Description

Bristol Myers Squibb: Admilparant’s Pulmonary Fibrosis Bet—A Breakthrough Opportunity or Clinical Risk?

Bristol-Myers Squibb reported solid financial and operational results for full-year 2025, reflecting steady progress in reshaping its portfolio toward sustained growth. The company’s growth portfolio expanded by 17% for the year and 15% in the fourth quarter, nearly offsetting an approximate $4 billion revenue decline in its legacy portfolio. Notable contributors were recently launched products including Opdualag, Breyanzi, Camzyos, and Reblozyl—each exceeding $1 billion in full-year sales, with Reblozyl surpassing $2 billion. These sales gains underscore the early commercial traction of newer therapies across oncology, cardiovascular, and immunology segments. In oncology, Opdivo grew 7% in Q4, supported by new indications and first-line non-small cell lung cancer share gains. Breyanzi’s revenue increased 47%, driven by expanded use across multiple approved indications. Cardiovascular revenues were bolstered by Eliquis, which grew 6% in the quarter on increased demand and market share gains despite pricing pressures and ongoing patent expiries, with U.S.