A key focus for Bristol is immuno-oncology, where the firm is a leader in drug development. Bristol-Myers Squibb's growth portfolio revenue rose 15% in Q4 and 17% for the full year, nearly offsetting a $4 billion decline in legacy products. 2026 will be a data-rich year with over 10 pivotal readouts and six potential new product launches, positioning the company for long-term growth.
Cyborg Score Rationale
Bristol-Myers Squibb is upgraded to Buy as its growth portfolio now offsets legacy declines, validating a bullish contrarian thesis. Patent cliffs for Eliquis and Opdivo loom in 2028, but a robust pipeline—seven registrational readouts in 2026—offers multiple upside catalysts. Strong valuation with clinical execution upside, though patent cliff risks require monitoring.
Top Insights
Opdualag, Breyanzi, and Camzyos each surpassed $1 billion in annual sales, and Reblozyl topped $2 billion, demonstrating strong early adoption.
Eliquis fourth quarter revenue grew 6% to nearly $3.5 billion; the company expects 2026 Eliquis growth of 10% to 15%, but is guiding for a $1.5–2 billion revenue step-down in 2027 due to EU patent expirations.
The company achieved $1 billion in cost savings in 2025 and expects to realize an additional $1 billion by 2027.
In September 2024, the Food and Drug Administration approved Cobenfy, the first novel type of treatment for schizophrenia in 70 years.
Named Competitors
Keytruda — Immuno-oncology cancer therapy
Januvia — Diabetes treatment
Herceptin — HER2-positive breast cancer therapy
Ibrance — Cancer therapy for advanced breast cancer
Dupixent — Biologic for eczema and asthma
Recent Developments
(September 2024) FDA approval of Cobenfy, first novel schizophrenia treatment in 70 years