data, Myqorzo’s initial uptake has been encouraging and could gradually increase competitive pressure on BMY’s cardiovascular franchise.
Cytokinetics recently initiated ASPEN-HCM, a prospective, multicenter observational study designed to evaluate the real-world use of Myqorzo in adults with symptomatic oHCM.
CYTK generated product revenues of $74.6 million in the first nine months of 2026.
A potential competitor is Edgewise Therapeutics, Inc. (EWTX - Free Report) , which is advancing a cardiovascular pipeline targeting HCM, heart failure, and other cardiovascular and cardiometabolic conditions.
EWTX’s lead candidate, EDG-7500, is a novel, oral, selective cardiac sarcomere modulator. EWTX received favorable FDA feedback at its end-of-phase II meeting on EDG-7500 for symptomatic obstructive and nonobstructive HCM.
Following the meeting, the company submitted its proposed STRATUS-HCM phase III protocol, featuring an echo-independent dose-escalation approach based on investigators' assessment of patient tolerability. Edgewise remains on track to initiate the STRATUS-HCM study in the fourth quarter of 2026.
BMY’s Price Performance, Valuation & Estimates
Shares of Bristol Myers have gained 15.5% year to date compared with the industry’s growth of 10.4%.
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, its shares currently trade at 9.52X forward earnings, higher than its mean of 8.8X but lower than the large-cap pharma industry’s 19.82X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for 2026 EPS has moved south to $6.47 from $6.70 in the past 30 days, while that for 2027 EPS has improved to $6.58 from $6.54 over the same time frame.
View the Zacks #1 Rank List
Image: Shutterstock
Can BMY Sustain Growth in Its Cardiovascular Franchise?
Key Takeaways
Bristol Myers Squibb (BMY - Free Report) is looking to strengthen its cardiovascular franchise through label expansions for established drugs and the development of promising pipeline candidates.
Camzyos (mavacamten) is one of the key growth drivers in this portfolio. The FDA initially approved the drug in 2022 for treating adults with symptomatic New York Heart Association (NYHA) class II-III obstructive hypertrophic cardiomyopathy (oHCM). In September 2026, the FDA expanded its approval to include pediatric patients weighing at least 30 kg (66 lbs) with symptomatic oHCM, making Camzyos the first cardiac myosin inhibitor approved for this patient population.
With the latest label expansion, Camzyos now has the broadest indication among cardiac myosin inhibitors, giving Bristol Myers access to a wider patient population and supporting sustained sales growth. The expanded indication also strengthens the drug's competitive positioning in the oHCM market by extending its reach beyond adults.
The commercial momentum for Camzyos has been encouraging. Sales surged 61% year over year in the first nine months of 2026 to $1.1 billion, highlighting the drug's growing contribution to Bristol Myers' top line.
Further supporting the drug's growth prospects, Bristol Myers recently presented 56-week results from the phase III SCOUT-HCM study in a late-breaking presentation at the Hypertrophic Cardiomyopathy Medical Society Scientific Sessions. The study evaluated the efficacy and safety of Camzyos in pediatric patients aged 12 to under 18 years with symptomatic oHCM. These longer-term findings provide additional clinical evidence supporting the use of Camzyos in younger patients.
For BMY, sustaining Camzyos' growth is particularly important as the company navigates mounting revenue pressure from patent expirations affecting several legacy medicines.
Another major contributor to BMY's cardiovascular franchise is Eliquis, its blood thinner medicine developed and commercialized under a worldwide co-development and co-commercialization agreement with Pfizer. Eliquis is one of the company's largest revenue-generating products, with sales reaching $13.3 billion in the first nine months of 2026, up 21% year over year. This strong performance underscores the drug's continued importance to BMY’s overall revenue growth.
Eliquis continues to benefit from solid demand, providing a meaningful cushion against declining sales of other legacy medicines. Bristol Myers expects Eliquis revenues to increase 20-25% in 2026, reflecting continued commercial strength.
However, the anticipated loss of exclusivity in Europe poses a significant headwind to the drug's longer-term growth outlook. Continued growth in the United States is expected to partly offset the pressure from generic competition in Europe, although the extent of this mitigation will be an important factor to monitor.
Beyond its marketed cardiovascular medicines, Bristol Myers is also investing in pipeline development to sustain the franchise's long-term growth potential. A key candidate is milvexian, an investigational oral, highly selective factor XIa (FXIa) inhibitor being developed in collaboration with Johnson & Johnson.
Milvexian is being evaluated in two late-stage clinical studies: Librexia AF, which is investigating the candidate in patients with atrial fibrillation (AF), and Librexia STROKE, which is evaluating its potential for secondary stroke prevention (SSP).
Bristol Myers expects to report data from the LIBREXIA-STROKE study in 2026, followed by results from the Librexia AF study in the first quarter of 2027. These clinical milestones will be important in determining milvexian's commercial potential and its ability to strengthen the company's cardiovascular pipeline.
However, the development program has also encountered setbacks. In late 2025, the company decided to discontinue the late-stage Librexia ACS study on milvexian. Consequently, while Camzyos and Eliquis provide a strong commercial foundation, the growth of BMY's cardiovascular franchise will also depend on continued execution, successful clinical development and its ability to navigate upcoming patent-related challenges.
Competition for BMY’s Camzyos
Cytokinetics (CYTK - Free Report) became a direct competitor to Bristol Myers Squibb in the oHCM market after securing FDA approval for Myqorzo (aficamten) in December 2025. As Cytokinetics’ first approved product, Myqorzo marks its transition to a commercial-stage company.
While Camzyos benefits from an established commercial presence and extensive clinical and real-world data, Myqorzo’s initial uptake has been encouraging and could gradually increase competitive pressure on BMY’s cardiovascular franchise.
Cytokinetics recently initiated ASPEN-HCM, a prospective, multicenter observational study designed to evaluate the real-world use of Myqorzo in adults with symptomatic oHCM.
CYTK generated product revenues of $74.6 million in the first nine months of 2026.
A potential competitor is Edgewise Therapeutics, Inc. (EWTX - Free Report) , which is advancing a cardiovascular pipeline targeting HCM, heart failure, and other cardiovascular and cardiometabolic conditions.
EWTX’s lead candidate, EDG-7500, is a novel, oral, selective cardiac sarcomere modulator. EWTX received favorable FDA feedback at its end-of-phase II meeting on EDG-7500 for symptomatic obstructive and nonobstructive HCM.
Following the meeting, the company submitted its proposed STRATUS-HCM phase III protocol, featuring an echo-independent dose-escalation approach based on investigators' assessment of patient tolerability. Edgewise remains on track to initiate the STRATUS-HCM study in the fourth quarter of 2026.
BMY’s Price Performance, Valuation & Estimates
Shares of Bristol Myers have gained 15.5% year to date compared with the industry’s growth of 10.4%.
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, its shares currently trade at 9.52X forward earnings, higher than its mean of 8.8X but lower than the large-cap pharma industry’s 19.82X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for 2026 EPS has moved south to $6.47 from $6.70 in the past 30 days, while that for 2027 EPS has improved to $6.58 from $6.54 over the same time frame.
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.