Medicare-negotiated prices ‘benign’ for Bristol Myers, says Barclays

Barclays says the Medicare-negotiated price for Bristol Myers’ blood thinner Eliquis “appears benign.” The firm believes the 2026 negotiated price suggests a relatively modest headwind for Bristol over 2026 and 2027. Despite the high-level optics around the reported discount from list pricing, the discount from net pricing today is on the lower end of expectations, the analyst tells investors in a research note. With the Inflation Redaction Act out of the way, the focus will shifts back to Bristol’s pipeline, competitive threats, and earnings “erosion” over the balance of decade, contends Barclays, which has an Underweight rating on the shares.