Eliquis, a blood thinner from Bristol-Myers Squibb and Pfizer, is slightly more exposed to the impact of negotiated prices since its patent expires in 2028. But that risk will likely be manageable. "We think Bristol/Pfizer could take a low-mid single-digit hit to their respective 2026 revenue … due to Eliquis negotiation," Bank of America analyst Geoff Meacham said in a research note Tuesday, adding that the effect of negotiated prices will be limited to 2026 and 2027. Branded competition is another factor that could mute the impact of negotiated prices, Meacham added. For example, AbbVie 's blood cancer drug Imbruvica could see steep declines before its negotiated price goes into effect in 2026, largely due to "competitive erosion" from similar treatments like AstraZeneca's Calquence and Beigene 's Brukinsa, according to Meacham.