24/7 Wall Street
30 Sept 2026, 15:45 UTC · 1h ago
Verdict
Headline takes no side. We score BMY −0.30 across five claims — moderately bearish.
−0.30moderately bearish
More negative than 66% of ticker scores this week
What the story claims
5 claims · scored −1 bearish … +1 bullish · 0 new · 5 priced in
Bristol Myers Squibb expects a $1.5 to $2 billion revenue step-down in 2027 due to Eliquis patent expiries.
Priced inanalysis of management expectations
So whatThis loss represents ~3-4% of 2025 total revenue, threatening the FCF coverage ratio used to sustain the $5.045 billion annual dividend.
More negative than 94% of claims this week
Revlimid sales fell 63% in Q1 2026 following the end of volume limits on generic lenalidomide on Jan 31, 2026.
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Priced inanalysis of Q1 2026 results
So whatThe legacy portfolio's 12%-16% guided decline for 2026 puts immediate pressure on quarterly operating cash flow, which fell to $1.104 billion in Q1.
More negative than 84% of claims this week
The Growth Portfolio grew 14% in Q2 and now accounts for nearly 60% of total revenue.
Priced inanalysis of Q2 results
So whatStrong growth in Camzyos (59%) and Breyanzi (41%) acts as the primary offset to the $33.6 billion net debt burden.
More positive than 67% of claims this week
Atrial fibrillation results for Milvexian, the intended Eliquis successor, have slipped to Q1 2027.
Priced inanalysis of project timelines
So whatThe delay narrows the window to replace Eliquis cash flows before the April 2028 loss of exclusivity.
More negative than 76% of claims this week
The 2026 dividend increase was limited to 1.6%, raising the quarterly payout to $0.63.
Priced inanalysis of dividend history
So whatThe slowdown from previous years' increases suggests a shift in board priority toward cash preservation ahead of the 2027-2028 patent cliff.
More negative than 68% of claims this week
Which stocks this story touches
More negative than 66% of ticker scores this week
The company faces a significant 'patent cliff' and revenue step-down for Eliquis, leading to slowing dividend growth.
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Seeking Alpha
2h ago
+0.2%
Price flat so far
$62.98 vs $62.86 close before publication (Sep 29) · not market-adjusted
BMY chart →
