Bristol Myers Squibb

Gross margin sits in the mid‑70s and non‑GAAP margin mix has been favorable, reflecting branded pricing power and portfolio mix. However, U.S. Medicare negotiated pricing begins in 2026 for Eliquis at a published 231 dollars 30‑day MFP, and U.S. generics may enter in 2028 under settlements, which will structurally erode pricing.

Oncology franchises retain some pricing power given clinical differentiation, and Opdivo Qvantig can preserve convenience and share. Net, we see solid but diminishing pricing power over the next 3 to 5 years.