Is One Older Drug The Biggest Risk To Bristol Myers Squibb Stock

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Bristol Myers Squibb (BMY) sold about $4.5 billion of its blood thinner Eliquis in fiscal Q2 2026, representing roughly a third of the company's revenue. The concentration matters because management groups Eliquis within its legacy portfolio, a collection of older drugs facing generic copies, whose combined sales it expects to fall in 2026. Put simply, about a third of all sales comes from one medication, while the company's non-Eliquis portfolio was collectively weighed down by ongoing generic pressure across older legacy treatments during fiscal Q2 2026. So why are Eliquis sales still rising, and how much of the company's growth comes from them?

Why Are Bristol Myers Squibb's Eliquis Sales Still Rising?

Eliquis sales rose 21% in fiscal Q2 2026. On the July 30 call, management said strong demand and continued market share gains drove the increase. This upward momentum nearly made up for falling sales across the rest of the legacy portfolio, where generic copies have entered the market.

Bristol Myers Squibb divides its medicines into a growth portfolio and a legacy portfolio, classifying Eliquis in the older group. Management now expects legacy portfolio revenue to fall between 4% and 6% for 2026, marking a smaller drop than it expected before.

Bristol Myers Squibb Grows At Half The Market's Pace

Bristol Myers Squibb's revenue grew by an average of 2.9% a year over the last three years, trailing the 5.9% average for the S&P 500. Excluding currency effects, management said total revenue rose 5% in fiscal Q2 2026, to about $13 billion, while Eliquis sales grew 21% on the same basis, adding about $0.8 billion.
So the blood thinner added more sales than the entire company did, and the remaining drugs collectively sold slightly less than they did a year earlier. For a business growing this slowly, any slowdown in Eliquis would show up in total sales almost at once.

Is The Eliquis Risk In Bristol Myers Squibb's Price?

The current share price likely already assumes slow growth. Bristol Myers Squibb trades at 13.6 times its trailing earnings, compared with 23.0 for the S&P 500. Even so, the stock returned 47.7% over the year to October 20, 2026, outpacing the 17.1% return for the index.

Against the worry, the growth portfolio is gaining ground. Management said growth portfolio revenue rose 14% to $7.6 billion in fiscal Q2 2026, and the segment now makes up nearly 60% of the company's revenue. Management also raised its outlook for Eliquis, and now projects revenue growth of 20% to 25% for 2026.

Management has also said there is a need for a medicine with a lower bleeding risk than Eliquis. The company is currently studying a drug called milvexian, which it calls a significant commercial opportunity. One point cuts the other way: the company now expects the milvexian atrial fibrillation study to read out in the first quarter of 2027, later than the late 2026 timing it provided earlier.

A holder has reason for measured concern rather than alarm. Eliquis is still growing, and management said the growth portfolio offset the legacy decline in fiscal Q2 2026. But management still expects Eliquis sales to step down by $1.5 billion to $2 billion in 2027, and Eliquis loses exclusivity in April 2028. Eliquis sales, measured against management's 2026 guide of 20% to 25% growth, are the number to watch when Bristol Myers Squibb reports fiscal Q3 2026 results, expected on or around October 29, 2026.

How To Act On BMY?

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