Eliquis Patent Cliff: $14 Billion Revenue Loss Over 6 Years

According to a report from Pharmaceutical Technology, the loss of exclusivity for the anticoagulant drug Eliquis, marketed by Pfizer (PFE) and Bristol-Myers Squibb (BMY), is expected to cause a cumulative revenue loss of $14 billion over six years. This event is set to become one of the most consequential patent cliffs in pharmaceutical history.

Patent Cliff Details

A patent cliff refers to the sharp decline in revenue for a drug after its patent protection expires, allowing cheaper generic versions to enter the market. For Eliquis, the combined revenue loss for Pfizer and Bristol-Myers Squibb is estimated at $14 billion over six years.

Context

Eliquis is one of the best-selling drugs globally, with sales exceeding $12 billion in 2025. However, the patent expiration opens the door to generic competition, which quickly erodes market share. This scenario mirrors past events such as the Lipitor patent cliff, which saw over $10 billion in annual revenue lost after generics entered the market.

What This Means for Investors

For investors in Pfizer and Bristol-Myers Squibb, this patent cliff represents a significant revenue challenge. Investors should monitor the companies' strategies to offset these losses, such as developing new drugs or acquiring other products. The entry of generics could also substantially impact profit margins.