From Pipeline to Ecosystem: Decoding BMS's Long-term Strategic Logic in Hematology

The essence of a pharmaceutical company navigating the patent cliff has always lain in offense rather than defense: the decline of historical blockbuster drugs is an inevitable objective trend; the key lies in whether next-generation assets can effectively succeed legacy products and re-establish growth engines.

From the Q1 2026 financial report, Bristol Myers Squibb (BMS) is undergoing a transition in growth momentum: its Growth Portfolio, representing emerging assets, generated approximately $6.2 billion in revenue, a 12% year-over-year increase. In terms of both scale and growth rate, the Growth Portfolio has surpassed the Established Portfolio. The company’s total revenue for the first quarter of 2026 reached $11.489 billion, reflecting a 3% year-over-year increase.¹。

This quarterly report, which posted positive growth, sends a clear signal:Next-generation innovative products are gradually taking center stage.It is reasonable to believe that the trend of BMS’s transition from old to new growth drivers possesses long-term sustainability. Evidence supporting this conclusion includes not only the rapid volume expansion of its current growth portfolio but also the significant potential and efficient execution of its R&D pipeline.

At the 2026 J.P. Morgan Conference, BMS announced that it expects to add more than 10 new molecular entities and expand its label coverage by over 30 new indications in the next five years. Among this pipeline of future growth assets, CELMoD agents, represented by iberdomide and mezigdomide, are undoubtedly among the closest to near-term commercialization.

Recently, the Center for Drug Evaluation (CDE) of China’s National Medical Products Administration successively issued public notices officially granting mezigdomide Breakthrough Therapy Designation.²and entered priority review³, which came just five months after the marketing applications for iberdomide were submitted in the United States and China. Both drugs target multiple myeloma as their indicated indication. Currently, iberdomide has also been included in the priority review program by the Center for Drug Evaluation (CDE).⁴, with the FDA’s PDUFA target date set for August 17, 2026⁵。

Perhaps, the new generation of core assets in the hematology field is already on its way.

In 2004, scientists Aaron Ciechanover, Avram Hershko, and Irwin Rose jointly received the Nobel Prize in Chemistry for their discovery of the ubiquitin-mediated protein degradation mechanism. This mechanism elucidates core cellular processes, such as tagging specific proteins with ubiquitin and their subsequent targeted degradation by the proteasome. It also serves as the theoretical foundation for Targeted Protein Degradation (TPD) technology, which leverages the body’s intrinsic protein degradation machinery to precisely eliminate key proteins driving disease progression.

Over the next 20-plus years,How to Leverage This Sophisticated Protein Clearance Mechanism to Develop Safe and Effective Drugshas become a focal point of intense competition among industry players, thereby establishing BMS’s current “first-mover” advantage in the TPD field—As of 2026,InGlobalwithin the scope,Only BMSSuccessfully completed TPDRelevant Phase III clinical trials are underway, and mature drug candidates have entered the NDA review process., and CELMoDs represent one of the most rapidly advancing areas in the field of targeted protein degradation (TPD),and possesses a portfolio of assets advancing along a time-based gradient: in addition to the aforementioned iberdomide and mezigdomide, golcadomide has also entered late-stage development, with target indications including follicular lymphoma and diffuse large B-cell lymphoma.⁶. The phased advancement of three drug candidates underscores the core strategic value of CELMoDs as a platform asset—rather than sporadically producing a single new drug, this approach enables the continuous generation of distinct innovative molecules based on the same underlying mechanism, covering diverse indications and yielding varied combination regimens.

If the “first-mover” advantage at the technical level represents Side A of the CELMoD platform’s value, then Side B is its clinical value. Taking iberdomide (hereinafter referred to as IBER) as an example, two aspects are noteworthy in the multiple studies published to date: one is its performance in achieving “minimal residual disease (MRD)-negative remission,” and the other is its efficacy when used in combination with other therapies. Both aspects are closely related to the current treatment characteristics and pain points of multiple myeloma. Currently, multiple myeloma remains incurable, and MRD negativity serves as the metric for evaluating the deepest level of response in multiple myeloma. Numerous studies have confirmed that MRD negativity is significantly associated with longer progression-free survival (PFS) and overall survival (OS). Furthermore, the treatment of multiple myeloma predominantly involves combination therapies, with the vast majority of regimens built upon the synergy of multiple drugs.

A phase III study and a phase II study showed^7，8, the triplet regimen of IBER + daratumumab + dexamethasone, or the quadruplet regimen (adding carfilzomib to the aforementioned triplet), achieved high rates of durable MRD-negative responses in patients with relapsed/refractory multiple myeloma.andIBERIt also became the first to submit a New Drug Application to the CDE based on the surrogate endpoint of MRD negativity and complete response.Multiple MyelomaTherapeutic drugs.This also reveals, from another perspective, BMS’s understated ambition in this oncology sector—not merely as a provider of individual drugs, but as an architect striving to build the cornerstone of a comprehensive treatment ecosystem.

