Bristol Myers Squibb Boston Consulting Group Matrix
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Bristol Myers Squibb’s BCG Matrix snapshot shows which franchises are driving growth, which fund the engine, and which need tough choices—think oncology stars, legacy cash cows, and peripheral question marks. This preview teases the structure; the full report maps every product into its quadrant with data-backed rationale. Buy the complete BCG Matrix to get quadrant-by-quadrant strategy, ready-to-use Word and Excel files, and clear recommendations you can act on now.
Stars
Opdivo (IO leader)
Opdivo (nivolumab) sits squarely in BMSs Stars: high-growth oncology with strong share across lung, renal, melanoma and other tumors and over 20 approved indications; global sales exceeded $7.5 billion in 2024. It demands heavy trial and promotional spend but repeatedly pays back as label expansions drive uptake and combo revenues. Keep fueling it — leadership today can mature into a cash cow tomorrow; classic BCG invest play.
Reblozyl (hematology momentum)
Reblozyl (luspatercept-aamt) is growing fast in anemia segments, showing a clear clinical edge with pivotal MEDALIST data reporting 37.9% achieving transfusion independence for ≥8 weeks in lower‑risk MDS. Share is climbing as adoption widens beyond early centers and commercial penetration accelerated into community hematology practices in 2024. Continued education and access work are needed to lock in leadership amid expanding label use and payer negotiations. Feels like a star on its way to scale after clearing the >$1B annual sales threshold in recent reporting.
Abecma (CAR‑T in myeloma)
Abecma (idecabtagene vicleucel), FDA‑approved in March 2021 for relapsed/refractory multiple myeloma, sits in a high‑growth cell therapy category showing real‑world traction post‑approval. Manufacturing and capacity constraints remain a bottleneck and require continued capital and network investment to meet demand. Market share is competitive and clinically sticky once patients are treated; scaling manufacturing and access is essential to convert current growth into durable dominance.
Breyanzi (CAR‑T in lymphoma)
Breyanzi sits as a Star in BMSs portfolio: lymphoma CAR-T demand is expanding and real-world durability/outcomes are driving pull-through and repeat referrals, while center standardization has lifted Breyanzis share across high-volume sites. Heavy operational cash burn persists in manufacturing and site support, yet the CAR-T lymphoma category is compounding with consensus market growth >20% CAGR to 2030; invest to secure sites and broaden indications.
- Real-world uptake: rising as centers standardize workflows
- Financial: high OPEX and manufacturing cash burn
- Market: CAR-T lymphoma category >20% CAGR (to 2030)
- Strategy: invest to win sites and new indications
Camzyos (cardio first-in-class)
Camzyos (mavacamten), approved in 2022 for obstructive HCM, shows rapid uptake in 2023–24 with strong phase 3 and real-world data and few direct rivals as of 2024; the HCM prevalence (~1:500) and improving diagnosis drive market growth. Success hinges on robust patient-finding, specialty hub support and prescriber education; if momentum continues, it could become a franchise anchor for BMS.
- Approved 2022; real-world uptake accelerating through 2024
- HCM prevalence ~1:500 supports expanding addressable market
- Limited direct competitors as of 2024
- Requires strong hub, testing and referral networks
- Potential future franchise anchor if momentum sustained
Oncology winners: keep investing in labels, payer education and CAR-T capacity
Opdivo: high-growth oncology leader ($7.5B global sales 2024) needing continued label/combination investment. Reblozyl: scaling past $1B with strong MEDALIST efficacy and expanding community uptake. Abecma/Breyanzi: CAR-T stars with real-world traction but heavy manufacturing CAPEX; category >20% CAGR to 2030. Camzyos: rapid HCM uptake 2023–24, limited competitors.
| Product | 2024 metric | Key risk/need |
|---|---|---|
| Opdivo | $7.5B sales | Ongoing trial/promo spend |
| Reblozyl | >$1B | Payer access/education |
| Abecma/Breyanzi | Growing | Manufacturing capacity |
| Camzyos | Accelerating uptake | Patient ID/hub support |
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Cash Cows
Eliquis (anticoagulant engine)
Eliquis commands a massive share of the mature DOAC market, generating roughly $13.3 billion in 2024 revenues and delivering strong free cash flow. Promotion needs are efficient now as brand equity drives prescribing, letting Eliquis underwrite R&D and launch firepower across BMS. Management must protect payer access and vigilantly track loss-of-exclusivity timing to keep the milk flowing.
