Bristol Myers Squibb BMY is banking on label expansion of existing drugs and approval of new drugs to further propel its growth portfolio.
Camzyos (mavacamten) is one of the key drugs of this product portfolio. The drug is currently approved in the United States for adults with symptomatic New York Heart Association (“NYHA”) class II-III obstructive hypertrophic cardiomyopathy (oHCM) to improve symptoms and functional capacity.
The drug continued to gain traction in the targeted market in the first quarter, supported by growing demand and increased adoption among eligible patients. Sales of the drug totaled $314 million in the first quarter.
Earlier this month, the FDA accepted BMY’s supplemental new drug application (sNDA) seeking approval of Camzyos for the treatment of adolescents aged 12 to under 18 years with symptomatic oHCM.
The FDA granted Priority Review to the application with a target action date of Sept. 30, 2026.
If approved, Camzyos would become the first cardiac myosin inhibitor available for adolescents with oHCM and expand the drug's addressable market beyond adults.
For Bristol Myers, continued growth from Camzyos is particularly important as the company works to offset revenue pressures from patent expirations affecting the legacy drugs.
BMY’s cardiovascular portfolio also comprises blood thinner medicine Eliquis, for which BMY has a worldwide co-development and co-commercialization agreement with pharma giant Pfizer. Eliquis is one of the biggest contributors to the top line.
However, BMY’s cardiovascular portfolio suffered a hit in late 2025 after the company decided to discontinue the late-stage Librexia study on cardiovascular candidate milvexian, an investigational oral, highly selective factor XIa (FXIa) inhibitor.
BMY and partner Johnson & Johnson JNJ were evaluating the efficacy and safety of pipeline candidate milvexian when added to the standard of care (conventional antiplatelet therapy) for patients after a recent acute coronary syndrome (ACS) event.
Both companies decided to discontinue the phase III Librexia ACS study following a preplanned interim analysis by the Independent Data Monitoring Committee (“IDMC”), which determined that the study is unlikely to meet the primary efficacy endpoint.
The IDMC advised that the two other late-stage studies — Librexia AF for atrial fibrillation (AF) and Librexia STROKE for secondary stroke prevention (SSP) — should proceed as planned. Top-line data from these studies is expected in 2026.
Competition for BMY’s Cardiovascular Drugs
In December 2025, Cytokinetics CYTK obtained FDA approval for aficamten for the treatment of patients with obstructive HCM in the United States, under the brand name Myqorzo.
This marks the company’s first FDA-approved product, transforming Cytokinetics from a development-stage biotech into a commercial-stage company.
The approval of Myqorzo is a significant boost for CYTK, given the market potential for the oHCM market.
JNJ’s Xarelto is also a Factor Xa inhibitor, similar to Eliquis.
However, JNJ is facing patent challenges for Xarelto in the United States. JNJ co-developed Xarelto with Bayer AG.
BMY’s Price Performance, Valuation & Estimates
Shares of Bristol Myers have gained 4.3% year to date against the industry’s decline of 1.3%.
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From a valuation standpoint, BMY is trading at a discount to the large-cap pharma industry. Going by the price/earnings ratio, shares currently trade at 9.07X forward earnings, higher than its mean of 8.59X but lower than the large-cap pharma industry’s 17.79X.
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The Zacks Consensus Estimate for 2026 EPS has moved north to $6.32 from $6.29 in the past 60 days, while that for 2027 has moved south to $6.05 from $6.08 in the same time frame.
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BMY currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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