Bristol Myers Shares Climb as Growth Brands Offset Older Drug Pressure

Bristol Myers Squibb shares gained 35.8% over the past year, compared with 11% growth for the industry, according to Zacks. The publisher pointed to quarterly results and pipeline developments as factors supporting investor sentiment.

The company’s Growth Portfolio accounted for about 56% of revenue in the first half of 2026. Zacks highlighted demand for products including Reblozyl, Camzyos, Breyanzi and Opdualag. Opdivo sales declined during a transition to subcutaneous Opdivo Qvantig in the United States, while Qvantig’s annualized revenue had topped $1 billion.

Generic competition for Revlimid, Pomalyst, Sprycel and Abraxane contributed to a 5% revenue decline in the legacy portfolio during the first half. Bristol Myers raised its Eliquis revenue growth outlook to 20% to 25%, and now expects the legacy portfolio to decline 4% to 6%.

Pipeline developments include the FDA’s accelerated approval of Zenbexus for certain adults with multiple myeloma. A separate application for mezigdomide is under FDA review, with a target action date of May 13, 2027.

Zacks said Bristol Myers shares traded at 8.94 times forward earnings, below the large-cap pharmaceutical industry’s 18.18 times. The publisher also noted that generic competition remains a headwind and that several pipeline programs carry clinical and regulatory risks.