New York, February 5, 2026, 12:48 (ET) — Regular session
- BMY shares rose despite a weaker market, buoyed by the drugmaker’s 2026 outlook
- The near-term debate centers on Eliquis pricing and the decline of older drugs
- Traders are closely tracking if new launches will continue to make up for drops in legacy products
Bristol Myers Squibb (BMY) shares climbed 1.7% to $58.58 by midday Thursday, having peaked earlier at $60.54. This came as the S&P 500 slipped around 0.7%, with health-care stocks also drifting lower.
The stock move matters because investors have been grappling with what Bristol looks like after years of decline in its older drugs. This year’s outlook offers one of the first clear glimpses into how the company plans to stabilize revenue while adjusting prices on its top-selling brand.
Eliquis and Opdivo remain the heavy hitters. Yet the market’s patience is wearing thin: Bristol must prove its newer products aren’t just a string of launches but can genuinely support the business as the legacy portfolio declines.
Bristol Myers reported a 1% rise in quarterly revenue to $12.5 billion, with adjusted earnings hitting $1.26 per share. Sales in its growth portfolio climbed 16%, but the legacy portfolio fell 15%. Looking ahead to 2026, the company projects revenue between $46.0 billion and $47.5 billion and adjusted earnings of $6.05 to $6.35 per share, while expecting the legacy portfolio to drop 12% to 16%. CEO Christopher Boerner described 2026 as “data-rich,” highlighting several key trial readouts slated for the year’s second half. Bristol Myers Squibb
Bristol made a case for Eliquis continuing to grow despite a pricing reset. The company projects Eliquis revenue will climb 10% to 15% this year and hit $14.4 billion by 2025, even though it’s among the first drugs targeted by Medicare price negotiations under the Inflation Reduction Act. Adam Lenkowsky, Bristol’s chief commercialization officer, said a lower list price should help avoid Medicare rebate penalties tied to price hikes that outpace inflation, calling Eliquis “an important driver of growth in 2026.” The company also warned sales could drop $1.5 billion to $2 billion in 2027 when European patent protection expires. Reuters
An SEC filing revealed the company submitted its earnings press release and investor presentation in an 8-K on Thursday.
The setup isn’t straightforward. Should the Eliquis price move lose steam on volume—or if net pricing faces sharper pressure than anticipated—Bristol’s 2026 outlook might be overly optimistic. The impact from legacy products could emerge sooner than expected.
Opdivo’s performance remains under close scrutiny. The drug faces stiff competition in crowded cancer markets, and investors quickly react to any hint that its market share is slipping or that newer versions aren’t driving extra demand.
In the near term, traders will zero in on how fast the Eliquis pricing reset impacts prescription trends and what management reveals about the pace of legacy declines throughout the year. The second half of the year also stands out, as management highlights a packed pipeline data schedule.
Bristol Myers is set to release its first-quarter results, with a conference call scheduled for April 30 at 8:00 a.m. ET.