If we broaden our perspective beyond the pipeline to examine the broader business landscape, it becomes evident that BMS maintains a very solid foundation in the global market for hematologic malignancies and blood disorders.

The 2025 Global Top 100 Best-Selling Drugs List Shows⁹, BMS has three hematology products among them, with combined sales exceeding $8 billion¹⁰. Among them, luspatercept achieved global sales exceeding $2.3 billion in 2025¹⁰, is a core product in BMS’s growth portfolio that combines mechanistic innovation, superior clinical efficacy, and commercial scale-up.

As the first erythroid maturation agent approved for marketing worldwide, luspatercept has two core indications: anemia associated with β-thalassemia and myelodysplastic syndromes (MDS). The underlying rationale for addressing both conditions lies in its targeting of their shared pathological root—ineffective erythropoiesis. By selectively binding to ligands of the TGF-β superfamily, luspatercept reduces the activity of the abnormally enhanced Smad2/3 signaling pathway, thereby promoting erythroid maturation and improving ineffective erythropoiesis. This mechanism not only enabled luspatercept to break the long-standing lack of innovative therapies for these two diseases but also contributed to the revenue growth of Bristol Myers Squibb’s (BMS) Growth Portfolio.

In fact, luspatercept represents a highly characteristic strategic approach by BMS in the hematology sector: first establishing a foothold in a specific disease area with a “first-in-class” (FIC) or “best-in-class” (BIC) therapy, and then further exploring and expanding into a broader range of indications. In terms of disease selection, BMS adopts a “diversified betting” strategy—particularly in therapeutic areas that have long remained unmet medical needs—because the larger the unmet need, the greater the opportunity, ultimately hinging on confidence in its own R&D capabilities and investment acumen. According to the company’s 2025 financial report and information disclosed at the 2026 J.P. Morgan Healthcare Conference^6,10, BMS’s existing products and pipeline in the hematology space cover a wide range of indications, including multiple myeloma, lymphoma, leukemia, thalassemia, anemia associated with myelodysplastic syndromes, and anemia associated with myelofibrosis. Its technological platforms encompass targeted protein degradation (TPD), CAR-T therapy, dual-target CAR-T therapy, and antibody-drug conjugates (ADCs), demonstrating broad coverage and strong comprehensiveness.

Objectively speaking, in the hematology field—characterized by a high degree of disease segmentation and a dispersed patient population—a “multi-point entry, multi-track parallel” strategic layout may be more suitable than the “blockbuster drug” mindset of focusing on a single disease indication. This approach is harder to replicate and challenge, thereby facilitating the formation of structural advantages. From the perspective of product lifecycle management, the “generational continuity” achieved through products at different stages also aligns with enterprises’ urgent need for stable growth in the post-patent cliff era.

Although the company’s financial reports do not disclose specific figures for the Chinese market, the recent appearances of multiple senior executives from Bristol Myers Squibb (BMS) headquarters in Beijing Yizhuang to support the China Innovation Center send a clear and unequivocal signal of “enhancing the strategic weight of the Chinese market.” This “increased weighting” is reflected, on one hand, in deeper integration of internal resources. It is reported that the BMS China R&D team is now involved in nearly all key global projects, the proportion of Chinese patients enrolled in clinical trials is steadily rising, and the submission timeline for new drugs and new indications in China has been continuously accelerated—shrinking from several years ago to just months or even days.

On the other hand, it is reflected in BMS’s deeper integration into China’s healthcare system.

Looking back over the past five years, the two hematologic indications approved for BMS in China were both included in the National Reimbursement Drug List (NRDL) in their respective years through immediate participation in price negotiations. In 2024, azacitidine tablets—the first oral maintenance therapy for acute myeloid leukemia (AML)—were rapidly introduced into the Greater Bay Area under the “Greater Bay Area Medicine and Medical Devices Connect” policy. Public information indicates that the Center for Drug Evaluation (CDE) formally accepted the drug’s registration application in 2026.¹¹). The seamless execution of the “dual-pathway market access” strategy also indirectly demonstrates that multinational pharmaceutical companies have mastered the nuances of operating in the Chinese market.

