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Key Takeaways BMY's legacy drugs Revlimid, Pomalyst, Sprycel and Abraxane face continued pressure from generic competition.Eliquis sales grew 19% to $8.6 billion in first-half 2026, driven by robust demand and market share gains.Revlimid shows resilience despite generics, while Eliquis faces a $1.5-$2 billion sales decline in 2027
Bristol Myers’ (BMY - Free Report) legacy portfolio, which includes Eliquis, Revlimid, Pomalyst, Sprycel and Abraxane, continues to encounter headwinds from generic competition.

Legacy portfolio revenues fell 5% year over year to $10.7 billion in the first half of 2026, primarily due to generic-related declines in Revlimid, Pomalyst, Sprycel and Abraxane.

Eliquis has been a notable exception, delivering 22% revenue growth in the second quarter on the back of robust demand and further market share gains. Co-marketed globally with Pfizer (PFE - Free Report) , the blood thinner generated $8.6 billion in sales in the first half of 2026, representing a 19% increase from the year-ago period’s level. Its strong performance has helped cushion the impact of declining sales across other legacy products.

BMY also expects the price reduction implemented at the start of 2026 to support U.S. Eliquis sales in the second half by removing the accumulated CPI-related penalty in certain government channels. Following better-than-expected first-half results, management raised its full-year Eliquis revenue growth forecast to 20-25% from 10-15%.

Additionally, Revlimid sales have demonstrated relative resilience despite generic competition in the United States, offering some further support to the legacy portfolio. As a result, BMY now anticipates a 4-6% decline in legacy portfolio revenues for 2026, a significant improvement from its previous expectation of a 12-16% contraction.

The stronger outlook for Eliquis, together with the improved legacy portfolio forecast and solid momentum across the Growth Portfolio, had prompted BMY to raise its 2026 revenue guidance to $49-$50 billion in July (from $46-$47.5 billion).

However, the sustainability of this momentum remains a concern. Management had previously warned that Eliquis could face increasing revenue pressure beyond 2026, with sales expected to decline approximately $1.5-$2 billion in 2027. This anticipated drop could offset some of the revenue gains generated by the Growth Portfolio. Generic competition for the drug in the United States is expected in 2028, adding to longer-term uncertainty.

While Eliquis is positioned to support BMY’s top-line growth in the near term, the company will need continued strong execution from its Growth Portfolio to compensate for the anticipated revenue shortfall. Although new drug approvals and pipeline expansion are critical to its growth strategy, legacy products still account for approximately 44% of total revenues and face varying levels of generic competition and loss-of-exclusivity risk.

Thus, despite an improved near-term revenue outlook, BMY continues to face challenges in sustaining growth as its legacy portfolio comes under increasing competitive pressure.

Competition for BMY’s Key DrugsBMY’s growth portfolio primarily comprises Opdivo, Orencia, Yervoy, Reblozyl, Opdualag, Abecma, Zeposia, Breyanzi, Camzyos, Sotyku, Krazati and others.

Oncology is a key therapeutic area of focus for Bristol Myers, which is developing and delivering transformational medicines in this space. However, BMY faces competition from large pharma companies like Merck (MRK - Free Report) and Pfizer.

The immuno-oncology space is dominated by pharma giant MRK’s blockbuster drug Keytruda (pembrolizumab).

Keytruda is approved for several types of cancer and alone accounts for around 48% of MRK’s pharmaceutical sales. Merck is currently working on different strategies to drive long-term growth of Keytruda.

Pfizer is one of the largest and most successful drugmakers in the field of oncology. It has an innovative oncology product portfolio of antibody-drug conjugates, small molecules, bispecifics and other immuno-oncology biologics that treat a wide range of cancers, including breast cancer, gastrointestinal cancer, genitourinary cancer, hematology-oncology and thoracic cancers, including lung cancer. Pfizer also has oncology biosimilars in its portfolio.

Pfizer strengthened its oncology portfolio through the acquisition of Seagen.

The company inked a licensing agreement with 3SBio for the development, manufacturing and commercialization of SSGJ-707, a bispecific antibody targeting PD-1 and VEGF, outside China.

Bristol Myers Squibb has raised its dividend for 17 straight years, but a looming patent cliff and $43 billion in debt put the pace of future increases on a collision course with the drugs Wall Street is betting everything on.

