Bristol-Myers Squibb Company (BMY): BCG Matrix [Dec-2025 Updated]

You're looking for a clear map of Bristol-Myers Squibb Company's (BMY) product portfolio as of late 2025, especially as they navigate a massive patent cliff. Honestly, the picture is one of transition: while the behemoth Eliquis is still funding the show with a projected $18.7 billion in 2025 sales, the future is being built by Stars like Opdivo, which hit $4.82 billion in H1 2025, and emerging therapies like Breyanzi and Camzyos, both nearing a $1 billion run rate. Meanwhile, the legacy of Revlimid is clearly in the Dog quadrant, down 41.3% to just $1.77 billion in H1 2025, forcing the company to bet big on Question Marks like Milvexian and the neuroscience pipeline to replace that cash flow. Let's break down exactly where every major asset sits on the BCG Matrix to see who's driving growth and who's funding the pivot.

Background of Bristol-Myers Squibb Company (BMY)

Bristol-Myers Squibb Company (BMY) is an American multinational pharmaceutical company. Its current structure is the result of a merger in 1989 between the Bristol-Myers Company, which traces its roots back to 1887, and the Squibb Corporation, founded in 1858. The company is a component of the S&P 100 and S&P 500 indices.

The firm's primary focus is the discovery, development, manufacturing, and distribution of innovative biopharmaceutical products. Bristol-Myers Squibb operates globally, with its corporate headquarters located in Lawrenceville, New Jersey, and a registered headquarters in Princeton, New Jersey. Dr. Christopher S. Boerner Ph.D. serves as the Chairman and CEO.

Bristol-Myers Squibb concentrates its efforts across several key therapy areas, including oncology, hematology, immunology, cardiovascular health, and neuroscience. As of late 2025, the company has been actively managing the transition from its established products facing generic competition to newer revenue drivers. For instance, in the third quarter of 2025, total revenues reached $12.2 billion, with the full-year 2025 non-GAAP revenue guidance increased to a range of approximately $47.5 billion to $48.0 billion.

The product portfolio is often segmented into a Growth Portfolio and a Legacy Portfolio. The Growth Portfolio showed strong momentum in Q3 2025, with revenues increasing 18% to $6.9 billion, primarily fueled by drugs like Opdivo, Breyanzi, Reblozyl, and Camzyos. Conversely, the Legacy Portfolio saw a decline of 12% in Q3 2025 to $5.4 billion, largely due to the expected generic impact on older blockbusters like Revlimid and Pomalyst. In 2024, the top-selling products by revenue percentage were Eliquis at 28%, Opdivo at 19%, and Revlimid at 12%.

Bristol-Myers Squibb continues to execute strategic mergers and acquisitions to bolster its pipeline. In March 2025, the company completed the acquisition of 2seventy bio for approximately $287 million to secure full U.S. rights to the cell therapy Abecma. Furthermore, in October 2025, Bristol-Myers Squibb entered an agreement to acquire Orbital Therapeutics for $1.5 billion, gaining access to its preclinical in vivo CAR T-cell therapy, OTX-201.

Bristol-Myers Squibb Company (BMY) - BCG Matrix: Stars

You're looking at the products that are currently driving Bristol-Myers Squibb Company's growth engine, the ones with the best market share in markets that are still expanding rapidly. These are the Stars; they consume cash to maintain their leadership position, but they are essential for the company's future Cash Cow status.

For Bristol-Myers Squibb Company, the current Stars are characterized by significant recent sales performance and high growth rates, indicating strong market adoption. Opdivo (nivolumab) remains the immuno-oncology powerhouse, showing sustained momentum even with the launch of its subcutaneous version.

Here's a snapshot of the key financial and statistical data supporting the classification of these assets as Stars:

The growth trajectory for these products is clear, but remember, being a Star means heavy investment is required to defend that market share. Bristol-Myers Squibb Company is clearly funneling resources here to ensure they mature into the next phase of profitability.

Let's look closer at the individual performance metrics that place these products in the high-growth, high-share quadrant:

• Opdivo (nivolumab) generated $4.82 billion in sales for the first half of 2025, marking an 8% increase over the prior comparable period.
• Breyanzi (lisocabtagene maraleucel), the high-growth CAR T therapy, is now annualizing sales of over $1 billion. For instance, its Q3 2025 global sales hit $359 million, representing a 58% year-over-year growth.
• Camzyos (mavacamten), the cardiovascular growth driver, is also annualizing sales over $1 billion. Its Q3 2025 global sales reached $296 million, showing an 88% year-over-year increase.
• Reblozyl (luspatercept) demonstrated significant momentum, with Q4 2024 sales growth exceeding 70% year-over-year, specifically +71%. By Q3 2025, its annualized sales run rate surpassed $2 billion, with Q3 2025 global sales at $615 million.

If Bristol-Myers Squibb Company maintains this success as the markets for these therapies mature and growth slows, you can expect these assets to transition into the Cash Cow quadrant, providing reliable, high-margin cash flow to fund future Stars and Question Marks. For now, though, the focus is on investment to capture every bit of available market share.

Bristol-Myers Squibb Company (BMY) - BCG Matrix: Cash Cows

Cash cows are the market leaders in mature segments, the units that generate more cash than they consume. For Bristol-Myers Squibb Company, this quadrant is anchored by products that have achieved significant scale, allowing for lower relative investment in promotion while still funding the rest of the portfolio.

Eliquis (apixaban) is the top revenue generator, projected to hit around $18.7 billion in 2025 sales. This product dominates the anticoagulant market with a high market share, generating massive cash flow for research and development and other corporate needs. To be fair, its patent protection is definitely looming, with U.S. exclusivity upheld until April 1, 2028, following a court decision, though other patent expirations are cited between 2027 to 2029. Still, for the 2025 fiscal year, it remains the primary funding engine supporting the entire enterprise.

