Sotyktu joins Eliquis in Bristol Myers’ direct-to-patient experiment — Is this the future of pharma distribution?

Bristol Myers Squibb (NYSE: BMY) has announced that from January 2026, its oral psoriasis therapy Sotyktu (deucravacitinib) will be available directly to U.S. patients through its BMS Patient Connect platform. The drug will be priced at around $950 per month, a striking 86 percent discount from its current list price of approximately $6,828 for a 30-day supply. The expansion of this direct-to-patient initiative comes after Bristol Myers Squibb introduced a similar program for Eliquis, which offered discounts of more than 40 percent.

The decision represents more than a pricing maneuver. It signals a fundamental shift in how one of the world’s largest pharmaceutical companies is choosing to deliver care, bypass intermediaries, and tighten control over its patient relationships. With pressure mounting across the healthcare ecosystem to reduce costs and increase transparency, the Sotyktu launch under a direct-to-consumer model will be closely watched by patients, regulators, and investors alike.

Why is Bristol Myers Squibb moving Sotyktu into a direct-to-patient model and what does it mean for access?

Traditionally, prescription drugs have traveled through wholesalers, pharmacy benefit managers, specialty pharmacies, and insurers before reaching patients. Each step in the chain adds administrative complexity, rebate negotiations, and cost opacity. By moving Sotyktu into a direct-to-patient channel, Bristol Myers Squibb aims to simplify the journey, create transparent pricing, and expand access for uninsured or underinsured patients who face the highest cost barriers.

The company’s rationale rests on both patient benefit and commercial control. For patients, the lower price point can dramatically reduce the out-of-pocket burden for those who do not qualify for comprehensive insurance coverage. For Bristol Myers Squibb, direct distribution allows greater margin capture that would otherwise be lost to intermediaries, along with deeper insight into patient adherence, prescription refills, and outcomes.

The trend toward direct-to-consumer access is not new. Pharmaceutical companies such as Eli Lilly and Novo Nordisk have already piloted similar programs for diabetes and weight loss drugs. But by extending the model to a relatively new immunology therapy like Sotyktu, Bristol Myers Squibb is demonstrating confidence in direct channels as a viable part of its long-term commercial strategy.

How steep is the discount and what are the potential economic and industry consequences?

Dropping the price of Sotyktu from nearly $7,000 to under $1,000 per month is among the most aggressive discounts yet seen in a direct-to-patient rollout. For Bristol Myers Squibb, this represents a bold calculation that volume growth and margin recapture can outweigh the immediate impact of lower per-patient revenue.

The consequences are wide-ranging. Patients who previously could not afford therapy now have a potentially life-changing treatment option at a fraction of the cost. Clinicians may be more likely to prescribe Sotyktu knowing their patients can access it affordably. However, insurers and pharmacy benefit managers may see the move as a challenge to their negotiated authority, raising the prospect of pushback or renegotiation.

Regulators and policymakers may also take a closer look at whether direct-to-consumer channels create uneven access, influence prescribing patterns, or raise privacy concerns related to patient data. The move is disruptive enough that it could catalyze new debates on the role of pharmaceutical companies in shaping care beyond manufacturing.

What does Sotyktu represent in Bristol Myers Squibb’s pipeline and why is it strategically important?

Sotyktu is an oral tyrosine kinase 2 inhibitor approved in 2022 for adults with moderate to severe plaque psoriasis who are candidates for systemic therapy or phototherapy. Its mechanism targets a regulatory domain rather than the catalytic domain, offering improved specificity compared to many JAK inhibitors. This distinction has been a selling point, particularly amid safety concerns tied to the broader JAK inhibitor class.

In the first half of 2025, Sotyktu generated around $126 million in global revenue, representing growth of nearly 30 percent year-on-year. Analysts forecast peak annual sales of up to $4 billion, supported by ongoing clinical trials in psoriatic arthritis, systemic lupus erythematosus, and Sjögren’s syndrome. The revenue trajectory underscores why Bristol Myers Squibb has chosen Sotyktu as the next candidate for its direct-to-patient platform.

With a strong runway of clinical expansion and no immediate generic competition, Sotyktu provides the flexibility for Bristol Myers Squibb to experiment with pricing models without the near-term threat of substitution. It is a calculated test case for whether direct sales can coexist with traditional reimbursement pathways while maintaining growth momentum.

How are investors and analysts reacting to Bristol Myers Squibb’s direct-to-patient strategy?

Investor sentiment toward Bristol Myers Squibb has been cautious but watchful. The stock, which trades under ticker BMY on the New York Stock Exchange, has been under pressure in 2025 due to revenue headwinds in its oncology portfolio and patent expirations on legacy blockbusters. Analysts have flagged that the company needs both revenue diversification and innovative access models to protect its long-term growth profile.

By aggressively discounting Sotyktu and delivering it directly to patients, Bristol Myers Squibb is attempting to shift the narrative from declining legacy sales to forward-looking disruption. Some institutional investors interpret the move as positioning for the future, emphasizing volume growth and patient engagement. Others remain skeptical, questioning whether the economics of steep discounting can scale across multiple products without margin erosion.

Institutional flows in recent weeks show modest re-entry by healthcare-focused funds, but with a defensive tilt. Buy-side commentary has pointed to the need for proof that direct-to-patient revenue can offset declines elsewhere. For now, analyst ratings remain mixed between “hold” and “accumulate,” with few outright “buy” calls until data emerges on adoption rates and financial impact.

What challenges and risks could undermine this direct-to-patient rollout?

The initiative faces three primary risks. The first is low adoption. While the discount is steep, eligibility remains limited to cash-pay patients without adequate insurance coverage. If the patient pool remains small, the economics will not justify the disruption.

The second risk is pushback from insurers and pharmacy benefit managers. These entities may respond by tightening reimbursement or by lobbying against direct-to-patient expansion, framing it as an attempt to bypass negotiated rebate systems. Such friction could complicate Bristol Myers Squibb’s broader payer relationships.

The third risk relates to perception and trust. Offering one price through direct channels while maintaining another in traditional insurance channels could spark criticism of pharmaceutical pricing practices. To sustain credibility, Bristol Myers Squibb will need to demonstrate transparency around eligibility, consistent pricing logic, and safeguards for patient privacy.

How does this reflect broader industry trends and what comes next?

The healthcare sector is experiencing a consumerization wave, with patients demanding more transparency, affordability, and convenience. Direct-to-patient models fit neatly into that trend. Over the past decade, rising scrutiny of drug costs, tightening rebate dynamics, and a public appetite for reform have created fertile ground for experimentation.

Bristol Myers Squibb’s expansion of its direct platform with both Eliquis and now Sotyktu shows that large, established players are no longer content with traditional distribution models alone. If successful, other companies may follow suit with their high-margin or specialty therapies, gradually normalizing direct-to-consumer channels in pharma.

For Bristol Myers Squibb, success will be measured in patient adoption, revenue trajectory, and market perception. If the strategy pays off, it could mark the beginning of a new era where pharmaceutical companies build direct relationships with patients not only through marketing, but also through delivery, support, and pricing transparency. If it falters, it may serve as a cautionary tale that the entrenched power of intermediaries remains difficult to dislodge.

As the January 2026 rollout approaches, patients, clinicians, investors, and competitors will all be watching closely. For now, the addition of Sotyktu to Bristol Myers Squibb’s direct-to-patient portfolio represents one of the most consequential experiments in pharmaceutical access in recent years.