Bristol Myers Squibb (NYSE:BMY | BMY Price Prediction) pays $0.63 per share each quarter, up from $0.62 in 2025, for an annualized $2.52. At the latest price of $60.57, the yield is roughly 4.2%. The raise was a small 1.6%, but it marked the 17th consecutive annual increase and the 94th consecutive year of payments. The quarterly rate has rose every year since $0.37 in 2015.

The dividend’s future depends on whether the newer drugs that fund the check can grow faster than generics eat away at the older ones.

Raised Guidance Leaves Plenty of Coverage After second-quarter EPS of $2.04 exceeded the $1.597 estimate, management raised 2026 non-GAAP EPS guidance to $6.75-$7.00 from $6.05-$6.35. Measured against that range, the dividend uses only 36% to 37% of earnings. Operating cash flow came in at about $3.4 billion for the quarter. Based on today’s share count, one quarter’s dividend costs roughly $1.3 billion. The company also paid down $1.2 billion of debt.

“Business development remains a priority, and we are regularly evaluating opportunities in the therapeutic areas we know best, while continuing to return cash to shareholders through our commitment to the dividend.”

That was David Elkins on the July earnings call.

Growth Drugs Are Covering for the Old Blockbusters Second-quarter Growth Portfolio sales rose 15% to $7.56B. Camzyos grew 60%, Breyanzi 41% and Reblozyl 29%. Eliquis brought in $4.481B, up 22%. The older drugs kept shrinking: Revlimid fell 49% and Pomalyst dropped 71%.

“The Growth Portfolio continues to deliver, achieving 15% growth in the quarter, and represents an expanding share of our overall business.”

That was CEO Christopher Boerner.

Eliquis Patent Expiry and Debt Will Decide the Dividend’s Future Management expects Eliquis sales to step down by $1.5 to $2 billion in 2027. Adam Lenkowski explained why:

“Eliquis LOE, as you’re aware, is April of 2028.”

The company is counting on milvexian to replace Eliquis, but the atrial fibrillation results has slipped to the first quarter of 2027. Pipeline news has been mixed. On October 12, the idiopathic pulmonary fibrosis drug admilparant met its Phase 3 primary endpoint only at the lower of two doses, and the stock reversed lower even though a cancer trial succeeded the same day. Barron’s called the results “confounding.” Total debt stands at about $43.1 billion, which helps explain why the latest raise was so small.

Pfizer Pays More, and Merck Has Its Own Patent Problem Pfizer (NYSE:PFE) yields about 5.8% on a $0.43 quarterly payout. However, it carries net debt of 3.0x EBITDA and plans no share repurchases in 2026. Merck (NYSE:MRK) has its own patent expiration ahead with Keytruda, whose second-quarter sales slipped 1%. Merck also took a $2.31 per-share charge for its Terns acquisition. Bristol Myers sits in the middle of the group: it has more growth momentum than Pfizer and a lower yield.

Dividend Verdict for Income Investors Bristol Myers shares have risen 17.26% year to date and 45.03% over the past year, which has pushed the yield down. Even so, a payout under 40% of guided earnings, strong cash flow and a growing portfolio of newer drugs make the dividend look safe. The tradeoff for income investors is raises near 2% while the company pays down debt and works through the Eliquis patent expiry. For retirees who want checks to arrive without ever selling the shares, we laid out how to build that kind of ladder in a free guide. Keep an eye on milvexian’s 2027 data. It will show whether dividend increases can speed up after 2028 or stay this small.

Contact [email protected] for any questions or corrections.

Bristol-Myers Squibb Co (NYSE:BMY, XETRA:RM, OTC:BMYMP) shares fell 3% to $57.39 after positive results from a late-stage trial of an experimental cancer treatment raised questions about the market’s reaction to the announcement.

The US drugmaker reported that its ACTION-1 Phase 3 trial met its primary endpoint, showing a statistically significant and clinically meaningful improvement in progression-free survival for RYZ101 in patients with advanced gastroenteropancreatic neuroendocrine tumours (GEP-NETs).

RYZ101 is a targeted radiopharmaceutical therapy developed by RayzeBio, a Bristol Myers subsidiary, for patients whose tumours have progressed after treatment with lutetium-177-based therapy.

The trial compared RYZ101 with standard treatment options, including somatostatin analogues, everolimus and sunitinib, in patients with tumours expressing somatostatin receptors.

Safety results were consistent with the treatment’s previously established profile, while patients enrolled in the study will continue to receive treatment under the trial protocol and remain under observation for overall survival.