Another representative case is the COE PLUS model championed by BMS in the hematology sector. This model constitutes a comprehensive ecosystem integrating market access, standardized diagnosis and treatment, physician education, patient management, and real-world data accumulation. It ensures that new drugs can rapidly integrate into a pre-established clinical framework upon launch, thereby maximizing the quality of implementation and the efficiency of volume ramp-up for innovative assets in China. The underlying logic of BMS’s strategic layout addresses the systemic lag in diagnostic and therapeutic capabilities caused by the fragmented distribution of diseases. The key to the successful operation of this model lies in revitalizing networks at all levels through an “international certification–provincial/municipal leadership–grassroots penetration” approach, ultimately translating into executable and replicable diagnostic and treatment pathways. Taking myelodysplastic syndromes (MDS) as an example, 28 hospitals in China have been certified as Centers of Excellence (COE) by the MDS Foundation, a number second only to that in the United States. Furthermore, these certified COEs have established provincial alliances across 17 provinces and municipalities, further driving the decentralization and broader adoption of this model.

A study shows¹²In 2022, there were approximately 200,000 new cases of hematologic malignancies in China. As the population ages and diagnostic capabilities improve, this number is expected to continue rising, thereby driving greater treatment demand and larger commercial opportunities. This is why the hematology sector remains one of the most technology-intensive segments within the global innovative pharmaceutical industry. How can companies maintain their competitive edge amidst such fierce competition? Bristol Myers Squibb (BMS) is building a strategic model for the post-patent cliff era through “platformization, systematization, and ecosystem development,” and its upcoming CELMoD agents may well serve as a prominent testament to this approach.

Can BMS usher in a new era of “blockbuster” drugs? Time will tell.

References:

1. Bristol Myers Squibb Global Official Website: https://www.bms.com/assets/bms/us/en-us/pdf/investor-info/doc_financials/quarterly_reports/2026/BMY-Q1-2026-Earnings-Press-Release.pdf

2. Center for Drug Evaluation, National Medical Products Administration. Detailed Information on Public Notice of Breakthrough Therapy Designation Applications. Retrieved from: https://www.cde.org.cn/main/xxgk/listpage/da6efd086c099b7fc949121166f0130c

3. Center for Drug Evaluation, National Medical Products Administration. Detailed Information on Public Notice of Priority Review. Retrieved from: https://www.cde.org.cn/main/xxgk/listpage/2f78f372d351c6851af7431c7710a731

4. Center for Drug Evaluation, National Medical Products Administration. Detailed Information on Priority Review Public Notice. Retrieved from: https://www.cde.org.cn/main/xxgk/listpage/2f78f372d351c6851af7431c7710a731

5. Bristol Myers Squibb Global Website: https://news.bms.com/news/corporate-financial/2026/U-S--Food-and-Drug-Administration-Accepts-Bristol-Myers-Squibbs-New-Drug-Application-for-Iberdomide-in-Patients-with-Relapsed-or-Refractory-Multiple-Myeloma/default.aspx

6. Bristol Myers Squibb Global Official Website: https://www.bms.com/assets/bms/us/en-us/pdf/investor-info/doc_presentations/2026/BMS-JPM-2026-Presentation.pdf

7. Bristol Myers Squibb Global Website: https://news.bms.com/news/corporate-financial/2025/Bristol-Myers-Squibb-Announces-Phase-3-EXCALIBER-RRMM-Study-Evaluating-Iberdomide-in-Combination-with-Standard-Therapies-Demonstrated-a-Significant-Improvement-in-Minimal-Residual-Disease-Negativity-Rates-in-Relapsed-or-Refractory-Multiple-Myeloma/default.aspx

8. Landgren, O. et al. (2025). A phase 2 trial of iberdomide, carfilzomib, daratumumab and dexamethasone quadruplet therapy for relapsed/refractory multiple myeloma: The rekindle study. Blood, 146(1), 251. https://doi.org/10.1182/blood-2025-251.

9. VBInsight Database: https://www.phirda.com/artilce_42069.html?module=trackingCodeGenerator

10. Bristol Myers Squibb Global Website: https://www.bms.com/assets/bms/us/en-us/pdf/investor-info/doc_financials/quarterly_reports/2025/BMY-Q4-2025-Earnings-Press-Release.pdf

11. Center for Drug Evaluation, National Medical Products Administration. Information on Accepted Drug Applications. Retrieved from: https://www.cde.org.cn/main/xxgk/listpage/9f9c74c73e0f8f56a8bfbc646055026d

12.Lin M, Sun W, Huang X, Zhao X. Disease burden of hematological malignancies worldwide, in China and in the United States based on the GLOBOCAN 2022 and Global Burden of Disease 2021 data. Chin Med J (Engl). 2026 Apr 5;139(7):1042-1053. doi: 10.1097/CM9.0000000000003969. Epub 2026 Feb 11. PMID: 41672942; PMCID: PMC13043260.