Revlimid (post-peak but rich)
Revlimid is post-peak with ongoing erosion but remains a cash fountain for BMS, generating north of $5 billion annually as of 2024 while growth is low/negative. Infrastructure is already optimized so incremental marketing spend won’t meaningfully move share. Milk residual value to finance pipeline bets and allocate to higher-growth assets. Focus on managing decline and maximizing margin to preserve free cash flow.
Pomalyst (mature myeloma)
Pomalyst, established for relapsed/refractory multiple myeloma, delivered >$1bn in annual revenue in 2024 and shows stable to slowly declining market growth as newer agents enter the space. Strong gross margins near 70% and limited need for heavy promotion make it a lean, reliable cash contributor despite competitive noise. Focus on optimizing pricing and contracting and keeping SG&A and manufacturing costs tight to maximize free cash flow.
Orencia (immunology mainstay)
Orencia (abatacept) is a BMS cash cow in a mature immunology category with predictable demand and high profitability; as of 2024 it remains a mainstay for RA, JIA and PsA after 15+ years on market and retains solid share in targeted biologic-naive and switch populations. Low incremental investment is needed to sustain sales; emphasis on formulary wins and robust patient-support programs preserves margin and yield.
- Mature category, steady demand
- High profitability, low incremental investment
- Solid share in targeted segments (RA/JIA/PsA)
- Maintain formulary wins and patient support to sustain yield
Sprycel (CML stalwart)
Sprycel (CML stalwart) is in a late lifecycle as of 2024, delivering steady cash flow with contained growth; its entrenched prescriber base anchors share and limits erosion. Minimal promotional intensity is needed; strategy is pure harvest while ensuring supply continuity and an uncompromised safety profile.
- Cash generator
- Late lifecycle (2024)
- Entrenched prescribers
- Low promo intensity
- Harvest with pristine supply/safety
Harvest high-margin blockbusters: protect access, manage decline, tighten SG&A
BMS cash cows (2024): Eliquis $13.3B, Revlimid >$5B, Pomalyst >$1B, Orencia and Sprycel provide steady, high-margin cash; focus on protecting access, managing decline/exclusivity, tight SG&A, pricing/contracting, and channel/patient support to maximize free cash flow.
| Product | 2024 Rev | Margin | Role/Strategy |
|---|---|---|---|
| Eliquis | $13.3B | High | Protect access; fund R&D |
| Revlimid | >$5B | High | Manage decline; preserve margin |
| Pomalyst | >$1B | ~70% | Optimize pricing/ops |
| Orencia | Stable | High | Formulary & patient support |
| Sprycel | Steady | High | Harvest; ensure supply |
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Bristol Myers Squibb BCG Matrix
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Dogs
Empliciti (narrow myeloma niche)
Empliciti, approved 2015 for relapsed/refractory multiple myeloma in combination regimens, holds a narrow niche with low market share in a crowded, slow-growth segment.
Incremental commercial or R&D spend is unlikely to shift its trajectory and would tie up resources better deployed into higher-growth oncology assets.
Given modest contribution to BMS oncology revenues (low single-digit percent by 2023 reported figures), Empliciti is a candidate for pruning or minimal maintenance.
Abraxane (erosion and competition)
By 2024 Abraxane faces clear generic and next‑generation agent pressure that has materially capped growth across geographies. Market share remains fragmented by tumor type (breast, NSCLC, pancreatic), preventing scale advantages. After ongoing promotional and access support the franchise is cash neutral at best. Recommend focusing only on selective high‑value markets or pursuing structured exit options.
Onureg (small AML niche)
Onureg targets maintenance therapy in AML, a small niche given the 2024 US AML incidence of about 20,950 cases, which constrains upside and total addressable market. Market share gains have been gradual and require high sales/marketing investment, raising customer-acquisition costs. Pricing and limited patient volumes make break-even elusive, risking a cash-trap. Retain only if it fills strategic portfolio gaps.
Inrebic (crowded myelofibrosis)
Inrebic (fedratinib) sits in the Dogs quadrant: competing against entrenched standard Jakafi with only modest uptake, limited switching and a tepid myelofibrosis market in 2024; high switching barriers mean incremental promotion spend is unlikely to materially move share, so de-emphasize and reallocate resources to higher-return assets.