The company's total 2025 revenue guidance is high, set between $47.5 billion and $48.0 billion, largely supported by the strong cash flow from this asset. This product's performance is critical, especially as legacy products face generic erosion. Here's the quick math on its recent strength:

Because Eliquis is a market leader in a mature therapeutic class, the strategy is to maintain share and maximize the remaining exclusivity period. Investments shift from broad market creation to efficiency and infrastructure supporting the product. You want to milk these gains passively while funding the Stars and Question Marks.

• Maintain current market share through targeted contracting.
• Invest in supply chain to lower cost of goods sold.
• Maximize cash flow before generic entry.
• Support infrastructure to improve efficiency.
• The product generates cash required for R&D.

The high market share ensures high profit margins, which is the hallmark of a true cash cow. The recent Q3 2025 performance, with global sales hitting $3.7 billion, shows this engine is still running hot. This cash flow helps cover administrative costs and service corporate debt, plus it funds the development of future blockbusters.

Finance: draft 13-week cash view by Friday.

Bristol-Myers Squibb Company (BMY) - BCG Matrix: Dogs

The clearest example of a Dog within the Bristol-Myers Squibb Company (BMY) portfolio as of 2025 is Revlimid (lenalidomide), with its sales trajectory showing a steep descent following generic market entry.

The financial reality for this product in the first half of 2025 underscores its status. Revlimid generated sales of only \$1.77 billion in the first half of 2025. This figure represents a sharp 41.3% decline when compared to the first half of 2024 sales of \$3.022 billion. Management's full-year 2025 projection for Revlimid sales remains around \$3 billion, indicating continued, significant erosion from generic competition.

This pressure extends across the entire Legacy Portfolio, which includes other products facing loss of exclusivity (LoE) or competitive challenges, such as Pomalyst (which sees generic impact in Europe), Sprycel, and Abraxane.

The broader Legacy Portfolio, which includes these declining assets, is projected to see a collective decline of approximately 15% to 17% for the full year 2025. For context, the revenue from this segment in the first quarter of 2025 was \$5.6 billion, marking a 20% decline year-over-year. The third quarter saw the portfolio revenue fall 12% year-over-year to \$5.4 billion.

These units fit the Dog profile because they operate in markets with low growth prospects, primarily due to patent expiry or established competition, and they require minimal strategic investment to maintain their current state.

• Require minimal investment for maintenance.
• Contribute little to future growth potential.
• Strategy focuses on managing the decline phase.
• Prime candidates for divestiture to free up capital.

Bristol-Myers Squibb Company (BMY) - BCG Matrix: Question Marks

You're looking at the high-growth, low-market-share segment of Bristol-Myers Squibb Company (BMY)'s portfolio-the Question Marks. These are the assets consuming cash now with the hope they become tomorrow's Stars. They need significant investment to gain traction quickly, or they risk falling into the Dog quadrant.

The neuroscience area, significantly bolstered by the $14 billion acquisition of Karuna Therapeutics, Inc. (which netted a $12.7 billion net value after accounting for cash acquired), represents a major bet here. The lead asset, KarXT (xanomeline-trospium), is positioned to enter the schizophrenia market, a high-growth area where Bristol-Myers Squibb currently has low share. The financing for this deal was expected to be dilutive to Bristol-Myers Squibb's 2024 non-GAAP diluted earnings per share by approximately $0.30.

Cobenfy (xanomeline/trospium), the drug acquired through that Karuna deal, showed a solid initial uptake. For the first quarter of 2025, Bristol-Myers Squibb reported net sales for Cobenfy totaled $27 million. This launch is critical, especially as the company navigates patent expirations on older blockbusters.

Sotyktu (deucravacitinib), the TYK2 inhibitor for psoriasis, is another key Question Mark. While Bristol-Myers Squibb projects peak sales of $4 billion annually for this therapy, its current market penetration is modest compared to established competitors. For the first half of 2025, Bristol-Myers Squibb reported $126 million in Sotyktu revenue. To drive adoption against payer access restrictions, the company is launching a direct-to-patient platform where eligible cash-pay patients can purchase a 30-day supply for $950, an 86% discount from the $6,868 list price.

Milvexian, the next-generation anticoagulant partnered with Johnson & Johnson, presents a high-risk, high-reward scenario. The Phase 3 Librexia ACS trial was recently discontinued due to futility concerns following an interim review. This was a blow, causing Bristol-Myers Squibb shares to fall 6% premarket to $45.74. However, the partners continue two other Phase 3 studies, Librexia AF and Librexia STROKE, with topline data expected in 2026. If successful, Milvexian is tipped to be a multi-billion-dollar asset.

Here's a quick look at the current metrics for these major Question Mark assets:

The strategy for these units must be decisive. You need to pour capital into the most promising ones, like KarXT, to secure market share before the growth window closes. Still, the recent setback for Milvexian shows that heavy investment doesn't guarantee success in this quadrant.

Bristol-Myers Squibb's Question Marks portfolio includes several high-potential, yet unproven, revenue drivers:

• Cobenfy: Strong initial launch, but needs rapid scaling.
• Milvexian: Two key Phase 3 trials remain active for 2026 data.
• Sotyktu: Facing payer hurdles despite strong clinical data.
• Neuroscience Pipeline: Heavily invested via the Karuna deal.

The company's overall 2025 revenue guidance was raised to a range of approximately $45.8 billion to $46.8 billion in Q1 2025, partly reflecting the early performance of growth products like Cobenfy. Finance: draft the cash flow impact analysis for the next two quarters based on increased investment in the KarXT launch by Friday.