Can BMY's Growth Portfolio Drive Top-Line Expansion in 2026?

Core Insights - Bristol Myers Squibb (BMY) is experiencing a transition in its revenue base, with growth from newer products partially offsetting declines in legacy drugs [1] Revenue Performance - Sales from BMY's growth portfolio increased by 17% in the first nine months of 2025, while revenues from legacy products declined by 16% due to generic competition [1][9] - The legacy portfolio, which includes drugs like Revlimid, Pomalyst, Sprycel, and Abraxane, is under pressure from loss of exclusivity [2] - The growth portfolio includes drugs such as Opdivo, Reblozyl, and Breyanzi, which are crucial for stabilizing top-line performance [2] Key Products - The immuno-oncology (IO) portfolio, including Reblozyl, Camzyos, and Breyanzi, is maintaining momentum for the company [3] - Opdivo has sustained sales momentum, particularly in MSI-high colorectal cancer and first-line non-small cell lung cancer, with projected high single-digit to low double-digit growth for global sales [4] - Reblozyl has surpassed an annualized sales run rate of $2 billion, driven by demand in first-line thalassemia settings [5] - Breyanzi has exceeded $1 billion in annualized sales, reflecting adoption in large B-cell lymphoma [5] Competitive Landscape - Oncology is a key focus area for BMY, with significant competition from Merck's Keytruda, which accounts for around 50% of Merck's pharmaceutical sales [7] - Pfizer is also a major player in oncology, with a diverse product portfolio that includes antibody-drug conjugates and biosimilars [8] Financial Metrics - BMY's shares have decreased by 4.2% over the past year, while the industry has grown by 20.2% [11] - BMY is trading at a price/earnings ratio of 9.01x forward earnings, which is lower than the large-cap pharma industry's 17.56x [12] - The Zacks Consensus Estimate for 2025 earnings per share has increased, while the estimate for 2026 has decreased [13]