Can BMY's Growth Portfolio Counter Legacy Drugs Decline in Q1?

BMY pivots to growth portfolio as legacy drugs decline, with rising new therapies helping offset revenue erosion and reshape the long-term outlook.

Bristol Myers Squibb $BMY BMY is undergoing a strategic revenue transition, with its growth portfolio increasingly driving the company’s investment narrative and helping offset headwinds from legacy products.

The growth portfolio — including Opdivo, Opdivo Qvantig, Orencia, Yervoy, Reblozyl, Camzyos, Breyanzi, Opdualag, Zeposia, Abecma, Sotyku, Krazati and Cobenfy — is becoming central to top-line resilience. Sales from this segment rose 17% in 2025, lifting its contribution to 55% of total revenues from 47% in 2024. This shift signals improving revenue durability and supports a more favorable long-term growth outlook.

Within this mix, the company’s immuno-oncology (IO) portfolio, along with drugs like Camzyos, Breyanzi and Reblozyl, maintains momentum for the company.

Blockbuster IO drug Opdivo has maintained sales momentum, driven by label expansions in newer indications and continued share growth within the first-line non-small cell lung cancer setting.

The approval of Opdivo Qvantig, a subcutaneous formulation, has added incremental growth, with initial uptake proving robust across all approved tumor types in the United States.

Other key drugs are contributing to revenue growth, though at varying stages of maturity.

Opdualag sales remain robust, particularly in the United States, where it continues to serve as a standard of care in first-line melanoma.

Reblozyl has reached an annualized sales run rate above $2 billion, driven by demand in first- and........

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