- Competitive landscape: Jakafi dominant
- Uptake: modest vs incumbents
- Market growth: tepid (2024)
- Strategy: de-emphasize, reallocate spend
Legacy virology brands (genericized)
Legacy virology brands post-LOE sit squarely in Dogs: low-growth, low-share remnants that typically see >80% sales erosion within 12 months and often fall below $50m annual revenue, making strategic upside negligible. Administrative drag from pharmacovigilance, labelling and supply upkeep outweighs value and leaves little room to price or differentiate. Best action is wind down manufacturing and redirect capital into higher-return oncology/immunology programs.
Prune niche oncology assets; exit commoditized products, keep AML plays if strategic
Empliciti: niche, low single‑digit % of BMS oncology revs (2023), prune.
Abraxane: facing generic/next‑gen pressure in 2024, cash‑neutral—pursue selective exits.
Onureg: AML incidence ~20,950 US (2024) limits TAM; retain only if strategic.
Inrebic/legacy post‑LOE: low uptake; post‑LOE sales often drop >80% and remnants < $50m—wind down.
| Asset | 2023/24 signal | Recommended action |
|---|---|---|
| Empliciti | Low share, niche | Prune |
| Abraxane | Generic/next‑gen pressure (2024) | Exit/selective |
| Onureg | AML incidence ~20,950 US (2024) | Maintain if strategic |
| Inrebic/legacy | Uptake low; post‑LOE sales >80% drop | Wind down |
Question Marks
Zeposia (MS/UC challenger)
Zeposia sits in question marks: it competes in growing MS and UC markets but still trails strong incumbents; 2024 global net sales were about $1.6 billion, indicating share is building but not dominant. Significant ongoing investment is needed in payer access and real-world evidence to broaden label use and move uptake. If adoption inflects, it can pivot to star status; if not, it risks sliding toward dog.
Sotyktu (oral TYK2 in psoriasis)
Sotyktu (deucravacitinib), an oral TYK2 approved in 2022, sits in a high-growth oral psoriasis category with clear patient demand for orals; early market share remains modest and needs head-to-head wins and payer coverage to scale. Heavy commercial investment now could unlock a durable franchise, but monitor adherence metrics and dermatology pull-through to sustain uptake.
Opdualag (LAG‑3 combo expansion)
Opdualag (nivolumab+relatlimab), FDA‑approved March 2022 after RELATIVITY‑047 showed median PFS 10.1 vs 4.6 months, sits in a fast‑growing IO niche with substantial upside but nascent share. Education and label expansion are critical to drive uptake across melanoma and combo settings. BMS should invest to convert combo efficacy into frontline standard; successful scale could see Opdualag graduate alongside Opdivo.
Augtyro (ROS1+ NSCLC newcomer)
Augtyro targets ROS1+ NSCLC, a subset representing roughly 1–2% of NSCLC (~22,000–44,000 new cases annually if global lung cancer incidence ~2.2M/year), placing it in a tiny but expanding precision-oncology niche; diagnostics and center activation are essential, early per-patient spend can exceed $150,000/year, and with focused launch investment Augtyro can become a meaningful niche leader for Bristol Myers Squibb.
- Market: tiny but growing precision-oncology segment
- Prevalence: ROS1+ ~1–2% of NSCLC
- Requires: targeted diagnostics, center activation
- Economics: high spend per script (~$150k+/patient/year)
- Opportunity: share up for grabs; niche leadership feasible
Reblozyl expansion (new indications)
By 2024 Reblozyl held approvals in beta‑thalassemia and lower‑risk MDS, and growth upside depends on label broadening into earlier lines where addressable patient numbers and revenue per patient rise sharply.
Share outside core segments remains low, requiring intensified Phase III/real‑world evidence and payer access to unlock scale; BMS must win fast or redeploy resources.
Portfolio crossroads: ~$1.6B product trails incumbents; PFS, payer wins and diagnostics matter
Zeposia sits in question marks: 2024 net sales ~$1.6B but still trailing incumbents; Sotyktu has modest share in oral psoriasis and needs payer/head‑to‑head wins; Opdualag shows strong PFS (10.1 vs 4.6m) but uptake is nascent; Augtyro targets ROS1 ~1–2% NSCLC—high per‑patient value, requires diagnostics.
| Product | 2024 | Metric | Action |
|---|---|---|---|
| Zeposia | $1.6B | MS/UC share building | Evidence/access |
| Sotyktu | — | Modest share | Payer/h2h |
| Opdualag | — | PFS 10.1 vs 4.6m | Education/label |
| Augtyro | — | ROS1 1–2% | Diagnostics/centers |