What Does Bristol-Myers Squibb Offer That Pfizer Does Not?

Pfizer (PFE) and Bristol-Myers Squibb (BMY) are bought for the same underlying reason: the search for new drugs to replace older ones losing market exclusivity. Both drugmakers point to 2028 as the year that matters. Pfizer is acquiring drugs and cutting costs to bridge the gap, while Bristol Myers still relies on Eliquis, an older drug that continues to grow. So what did each company tell investors at its latest report about how that replacement is going?

Bristol Myers Lifted Its Sales Outlook Further Than Pfizer

When Bristol Myers reported on July 30, 2026, the company raised its 2026 sales forecast by about 5.9% at the midpoint. It raised its outlook for adjusted earnings per share as well. Pfizer reported on August 4, 2026, offering a smaller revision. The company raised its 2026 sales forecast by about 0.8% at the midpoint, and it left its forecast for adjusted earnings per share exactly where it was.

The two raises represent very different kinds of news. The Bristol Myers revision includes faster growth for Eliquis, which the company now expects to grow 20% to 25% in 2026. Eliquis loses exclusivity in April 2028, so part of the good news comes from the very drug Bristol Myers has to replace. Pfizer raised its outlook even though executives cut the sales forecast for COVID products by about a fifth. Management noted that other products made up for every COVID shortfall.

Where Pfizer And Bristol Myers Stand On New Drugs

Pfizer is increasing its research spending while it cuts costs, whereas Bristol Myers already fields a roster of newer, growing drugs. Adjusted research spending at Pfizer rose 12% operationally in the second quarter of 2026, focused mainly on cancer and obesity candidates. Its obesity drug, berobenatide, remains in trials, and management is targeting a first approval in 2028. Pfizer also closed its deal with Innovent Biologics in July, and the company expanded its cost-cutting programs when it reported on August 4.

Bristol Myers is further along in replacing its older drugs. Its newer drugs grew 14% in the second quarter of 2026 and now bring in nearly 60% of sales. The company also paid down debt during the quarter. Yet management still expects Eliquis sales to step down in 2027, a year before exclusivity ends. Milvexian, the drug Bristol Myers has lined up to follow Eliquis, is still being tested.

Where Bristol Myers Leads Pfizer, And Where They Tie

Bristol Myers trades at a lower earnings multiple and is growing faster, while the two competitors are level on debt. Bristol Myers trades at 12.7 times trailing earnings, against 37.4 times for Pfizer. However, Pfizer’s trailing earnings were reduced by large write-downs recorded in the second quarter. Measured by price to sales, the two are almost level, standing at 2.5 times for Pfizer and 2.4 times for Bristol Myers.

Growth is where the two companies separate. Over three years, Pfizer’s sales fell 5.2% a year on average, while Bristol Myers’s grew 2.9% a year. Both companies reported growth in the latest quarter, with Pfizer advancing by 2.6% and Bristol Myers by 5.7%. Bristol Myers has a slightly wider operating margin, 28% against 27% for Pfizer. Debt is also close: 39% of market value for Pfizer and 38% for Bristol Myers.

The financial figures ultimately lean toward Bristol Myers on growth and operating margin, and the company raised its forecasts by more. Bristol Myers is also cheaper on earnings, though Pfizer’s trailing earnings include the write-downs recorded in the second quarter. Pfizer matches Bristol Myers on debt and price to sales, and Pfizer reported its sales excluding COVID products grew 5% operationally in the second quarter of 2026. Moving forward, the result to watch comes from Bristol Myers’s study of milvexian in atrial fibrillation, which management has delayed from late 2026 to the first quarter of 2027.

Does This Mean You Should Act On PFE?

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