Key Takeaways BMY's legacy portfolio revenues fell 20% in Q1, hit by generics and Medicare Part D redesign. Revlimid, Pomalyst, Sprycel and Abraxane all saw double-digit sales declines from generic competition. Eliquis dropped 4%, but BMY expects recovery in H2 2025 as Medicare coverage gap is eliminated.Bristol Myers’ (BMY) legacy portfolio comprises Eliquis, Revlimid, Pomalyst, Sprycel and Abraxane.Revenues for the Legacy Portfolio plunged 20% in the first quarter to $5.64 billion due to the continued g ...

Core Insights - Bristol Myers (BMY) is focusing on newer drugs like Opdualag, Reblozyl, and Breyanzi to stabilize its revenue as legacy drugs face generic competition [1][9] - The performance of new drugs is crucial for BMY's growth, with Reblozyl showing strong growth in treating myelodysplastic syndromes-associated anemia [2] - BMY's shares have declined 15% year to date, underperforming the industry, which has seen a decline of 3.4% [8] Revenue and Drug Performance - Legacy drugs such as Revlimid, Pomalyst, Sprycel, and Abraxane are negatively impacted by generic competition and changes in U.S. Medicare Part D [1][9] - Sales of Eliquis, a blood thinner, decreased by 4% in the first quarter due to the Medicare Part D redesign [1] - Opdivo, a leading immuno-oncology drug, has experienced revenue growth primarily driven by volume [3] New Drug Approvals and Market Expansion - BMY has received FDA approval for xanomeline and trospium chloride (Cobenfy), a new treatment for schizophrenia, which is expected to contribute significantly to revenue [3][4] - Reblozyl is anticipated to have a substantial impact on BMY's revenue in the coming decade due to its strong performance [2] Competitive Landscape - The immuno-oncology market is competitive, with Merck's Keytruda dominating and accounting for around 50% of Merck's pharmaceutical sales [5] - Pfizer is also a significant player in oncology, with a diverse product portfolio and recent licensing agreements to enhance its offerings [6][7] Valuation and Earnings Estimates - BMY is trading at a forward earnings multiple of 7.34x, below its historical average of 8.54x and the large-cap pharma industry's average of 14.79x [9][10] - The Zacks Consensus Estimate for BMY's earnings per share has decreased over the past 60 days, indicating a downward trend in earnings expectations [11]

Company Overview - Bristol-Myers Squibb is a leading global specialty biopharmaceutical company focused on developing treatments for severe diseases [12] - The company has a diverse portfolio that includes blockbuster immuno-oncology drug Opdivo and essential immunology and cardiovascular drugs like Orencia and Eliquis [12] Financial Performance - For fiscal 2025, 11 analysts have revised their earnings estimate upwards in the last 60 days, increasing the Zacks Consensus Estimate by $0.10 to $6.85 per share [13] - Bristol-Myers Squibb boasts an average earnings surprise of 20.2% [13] Investment Ratings - The company currently holds a 3 (Hold) rating on the Zacks Rank, with a VGM Score of A [13] - Bristol-Myers Squibb has a Momentum Style Score of B, and its shares have increased by 4.2% over the past four weeks [13] - With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, Bristol-Myers Squibb is recommended for investors' short list [14]

Core Insights - Bristol Myers Squibb (BMY) has entered a strategic collaboration with BioNTech (BNTX) for the co-development and co-commercialization of the bispecific antibody BNT327, targeting multiple solid tumor types [1][9]. Company Developments - BNT327 is a next-generation bispecific antibody that targets PD-L1 and VEGF-A, currently in trials with over 1,000 patients, including phase III studies for extensive stage small cell lung cancer (ES-SCLC) and non-small cell lung cancer (NSCLC) [2][4]. - BMY will make an upfront payment of $1.5 billion to BioNTech, with additional non-contingent anniversary payments of $2 billion through 2028, and up to $7.6 billion in potential milestone payments [3][9]. Financial Performance - BMY's shares have declined by 13.6% year-to-date, compared to a 3.3% decline in the industry [8]. - The company is trading at a price/earnings ratio of 7.31x forward earnings, lower than its historical mean of 8.55x and the large-cap pharma industry's average of 14.95x [10]. Earnings Estimates - The Zacks Consensus Estimate for BMY's 2025 earnings per share has increased to $6.85 from $6.75 over the past 60 days, while the estimate for 2026 has decreased [11].

Core Viewpoint - The article discusses the competitive landscape of the injectable paclitaxel (albumin-bound) market in the U.S., highlighting the success of domestic companies like Double-Crane Pharmaceutical in overcoming patent barriers and achieving FDA approval for multiple indications, while also addressing the challenges faced by other companies in the same sector [1][2][5]. Group 1: U.S. Competitive Landscape - Double-Crane Pharmaceutical received FDA approval for its injectable paclitaxel (albumin-bound) in May 2025, marking it as one of the few Chinese anti-tumor generics to enter the U.S. market [2]. - The company successfully challenged the original patent of Abraxane, leading to a settlement that allowed it to bypass the patent barrier and secure approval for three indications: metastatic breast cancer, non-small cell lung cancer, and pancreatic cancer [2][6]. - Another domestic company faced challenges and only received approval for a single indication (metastatic breast cancer) due to differences in clinical data submission and patent challenge strategies [3]. Group 2: Industry Competition - The U.S. market for albumin-bound paclitaxel generics is characterized by high barriers to entry and low approval rates, with significant technical and patent challenges [5]. - Key factors contributing to the competitive landscape include complex manufacturing processes, stringent FDA requirements, and a dense patent network surrounding the original drug [5][12]. - Double-Crane's success is attributed to its robust R&D and registration strategies, effective GMP management, and a well-planned patent challenge approach [8][10]. Group 3: Market Impact - The case of Double-Crane serves as a reference for other Chinese pharmaceutical companies looking to enter international markets, emphasizing the need to balance patent risks with market opportunities [8]. - The U.S. market for albumin-bound paclitaxel is projected to grow, with estimates indicating a market size of $12.8 billion by 2025, driven by the entry of generics and expanded indications [8][10]. - The competitive landscape is expected to evolve, with a forecasted market size of $18.5 billion by 2030, influenced by the adoption of combination therapies [8]. Group 4: Domestic Competitive Landscape - The domestic market for albumin-bound paclitaxel is highly competitive, with multiple manufacturers and aggressive pricing strategies [12]. - Double-Crane's product has not yet received approval in China, indicating a potential gap in its domestic strategy [12]. - The pricing pressure in the domestic market is evident, with prices for competing products dropping significantly, raising questions about Double-Crane's willingness to engage in domestic competition [12].