Key Takeaways BMY's growth portfolio, led by Reblozyl, is expected to support top-line growth in upcoming quarterly results.Reblozyl sales hit $1.66B in the first nine months of 2025, rising 35% year over year on strong demand.BMY faces revenue pressure as generic competition continues to erode sales of legacy brands.Bristol Myers’ (BMY) is banking on its growth portfolio, which comprises Opdivo, Orencia, Yervoy, Reblozyl, Opdualag, Abecma, Zeposia, Breyanzi, Camzyos, Sotyku, Krazati and others, to drive to ...

Core Insights - Bristol Myers is focused on expanding the label for its key drugs, with Reblozyl being a significant contributor, generating $478 million in Q1, reflecting a 35% year-over-year increase [1][9] Drug Indications and Performance - Reblozyl is approved in the U.S. for treating anemia in adult patients with beta thalassemia requiring regular RBC transfusions and for ESA-naïve patients with very low- to intermediate-risk myelodysplastic syndromes [2] - It is also indicated for patients with anemia failing an erythropoiesis stimulating agent and requiring multiple RBC units over 8 weeks [3] Clinical Study Results - The phase III study INDEPENDENCE for Reblozyl did not meet its primary endpoint of RBC transfusion independence in myelofibrosis-associated anemia patients [4] - Despite this, patients showed a numerical improvement in RBC transfusion independence, and several secondary measures indicated a clinically meaningful benefit [5] Competitive Landscape - Keros Therapeutics is developing a competing treatment for transfusion-dependent anemia, having recently initiated a phase III study [6] - Reblozyl also competes with established erythropoiesis-stimulating agents like Procrit, which operates through different mechanisms [7] Financial Performance and Valuation - Bristol Myers' shares have decreased by 9.6% year-to-date, contrasting with the industry growth of 0.7% [8] - The company is trading at a price/earnings ratio of 7.78x forward earnings, lower than its historical mean and the large-cap pharma industry's average of 14.91x [11] Earnings Estimates - The bottom-line estimate for 2025 has been revised down to $6.37 from $6.89 over the past 60 days, with a similar decline for 2026 [12] - Recent consensus estimate trends show a downward revision across multiple time frames [13]