Bristol Myers Squibb Balances Eliquis Loss With New Camzyos Trial Data

Bristol Myers Squibb shared new 56-week Phase 3 clinical data for Camzyos at a cardiology scientific meeting. The findings demonstrated sustained benefits in children and adolescents suffering from obstructive hypertrophic cardiomyopathy, a condition that thickens the heart muscle and restricts blood flow. The data focused on easing heart obstruction and improving daily activity symptoms, building upon recent regulatory clearance.

The clinical progress arrives as the pharmaceutical company navigates impending exclusivity losses for key medicines. On an October 29, 2026 call, management addressed the looming patent expiration for Eliquis in Europe, which starts impacting results this quarter. Executives projected a $1.5 billion to $2 billion drop in Eliquis sales in 2027, representing about 4% of the $50.0 billion in revenue generated over the past twelve months.

Despite the impending European patent hit, Eliquis continues to show near-term momentum. Third-quarter sales for the drug reached $4.7 billion, up 26% from a year earlier, and management anticipates full-year 2026 Eliquis growth between 20% to 25%. However, revenue from the broader legacy portfolio is guided to fall 3% to 5% in fiscal 2026 as generic competitors enter the market. Bristol Myers Squibb raised its full-year 2026 company revenue guidance to a range between $49.75 billion and $50.25 billion.

To counteract legacy declines, the drugmaker relies on its expanding growth portfolio, which generated $7.7 billion during the third quarter, a 12% year-over-year increase. Eight therapies in that portfolio now each produce more than $1 billion annually. Additionally, Bristol Myers Squibb expects clinical data from its milvexian trial for atrial fibrillation in the first quarter of 2027.

The drugmaker also maintains solid dividend support, paying $2.52 a share annually across 19 consecutive years of increases. Over the twelve months ending September 30, 2026, the company generated $9.29 billion in free cash flow, comfortably covering $5.12 billion in dividend payouts with a 55% free cash flow payout ratio. Total debt currently represents 34.9% of the company's market value, though operating income covered interest expenses 8.8 times over the past twelve months.