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...
BlackRock is already the largest asset manager in the world, but its latest expansion suggests that management is no longer satisfied with being known primarily as the company behind iShares exchange-traded funds and trillions of dollars in traditional portfolios. The firm is making an aggressive move into private credit, infrastructure, alternative investments, and financial data—businesses that could produce more revenue from each dollar under management than its massive index platform. That shift matters because BlackRock’s headline asset total has never told the entire economic story. Managing trillions of dollars in low-cost index funds creates enormous scale, but it does not necessarily produce equally enormous fees. An ETF charging a few basis points may attract billions in assets while generating less revenue than a much smaller private-market fund carrying a premium management fee and a share of investment performance. BlackRock’s push into private markets could therefore chan...