Bristol Myers Squibb (NYSE:BMY) executives emphasized “focused execution” in 2025 and pointed to continued momentum entering 2026, as the company’s growth portfolio increasingly offsets declines in legacy products. On the company’s fourth-quarter earnings call, management highlighted strong contributions from newer brands, a slate of late-stage pipeline catalysts expected this year, and 2026 guidance that reflects ongoing loss-of-exclusivity (LOE) headwinds alongside cost discipline.
Growth portfolio performance and Q4 results
Chair and CEO Chris Boerner said the company closed 2025 with “strong fourth quarter performance,” with the growth portfolio up 15% year-over-year in the quarter and up 17% for the full year. Boerner noted that, despite a roughly $4 billion decline in revenue from the legacy portfolio during 2025, the growth portfolio “nearly offset all of that.”
Management also highlighted full-year sales milestones, including:
- Opdualag, Breyanzi, and Camzyos each contributing over $1 billion in 2025 sales
- Reblozyl delivering over $2 billion in 2025 sales
Key brands: Opdivo, Eliquis, Camzyos, Cobenfy and launches
On product-level results, Elkins said Opdivo revenue rose 7% in the fourth quarter to nearly $2.7 billion, driven by new indications and continued share gains in first-line non-small cell lung cancer. The Opdivo Subcutaneous launch generated $133 million in Q4 revenue. Chief Commercialization Officer Adam Lenkowsky later said the subcutaneous formulation saw uptake across multiple tumor types and both monotherapy and combination settings, with adoption supported by a permanent J-code received in July. The company reiterated its expectation that physicians will convert 30% to 40% of the IV business ahead of LOE.
Breyanzi Q4 revenue increased 47%, which Elkins said was driven by demand across approved indications. Boerner also noted Breyanzi received FDA approval in December as the “first and only” CAR-T therapy for adults with relapsed or refractory marginal zone lymphoma, expanding its approvals across five cancer types.
Eliquis generated nearly $3.5 billion in Q4 revenue, up 6%, driven by demand growth and market share gains; U.S. revenue increased 4%. Executives spent significant time discussing Eliquis pricing dynamics. Lenkowsky said the company implemented a roughly 40% wholesale acquisition cost (WAC) reduction, which it said eliminates inflationary penalties tied to statutory rebates, while also citing the effectuation of IRA-related changes beginning January 1 and a finalized “$0 Medicaid agreement.” Management said these combined factors and continued market share gains position Eliquis as an important driver of growth in 2026.
On Camzyos, Elkins said Q4 revenue grew 57% to $353 million, supported by global demand growth, an expanded U.S. prescriber base, and launches in more than 50 countries.
In neuroscience, Cobenfy posted $51 million in Q4 revenue. Lenkowsky said the product recorded over 100,000 total prescriptions since launch and has “virtually 100%” access across Medicaid and Medicare, with commercial access approaching 70%. He said the company expects “steady growth,” while also characterizing new indications as the likely source of future “inflections.”
Pipeline and upcoming catalysts
Management described 2026 as a “data-rich” period. Boerner said the pipeline could support more than 10 new medicines and over 30 meaningful launch opportunities by 2030. For 2026 specifically, the company expects top-line registrational data for six potential new products, including milvexian (atrial fibrillation and secondary stroke prevention), admilparant (idiopathic pulmonary fibrosis), Iberdomide, Mezigdomide and BMS-986393 (relapsed/refractory multiple myeloma), and RYZ101 (second-line-plus GEP-NETs). The company also anticipates pivotal line extension readouts for Sotyktu in lupus and Cobenfy in Alzheimer’s disease psychosis.
On milvexian in atrial fibrillation, Chief Medical Officer Christian Massacesi said enrollment is complete with more than 20,000 patients and that the data monitoring committee (DMC) has continued to endorse trial progression. He said the study is designed to show non-inferiority versus apixaban for efficacy, followed by a test for superiority on bleeding outcomes, and he expressed confidence based on blinded safety observations and DMC feedback.
For admilparant (an LPA-1 candidate) in pulmonary fibrosis, executives said they believe the drug could deliver improved efficacy and tolerability, including low rates of gastrointestinal issues, which they described as a challenge for existing therapies. Massacesi addressed hypotension and syncopal episodes observed in phase II, saying the risk is being managed in phase III and that a DMC allowed progression after a run-in assessing safety at higher dosing.
In oncology development, Boerner cited phase II data shared with BioNTech for Pemidomig in triple-negative breast cancer, describing encouraging antitumor response and a manageable safety profile. The company said it has announced additional planned studies, targeting eight registrational studies expected to be underway by year-end, including two initiating in non-small cell lung cancer. Massacesi also discussed the company’s PD-(L)1/VEGF bispecific program (referred to as Fumitomab during Q&A), saying the company has started or plans to start seven pivotal studies across multiple indications, with an eighth announced in head and neck cancer.
2026 guidance, cost savings, and LOE expectations
For 2026, the company guided to revenue of $46.0 billion to $47.5 billion. Boerner said the range reflects continued strong performance from the growth portfolio and an expected legacy portfolio revenue decline of 12% to 16% due to LOE impacts. Management projected Eliquis growth of 10% to 15% in 2026, which it tied to global demand growth and pricing actions intended to expand access and eliminate inflation penalties.
Elkins guided to non-GAAP adjusted diluted EPS of $6.05 to $6.35. The company expects gross margin of 69% to 70%, with mix effects including higher Eliquis and lower Revlimid and Pomalyst revenue. Operating expenses are expected to decline to approximately $16.3 billion.
Executives also reviewed progress on a $2 billion strategic productivity initiative. Elkins said the company delivered approximately $1 billion in savings in 2025 and remains on track to realize the remaining $1 billion over 2026 and 2027, while continuing to reinvest in newer launches and development programs.
On Eliquis beyond 2026, Elkins said the company expects 2027 Eliquis sales to step down by roughly $1.5 billion to $2 billion versus 2026, which he characterized as broadly consistent with existing analyst estimates. In Q&A, management pointed to expected LOE impacts outside the U.S., with Investor Relations head Chuck Triano noting European patents largely expire late in 2026, and executives anticipating a rapid decline typical for small molecules outside the U.S.
The company ended 2025 with approximately $11 billion in cash, equivalents, and marketable securities, Elkins said. Management also noted it completed a targeted $10 billion debt paydown ahead of schedule and generated about $2 billion of cash flow from operations in the fourth quarter.
About Bristol Myers Squibb (NYSE:BMY)
Bristol Myers Squibb is a global biopharmaceutical company headquartered in Princeton, New Jersey, focused on discovering, developing and delivering medicines for serious diseases. The company’s core activities include research and development, clinical development, manufacturing and commercialization of prescription pharmaceuticals across multiple therapeutic areas. BMS concentrates on advancing therapies in oncology, hematology, immunology, cardiovascular disease and specialty areas through both small molecules and biologics.
BMS’s marketed portfolio and late‑stage pipeline reflect a strong emphasis on cancer and immune‑mediated conditions.