The findings could address a significant treatment gap, as many patients with GEP-NETs eventually progress after lutetium-177-based therapy and have few effective options available.

Bristol Myers said it planned to discuss the findings with the US Food and Drug Administration as it considers the next steps towards a regulatory submission, with detailed results expected at a future medical meeting.

The treatment uses actinium-225, a radioactive isotope that emits high-energy alpha particles capable of damaging cancer cells’ DNA, and is designed to deliver radiation directly to targeted tumours.

The positive interim results mark a milestone for the programme, although the treatment remains investigational and has not yet secured approval for this use.

SummaryBristol-Myers Squibb is reiterated as a buy, offering attractive valuation and a high 4.23% dividend yield.BMY delivered a strong Q2 earnings triple-play, raising FY 2026 sales guidance and demonstrating robust growth in both legacy and new products.Despite looming patent cliffs and projected EPS declines post-2026, BMY benefits from high free cash flow and recent bullish EPS revisions.Technical support at the 200-day moving average and strong FCF suggest resilience, though resistance at $63 and pipeline execution remain key watchpoints. JHVEPhoto/iStock Editorial via Getty Images

Health care-sector stocks soared from May through mid-August, right in the heart of the “broadening trade” that benefited areas away from tech. Yes, it has absolutely been a Mag 7-led rally in the last four weeks, but the Health Care

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After several years of poor performance, Bristol Myers Squibb (BMY +0.53%) is bouncing back. The company's shares are up 42% over the trailing 12-month period, while the S&P 500 has climbed just 15%. Could there be more upside ahead for the pharmaceutical giant? There are some reasons to think so. Bristol Myers is trading at just 9.4x forward earnings, versus an average of 18.5x for healthcare stocks.

Is Bristol Myers a great value play to buy now?

Image source: The Motley Fool.

Not out of the woods just yet Bristol Myers' troubles in recent years stem in part from patent cliffs. The company has lost patent exclusivity for such products as Revlimid, a cancer medicine that used to be its top-selling drug.

The drugmaker will experience more patent cliffs through the end of the decade. Notably, Bristol Myers' Opdivo, a cancer drug, and Eliquis, an anticoagulant it shares the right to with Pfizer (PFE -1.14%), will both run out of patent exclusivity in the U.S. How could this impact the company's financial results?

Consider that in the second quarter, Bristol Myers' revenue increased by 6% year over year to about $13 billion. The company's non-GAAP earnings per share jumped 40% year over year to $2.04. Eliquis' sales contributed $4.5 billion, up 22% year over year. So, Eliquis alone accounted for almost 35% of Bristol Myers' top line. Opdivo contributed another $2.5 billion, although its sales dropped by 3% year over year.

So, together these two products accounted for more than half of Bristol Myers' total revenue. That may be one reason the company's forward price-to-earnings is low: The market expects revenue and earnings growth to slow -- and perhaps reverse -- once Bristol Myers starts facing generic and biosimilar competition for Eliquis and Opdivo.

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Can Bristol Myers overcome patent cliffs? Bristol Myers could experience a decline in sales by the end of the decade. The question is whether the drugmaker will emerge from it in one piece and continue posting strong financial results long after. Thankfully, Bristol Myers has worked hard to launch new drugs that will help it through these challenging times. The company's growth portfolio features several medicines that have been on the market for less than a decade. Some of them are posting strong revenue growth. Consider Reblozyl, a medication for certain forms of anemia.

During the second quarter, Reblozyl's sales jumped 29% year over year to $735 million.

Reblozyl should remain a meaningful growth driver for the foreseeable future, but perhaps the most important relatively new approval in Bristol Myers' portfolio is Opdivo Qvantig, a subcutaneous version of the highly successful cancer medicine -- the original formulation is administered via intravenous infusion.

Opdivo Qvantig is much faster and easier to administer. Its convenience could help it retain many of the patients from its original formulation after it loses patent exclusivity. In fact, as Bristol Myers pointed out, second-quarter Opdivo sales declined partly because some patients switched to Opdivo Qvantig.

That's great news for the company's medium-term prospects. Still, Bristol Myers will need to launch brand-new products to fully address its upcoming patent cliffs. The pharmaceutical company is also capable of doing that. Bristol Myers has several promising pipeline candidates that could make significant progress over the next few years.

For instance, Bristol Myers is developing pumitamig, an investigational bispecific antibody (a newer class of medicines showing tremendous promise, particularly in oncology). Bristol Myers is working on this program with BioNTech (BNTX +0.05%). Pumitamig is undergoing clinical trials across several potential indications and could potentially become a pipeline-in-a-drug.

