Can Reblozyl Stabilize BMY's Top Line Amid Legacy Drugs Decline?

Bristol Myers BMY is banking on its growth portfolio, which comprises Opdivo, Orencia, Yervoy, Reblozyl, Opdualag, Abecma, Zeposia, Breyanzi, Camzyos, Sotyku, Krazati and others, to drive top-line growth amid a significant decline in legacy drug sales.

Among these, Reblozyl, the thalassemia drug that BMY co-developed with Merck, continues to be a major growth driver, with annualized sales now exceeding $2.3 billion.

Reblozyl is indicated for the treatment of anemia in adult patients with transfusion-dependent and non-transfusion-dependent beta thalassemia who require regular red blood cell (RBC) transfusions. It is also approved for the treatment of adult patients with very low- to intermediate-risk myelodysplastic syndromes (MDS) who have ring sideroblasts (RS) and require RBC transfusions, as well as for adult patients with very low- to intermediate-risk MDS who are ESA-naïve and may require regular RBC transfusions, regardless of RS status.

Sales in the United States are being driven by strong demand in first-line RS-positive and RS-negative myelodysplastic syndrome-associated anemia. International sales growth is being driven by strong launches in new markets.

BMY expects continued strong growth opportunities, particularly in the RS-negative MDS indication.

Last month, BMY reported positive top-line results from an ongoing ex-U.S. Phase 2 registrational study evaluating Reblozyl for anemia in adults with alpha-thalassemia.

Both non-transfusion-dependent and transfusion-dependent patient cohorts met their primary endpoints. Reblozyl significantly increased hemoglobin levels in non-transfusion-dependent patients and reduced red blood cell transfusion burden in transfusion-dependent patients. The study also met all key secondary endpoints, with safety results consistent with the drug’s established profile.

The data will be presented at an upcoming medical meeting and discussed with China’s drug regulator.

Approval in additional geographies should further boost sales.

Competition for BMY’s Reblozyl

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 patients with myelofibrosis.

A phase III study, RENEW, is evaluating elritercept for the treatment of anemia and thrombocytopenia in patients with very low-, low-, or intermediate-risk MDS.

In July 2025, KROS announced that the first patient had been dosed in the RENEW study. This triggered a $10 million milestone payment to Keros under its global licensing agreement with Takeda.

Reblozyl also competes with established ESAs like Procrit (epoetin alfa), though it works through different mechanisms.

Geron Corporation’s GERN Rytelo (imetelstat) is also approved for the treatment of adult patients with low- to intermediate-1 risk 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 erythropoiesis-stimulating agents.

Geron is witnessing strong uptake of Rytelo since its approval in June 2024. The drug generated $183.6 million in 2025. Geron expects Rytelo sales in the range of $220 million to $240 million in 2026.

BMY’s Price Performance, Valuation & Estimates

Shares of Bristol Myers have gained 20.6% in the past year compared with the industry’s growth of 4.1%.

From a valuation standpoint, BMY is trading at a discount to the large-cap pharma industry. Going by the price/earnings ratio, the stock currently trades at 10.05x forward earnings, higher than its mean of 8.46x but lower than the large-cap pharma industry’s 18.22x.

The Zacks Consensus Estimate for 2026 EPS has moved north to $6.26 from $6.08 in the past 30 days, while that for 2027 has moved up to $6.07 from $5.88, 

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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