Bristol Myers Sees 12-16% Legacy Drug Revenue Decline, 2026 Sales Guidance Cut to $46.0-$47.5B
Bristol Myers’ legacy portfolio revenues fell 15% in Q4 to $5.1 billion and dropped 15% to $21.8 billion for full-year 2025, representing 45% of total $48.2 billion sales. The company forecasts a further 12-16% decline in legacy products next year as it guides 2026 revenue to $46.0-$47.5 billion.
1. Legacy Portfolio Decline
Bristol Myers’ legacy drugs—Eliquis, Revlimid, Pomalyst, Sprycel and Abraxane—saw revenues drop 15% to $5.1 billion in Q4 and fell 15% to $21.8 billion for 2025, representing 45% of $48.2 billion in total sales. Generic competition drove erosion across multiple franchises.
2. Eliquis Growth Forecast
Despite portfolio pressure, Eliquis generated $14.4 billion in 2025, up 8% year over year, and is projected to grow 10-15% in 2026. This outlook factors in a recent price reduction to boost access and eliminate the inflation penalty, with sales weighted to the second half.
3. 2026 Revenue Guidance and Valuation
Management expects total revenues of $46.0-$47.5 billion in 2026, down from $48.2 billion in 2025, reflecting a 12-16% fall in legacy portfolio revenues. Shares trade at about 9.96x forward earnings versus a large-cap pharma average of 18.76x, with EPS estimates at $6.13 for 2026.