SHERIDAN, WYOMING – July 21, 2025 – Bristol Myers Squibb (BMS) and Pfizer have announced a strategic move to offer their blockbuster blood thinner Eliquis directly to U.S. patients at a 40% discount off the current list price—marking a significant shift in their market approach ahead of Medicare’s negotiated pricing, which takes effect in 2026.
Starting September 8, eligible patients with a prescription will be able to purchase Eliquis through the expanded Eliquis 360 Support program. Originally designed for patient education and insurance assistance, the program now includes direct-to-consumer (DTC) sales aimed at reducing out-of-pocket expenses for uninsured, underinsured, and self-pay patients.
Strategic Expansion Amid Industry-Wide DTC Trends
The move reflects a growing trend among pharmaceutical companies to explore direct-to-consumer models. In recent years:
- Eli Lilly introduced LillyDirect in January 2024, offering products like the obesity treatment Zepbound.
- Novo Nordisk followed with its own DTC platform earlier this year.
- Pfizer leveraged its experience with DTC models, having launched PfizerForAll last year and previously marketed Lipitor directly to patients in 2011.
Despite these industry examples, Leerink Partners analysts noted that this initiative marks a unique development. They described it as “the first non-obesity direct-to-consumer (DTC) branded offering of its kind,” setting a new precedent for high-profile prescription medications beyond weight management therapies.
Anticipating Market Shifts Under Medicare Price Negotiations
Eliquis, the fourth best-selling drug worldwide in 2024 with $13.3 billion in sales, is among the first wave of products selected for price negotiation under the U.S. Inflation Reduction Act (IRA). The Centers for Medicare and Medicaid Services (CMS) negotiated a 56% discount off the Medicare price, capping it at $231 for a 30-day supply. This price adjustment will be enforced starting next year—two years before Eliquis is scheduled to lose market exclusivity.
The Brookings Institution highlighted that Eliquis is one of three drugs expected to generate over half of the IRA's total projected savings. Analysts believe that BMS and Pfizer’s proactive DTC strategy anticipates both the impact of CMS pricing reforms and the expected entry of generic competitors post-2028.
Commenting on the outlook, BMS Chief Commercial Officer Adam Lenkowsky stated at a TD Cowen event in March, “The company expects the influx of generic competition to drive ‘very rapid erosion for Eliquis.’”
Direct Sales to Cushion Revenue Impact
The DTC program will facilitate direct shipments of Eliquis across all 50 states and Puerto Rico. Under this model, patients will pay 40% less than the current list price of $606 for a 30-day supply. By comparison, patients with commercial insurance, Medicare, or Medicaid currently pay between $2 and $54 per month, depending on coverage and medical condition.
Additionally, upcoming Medicare Part D changes will cap annual out-of-pocket prescription drug expenses at $2,000, potentially reshaping purchasing decisions among Medicare beneficiaries.
Leerink analysts do not anticipate the program to negatively affect BMS or Pfizer’s pricing dynamics. “Since Eliquis is already heavily rebated to PBMs, we do not expect the program to create a net pricing headwind for BMY/PFE,” they wrote, citing pre-IRA rebate estimates of approximately 40% within Medicare Part D.
Navigating a Shifting U.S. Pharma Landscape
Industry experts speculate that this bold move is partly in response to political initiatives, notably former President Donald Trump’s Most Favored Nation executive order, which aimed to align U.S. drug prices with those of other developed nations. Amid ongoing pricing pressures and market transformations, BMS and Pfizer’s DTC strategy positions them to better manage future competitive and regulatory challenges.
With the healthcare industry shifting toward more consumer-centric models, the Eliquis DTC initiative could become a blueprint for other high-value therapies approaching the end of their patent protection.
Learn more at eliquis.bmscustomerconnect.com.