Bristol Myers Squibb has a problem that every successful pharmaceutical company eventually faces: its biggest drugs will not remain exclusive forever. For years, products such as Eliquis, Opdivo and Revlimid generated enormous amounts of revenue. In 2025 alone, Eliquis brought in $14.4 billion, Opdivo produced $10 billion and Revlimid contributed another $3 billion. Together, those three drugs accounted for well over half of Bristol Myers Squibb’s $48.2 billion in annual revenue. ( Bristol Myers Squibb ) That kind of concentration is wonderful while the patents are intact and the prescriptions keep arriving. It becomes considerably less charming when generic and biosimilar competition begins circling the calendar. Revlimid is already declining sharply following the introduction of generic competition. Eliquis, which Bristol Myers shares with Pfizer, faces an approaching loss of exclusivity later in the decade. Opdivo’s competitive position will also become more difficult to defend over...