Overview
- Bristol Myers Squibb agreed to provide Eliquis free to Medicaid starting Jan. 1, 2026 and to donate over seven tons of Eliquis active ingredient to the U.S. Strategic Active Ingredient Reserve.
- The company will enable direct-to-patient access with roughly 80% discounts for Sotyktu, Zeposia, Reyataz, Baraclude, and Orencia SC for cash-paying patients.
- Through the first nine months of 2025, Eliquis generated $11 billion and Opdivo $7.4 billion, together exceeding half of the company’s $35.7 billion revenue.
- Eliquis and Opdivo face significant patent cliffs later this decade, though the newly approved subcutaneous Opdivo Qvantig is expected to help preserve the franchise by offering faster, more flexible administration.
- Goldman Sachs lifted its price target to $57 with a Neutral rating, Guggenheim set a $62 target with a Buy, and the stock carries a roughly 4.6% dividend yield with an estimated 85% payout ratio.