Bristol Myers Squibb

The business has traditionally exhibited toll‑booth characteristics from chronic therapies, but the next three years are less predictable due to the IRA price reset and the 2028 LOE cluster. Q2 2025 showed resilience with revenue around 12.3 billion dollars and growth portfolio sales up strongly, and 2025 revenue guidance was raised.

Still, management flagged lower adjusted EPS on collaboration charges. We expect a trough around the 2026 to 2028 window followed by stabilization if launches (Cobenfy, Camzyos, Reblozyl expansions, Breyanzi growth, Krazati line extensions) execute.