Bristol Myers Squibb posted much better-than-expected second-quarter results on Thursday on strong sales of its best-selling brands, but failed to convince investors that newer products could drive future growth and shares fell nearly 5%.

Cobenfy is one of the key products Bristol is counting on to take up the slack as patents on three of its top-selling drugs expire in the coming years.

Bristol Myers Squibb & Co (NYSE:BMY) reported second-quarter 2025 revenues of $12.27 billion, beating the consensus of $11.31 billion, almost flat year over year. U.S. sales slipped 3% to $8.5 billion,