Bristol Myers Squibb raises Eliquis growth forecast to 20-25% in 2026

Bristol Myers Squibb Company (BMY) has increased its 2026 revenue outlook for Eliquis to a growth range of 20-25%, up from prior guidance of 10-15%, as the company projects that strong global demand for the co-developed anticoagulant will partially offset broader declines in its legacy portfolio. The adjustment comes amid a year in which BMY shares have rallied 35.8%, outperforming both the S&P 500 and the industry's 11% growth rate.

The company's top-line momentum is driven primarily by its Growth Portfolio, which accounted for approximately 56% of total revenues in the first half of 2026. Key contributors include Opdivo Qvantig, which has surpassed $1 billion in annualized revenues as uptake increases across approved tumor types, and Reblozyl, developed in partnership with Merck (MRK), which continues to see solid uptake in first-line MDS-associated anemia. Camzyos also gained adoption following FDA approval for symptomatic obstructive hypertrophic cardiomyopathy in adults and pediatric patients weighing at least 30 kg.

While the legacy portfolio faces headwinds from generic competition, with a 5% revenue decline recorded in the first half of 2026 affecting products such as Revlimid, Pomalyst, Sprycel, and Abraxane, the company now anticipates the total legacy portfolio revenue decline to be in the range of 4-6%. Eliquis continues to deliver demand-driven growth that nearly offsets these declines across the remainder of the segment.

Pipeline progress provides additional long-term support. The FDA recently granted accelerated approval to Zenbexus, the first FDA-approved cereblon E3 ligase modulator, for adults with multiple myeloma who have received at least one prior line of therapy. Bristol Myers also has a new drug application under FDA review for mezigdomide, with a target action date of May 13, 2027. The company reported positive phase II results for arlo-cel, a potential first-in-class autologous GPRC5D-directed CAR T-cell therapy, in heavily pretreated patients with relapsed and refractory multiple myeloma.

Valuation metrics suggest the stock remains inexpensive relative to industry peers. Shares currently trade at 8.94x forward earnings, compared to a large-cap pharma industry average of 18.18x. However, the Zacks Consensus Estimate for 2026 earnings per share has dipped slightly to $6.80 from $6.81 over the past 60 days, while the estimate for 2027 has increased to $6.56 from $6.42.

Despite the strong share price performance and pipeline developments, Zacks Investment Research notes that much of the near-term optimism is already reflected in BMY's share price. The firm maintains a Zacks Rank #3 (Hold) on the stock, suggesting that new investors may prefer to wait for more attractive entry points while existing shareholders could hold their positions supported by a dividend yield of approximately 4.26%.