The BMS-Celgene merger’s Achilles heel? An earlier-than-expected Revlimid patent loss

Bristol-Myers Squibb executives said merging with Celgene delivers six near-term launches—with $15 billion in peak sales potential—into their hands. With them, the company could vault ahead of Roche to be the world’s biggest cancer drugmaker. But they won’t fill the gap if Celgene's crown jewel Revlimid loses patent challenges this year, analysts say.