BMS' first-quarter revenues climbed 3% to $11.5 billion, with $6.2 billion of the haul coming from its newer growth product portfolio.
Bristol Myers Squibb’s growth portfolio is offsetting declines in older products as planned, even as star heart drug Camzyos faces new competition.A year ago, in the first quarter of 2025, BMS’ revenue featured an exact even mix of its older legacy portfolio and its new growth products. By the first quarter of 2026, growth products are pulling ahead, with $6.2 billion of its total quarterly haul of $11.5 billion coming from the newer meds, according to a presentation (PDF). Across over a dozen growth products, the 12% sales growth from that sector was primarily attributed to obstructive hypertrophic cardiomyopathy (oHCM) treatment Camzyos, CAR-T cell therapy Breyanzi and blood disease med Reblozyl. Although PD-1 inhibitor Opdivo remained the top earner of the bunch with $2.14 billion in worldwide sales, revenue was down 5% from last year’s first quarter as U.S. sales declined. One threat to BMS’ growth product portfolio was the December approval of Cytokinetics’ (oHCM) treatment Myqorzo (aficamten), a cardiac myosin inhibitor that looks to rival BMS’ Camzyos. But BMS, which acquired Camzyos from its MyoKardia buyout after MyoKardia had created the drug with Cytokinetics, had already been “planning for competition for quite some time,” chief commercialization officer Adam Lenkowsky explained on a conference call with investors. Part of BMS’ confidence in the early days of its competitors’ launch comes from physicians’ comfort level with the more entrenched drug, considering the “very clear” and established infrastructure and workflow under its FDA-mandated risk evaluation and mitigation strategies (REMS) program. As it stands, almost 25,000 patients have been prescribed Camzyos in the U.S., plus “thousands more” across the globe, Lenkowsky said. Lenkowsky also points to Camzyo’s dosing regimen as an advantage over the competition. “Camzyos patients feel better in a matter of weeks, where we see the competition requires multiple titration steps to reach an effective dose,” the executive explained, adding that BMS remains “confident as the leader in the space longer term.” The drug’s 97% year-over-year growth to $314 million beat William Blair analysts’ $278 million estimate, according to a recent note. Meanwhile, in the neuroscience sector, the company is predicting a “steady growth trajectory” for schizophrenia med Cobenfy as it zones in on expanding its adoption, according to BMS’ presentation. After a somewhat underwhelming debut last year for what was said to be a potential blockbuster, the antipsychotic swelled its first-quarter sales by 107% compared to last year, earning a tepid $56 million across the quarter. To boost its reach, the company is studying Cobenfy across a number of new indications, including several relating to Alzheimer’s disease. These indications, such as Alzheimer’s disease psychosis and agitation, is where BMS sees a “real, significant unmet need” that it thinks Cobenfy could play a role in over typical antipsychotic treatments that may hold “significant safety limitations,” Lenkowsky said. The company is expecting to read out pivotal data on Cobenfy in its Alzheimer’s disease psychosis trials this year after some site “irregularities” delayed a planned end-of-2025 read out. Elsewhere, sandwiched within a 6% sales dip across BMS’ collection of older legacy products is growth for Pfizer-partnered Eliquis. Although the drug’s 16% year-over-year revenue increase to $4.13 billion was “more than offset” by generic hits to the rest of the legacy portfolio, the company expects continued worldwide growth throughout the year, to the tune of 10% to 15%. “We’re doing what we said we would do,” CEO Chris Boerner said. “We’re executing across the business, advancing a really differentiated pipeline that we think is going to strengthen the growth profile for the company.”Beyond its new growth products and pipeline, other pillars of driving long-term, sustainable growth for BMS include optimizing R&D operations through AI and focusing on financial discipline, which Boerner said gives “flexibility to invest in growth, to pursue business development where it makes sense and ultimately deliver long-term value.”“There’s always more work to do, but the foundation we built and the momentum we’re seeing give us confidence in the trajectory of our business,” Boerner said.