Growth Portfolio Expansion Offsets Generic Losses
Total Growth Portfolio revenue rose 15% YoY to $7.56B in Q2 FY2026, powered by strong performances from Camzyos (+60% to $416M), Breyanzi (+41% to $484M), and Reblozyl (+29% to $735M). This growth helped offset a 4% decline in Legacy Portfolio revenue ($5.42B) caused by generic erosion in Revlimid (-49% to $425M) and Pomalyst (-71% to $204M).
Eliquis Demand and Price Realization
Eliquis revenues increased 22% YoY to $4.48B in Q2 FY2026, supported by higher demand and higher average net selling prices in the U.S., where a list price reduction resulted in lower gross-to-net rebates.
Inflation Reduction Act and Price Negotiations
The U.S. HHS established 'maximum fair prices' under the Inflation Reduction Act for Eliquis (effective January 2026) and Pomalyst (effective January 2027) in Medicare, while Orencia was selected in January 2026 for price negotiations taking effect in 2028.