Bristol-Myers Squibb Is Betting Big on Cobenfy — Could This Be the Next Blockbuster Drug?

Bristol-Myers Squibb’s (BMS) Q3 2025 results reflect a mixed performance, characterized by robust growth in its new portfolio and strategic shifts, but also by challenges from legacy products. The company’s growth portfolio demonstrated strong sales, with a 17% increase year-over-year. Growth was primarily driven by their immuno-oncology (IO) products, Reblozyl, Camzyos, and Breyanzi. This positive performance led BMS to revise their full-year revenue guidance upwards, while maintaining the midpoint of their earnings guidance. BMS’s newly launched products, Cobenfy and Qvantig, contributed meaningfully, with Cobenfy showing steady growth supported by positive feedback from physicians. However, despite positive sentiments, there remains a need for deeper market penetration and expanded prescribing patterns to accelerate growth further. Issues such as potential inertia in physician practices, the entrenched nature of current treatments, and the challenge of switching established prescribing habits to new therapies were acknowledged as ongoing challenges that need to be addressed.