Bristol Myers BMY is banking on key drugs like Opdivo Qvantig, Reblozyl, Camzyos, Breyanzi and Opdualag to drive top-line growth amid a significant decline in legacy drug sales.
These key drugs are part of the company’s growth portfolio, which is becoming increasingly important to the company’s top-line performance.
Among these, Reblozyl (luspatercept), the thalassemia drug that BMY co-developed with Merck, continues to be a major growth driver, with sales now nearing $1.3 billion in the first half of 2026, up 23% from the year-ago period’s level.
Reblozyl is approved in the United States for the treatment of anemia in adults with beta thalassemia who require regular red blood cell (RBC) transfusions; in erythropoiesis-stimulating agent (ESA)-naïve adults with very low- to intermediate-risk myelodysplastic syndromes (MDS) who may require regular RBC transfusions; in adults with very low- to intermediate-risk MDS with ring sideroblasts (MDS-RS) or MDS/MPN with ring sideroblasts and thrombocytosis (MDS/MPN-RS-T) whose anemia has failed to respond to an ESA and who require at least two RBC units over eight weeks.
Reblozyl’s strong sales reflect solid uptake in first-line MDS-associated anemia, continued strength in the second-line setting and further penetration in the first-line RS-negative population.
The FDA accepted the supplemental biologics license application for Reblozyl with concomitant janus kinase inhibitor therapy in adult patients with myelofibrosis-associated anemia receiving red blood cell transfusions. The application was supported by results from the late-stage INDEPENDENCE study. The FDA granted a target action date of March 11, 2027.
Approval in additional indications should further boost sales.
A phase III study, ELEMENT-MDS, which is evaluating Reblozyl in first-line non-transfusion dependent low or intermediate risk MDS associated anemia, is ongoing. Data from the study is expected in 2028.
Competition for BMY’s Reblozyl
Geron Corporation’s GERN Rytelo (imetelstat) is an oligonucleotide telomerase inhibitor approved in the United States for the treatment of adult patients with lower-risk MDS (LR-MDS) with transfusion-dependent anemia requiring four or more red blood cell units over eight weeks who have not responded to or have lost response to or are ineligible for ESAs. It is indicated to be administered as an intravenous infusion over two hours every four weeks.
Geron is witnessing strong uptake of Rytelo since its approval in June 2024. The drug generated $57.5 million of revenues in the second quarter of 2026.
Geron estimates that approximately 8,000 second-line LR-MDS patients in the United States represent an opportunity for further Rytelo penetration. GERN expects 2026 Rytelo sales to be in the range of $220-$240 million.
Beyond LR-MDS, Geron is advancing Rytelo in relapsed/refractory myelofibrosis through the phase III IMpactMF study.
Keros Therapeutics KROS, a clinical-stage biopharmaceutical company, is evaluating elritercept, in partnership with Takeda, for the treatment of low blood cell counts, or cytopenias, including anemia and thrombocytopenia, in patients with MDS and myelofibrosis.
KROS recently announced that it expects to receive a $20 million development milestone payment under the terms of the license agreement of elritercept with partner Takeda, following the dosing of the first patient in the late-stage ELRiSE MF study. This study is comparing the efficacy and safety of elritercept to placebo in patients with myelofibrosis and anemia on concurrent ruxolitinib therapy.
Under its global licensing agreement with Takeda, Keros Therapeutics is eligible to receive more than $1.1 billion in potential development, commercial and sales milestones for elritercept, excluding mainland China, Hong Kong and Macau. Keros received a $200 million upfront payment in February 2025 and is also eligible for tiered royalties on net sales.
BMY’s Price Performance, Valuation & Estimates
Shares of Bristol Myers have gained 10.5% year to date compared with the industry’s growth of 2.7%.
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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, its shares currently trade at 8.57X forward earnings, lower than its mean of 8.78X and the large-cap pharma industry’s 20.44X.
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The Zacks Consensus Estimate for 2026 EPS has moved north to $6.91 from $6.81 in the past 60 days, while that for 2027 EPS has improved to $6.46 from $6.42 in the same time frame.
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BMY currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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