Bristol-Myers Squibb Company

Bristol-Myers Squibb Company is an American global biopharmaceutical company that discovers, develops, and commercializes innovative medicines across oncology, hematology, immunology, cardiovascular, and neuroscience, generating $48.2 billion in revenue in fiscal 2025. With approximately 32,500 employees and operations in over 40 countries, it ranks among the world's largest pure-play pharmaceutical companies by revenue, anchored by the blockbuster anticoagulant Eliquis and an expanding portfolio of first-in-class and best-in-class growth products.

This is a story about a company executing a deliberate transition under fire. Bristol Myers Squibb entered 2026 with roughly $22 billion of its $48 billion top line coming from a legacy portfolio facing a concentrated wave of patent expirations — Revlimid generics eroded from $12.8 billion in 2021 to $3.0 billion in 2025, Pomalyst generics reached the U.S. market in early 2026, and Eliquis, the $14.4 billion crown jewel, faces European loss of exclusivity in late 2026 and U.S. generic entry in 2028 — all while Medicare price negotiation under the Inflation Reduction Act already began compressing Eliquis economics in January 2026. Management has been racing to build a growth portfolio capable of absorbing these losses, and the early returns are real: the Growth Portfolio grew 17% in 2025 to $26.4 billion, outpacing a roughly $4 billion decline in the legacy book. The file turns on whether the pipeline — anchored by Milvexian (Factor XIa anticoagulant), the CELMoD protein degraders, admilparant (LPA1 antagonist), and Cobenfy label expansions — can deliver enough clinical and commercial success to bridge the company through the LOE valley and into a second growth era.