I doubt the solid lubricant expires. But that leaves the carrier drying up (especially over several years), and the possibility you've got some dirt, grit, or sand in the chain. A suspension of dry lube might also lift up the grit for a short time, but as soon as the solvent dries and the dry lube disperses, you'll hear the grit grinding your chain again.

Cue the "best way to clean a chain" threads.