Is BMY's Growth Portfolio Strong Enough to Offset Legacy Drug Declines?

Bristol Myers Squibb BMY is navigating a revenue mix shift as growth products portfolio now assumes a larger role in the business, helping mitigate the impact of declining sales from mature products facing generics.

The growth portfolio — including Opdivo, Opdivo Qvantig, Orencia, Yervoy, Reblozyl, Camzyos, Breyanzi, Opdualag, Zeposia, Sotyku, Krazati and Cobenfy — is becoming central to top-line resilience.

Sales from this segment rose 13% in the first half of 2026, lifting its contribution to 56% of total revenues from 51.8% in the first half of 2025. The stronger mix underscores improving revenue durability and supports a more favorable long-term growth outlook.

Within this mix, Reblozyl, Breyanzi, Opdualag, Opdivo Qvantig, Camzyos and Cobenfy propelled growth in the first half.

Opdivo Qvantig (nivolumab and hyaluronidase-nvhy - subcutaneous formulation) has witnessed strong uptake across all approved tumor types in the United States. Opdivo Qvantig is now generating annualized revenues of more than $1 billion.

Other key drugs are contributing to revenue growth, though at varying stages of maturity.

Opdualag continues to benefit from robust global demand and its leading position as a standard of care in first-line melanoma in the United States.

Reblozyl continues to deliver a stellar performance, driven by solid uptake in first-line MDS-associated anemia, sustained strength in the second-line setting and further penetration among first-line RS-negative patients.

Breyanzi’s sales continue to be solid, underscoring its strong commercial momentum. Growth is being driven by its best-in-class profile and robust demand across approved large B-cell lymphoma indications in the United States and international markets. The strong performance highlights sustained demand for the therapy and supports expectations for continued commercial expansion.

Cardiovascular drug Camzyos continues to deliver solid performance, supported by ongoing promotional efforts, an expanding base of new patient prescribers and deeper penetration into the community setting.

In immunology, Sotyktu remains an important growth driver. The recent approval in psoriatic arthritis expands its commercial opportunity and strengthens BMY’s presence in rheumatology. Additional upside could come from ongoing phase III programs in systemic lupus erythematosus and Sjögren’s disease, which may further broaden the drug’s addressable market, if successful.

Newer products such as Cobenfy for schizophrenia provide additional long-term optionality. Early launch momentum and potential label expansions could establish Cobenfy as another meaningful growth driver over time.

However, the portfolio transition remains a key challenge. Legacy products, including Eliquis, Revlimid, Pomalyst, Sprycel and Abraxane, still account for 44% of revenues and continue to face significant erosion following the loss of exclusivity for Revlimid, Pomalyst, Sprycel and Abraxane.

BMY’s Competition in Oncology Space

Oncology is a key therapeutic area of focus for Bristol Myers, which is developing and delivering transformational medicines in this space.  

The company competes with big pharma giants like Merck MRK and Pfizer PFE in this space.

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 (ADCs), small molecules, bispecifics and other immune-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’s position in oncology was strengthened with the addition 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.

BMY’s Price Performance, Valuation & Estimates

Shares of Bristol Myers have gained 17.9% year to date compared with the industry’s growth of 6%.

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From a valuation standpoint, BMY is trading at a discount to the large-cap pharma industry. Going by the price/earnings ratio, shares currently trade at 9.63X forward earnings, higher than its mean of 8.62X but lower than the large-cap pharma industry’s 18.91X.

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The Zacks Consensus Estimate for 2026 EPS has moved north to $6.81 from $6.32 in the past 60 days, while that for 2027 EPS has moved north to $6.42 from $6.05 in the same time frame.

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BMY currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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