Bristol Myers' pipeline also features milvexian, an investigational anticoagulant that could become the heir to Eliquis, provided ongoing clinical trials go well. These are just some of the company's most promising candidates. Its deep pipeline features many more.

What's your investing timeline? Bristol Myers may not perform well over the next couple of years as its patent cliffs approach. But the company's approved portfolio and pipeline look strong enough to help it weather the storm and recover. In addition, Bristol Myers is a solid dividend stock. The company offers a forward yield of 4%, compared to an average of 1.1% for the S&P 500, and has increased its payouts by 65.8% over the past decade.

These are all good reasons Bristol Myers' shares are attractive at current levels, at least for investors intending to hold onto the stock for at least five years.

Bristol Myers Squibb has raised its dividend for 17 straight years, but a looming patent cliff on its biggest cash generator puts that streak on a collision course with reality in 2027.

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Bristol Myers Squibb (NYSE:BMY | BMY Price Prediction) pays an annualized forward dividend of $2.52 per share against a stock price of $63.65, with shares up 21.96% year to date. The number that decides whether that payout lasts the coming patent cliff is free cash flow coverage of the dividend: the cash the business generates after capital spending, compared with what it sends to shareholders.

Why Cash Coverage Beats Reported Earnings Here Bristol’s reported earnings swing hard with acquisition charges. Net income was a loss of $8.948 billion in 2024 and a profit of $7.054 billion in 2025 on nearly identical revenue of $48.3 billion and $48.195 billion. Dividends are paid in cash, so cash is the measure.

That matters because of loss of exclusivity (LOE). When a drug’s patent protection ends, generic copies arrive, prices fall, and the brand’s cash flow can shrink sharply within months. Bristol is living through it now. Revlimid sales fell 63% in Q1 2026 after generic lenalidomide stopped being volume-limited on Jan 31, 2026, and generic pomalidomide entered the U.S. in March 2026. The Legacy Portfolio is guided to decline 12%-16% this year.

Where Coverage Stands Right Now In 2025, operating cash flow was $14.156 billion, capital expenditures were $1.311 billion, and dividends totaled $5.045 billion. Cash from operations net of capex comfortably cleared the dividend bill.

Quarterly results are lumpier. Q1 2026 operating cash flow of $1.104 billion fell short of the $1.283 billion dividend. Q2 rebounded to $3.393 billion against $305 million of capex and $1.287 billion in dividends. Bristol also repaid $1.2 billion of debt in Q2 and held about $11.5 billion in cash and marketable securities, though net debt sits near $33.6 billion. Management says its balance sheet provides “the optionality and flexibility to continue investing in growth drivers, pursuing business development opportunities and returning cash to shareholders.”

Eliquis Is the Swing Factor for Cash Eliquis generated about $4.5 billion in Q2, up 21%, and management now expects 2026 growth of “roughly 20 to 25%.” Then the math turns. European patent expiry arrives in mid Q4, management still expects a “$1.5 to $2 billion step down in 2027,” and Eliquis LOE hits in April 2028. Its intended successor, Milvexian, saw its atrial fibrillation results slip to the first quarter of 2027.

The offset is the Growth Portfolio, up 14% in Q2 and now “nearly 60% of total revenue,” led by Camzyos (+59%) and Breyanzi (+41%).

A Dividend Raise Cadence That Has Slowed The $0.63 quarterly rate marks the 17th consecutive annual increase and 94th consecutive year of payments, but the latest raise was just 1.6%. The quarterly payout moved from $0.57 in 2023 to $0.60 in 2024, $0.62 in 2025 and $0.63 in 2026. Smaller increases point to a board preserving cash for the LOE gap.

Verdict: Coverage Holds for Now, 2027 Is the Test Free cash flow coverage supports the payout today. Two risks could break it. A 2027 Eliquis step-down coupled with a failed or delayed Milvexian result would push annual operating cash flow net of capex toward the roughly $5.045 billion dividend bill. Two checks settle it. First, whether the December declaration (last year’s came 2025-12-10) lifts the quarterly rate above $0.63, and second, whether full-year 2026 operating cash flow minus capex again clears total dividends paid.

Contact [email protected] for any questions or corrections.

Bristol Myers Squibb (BMY +2.21%) and Novo Nordisk (NVO +0.47%) are heading in opposite directions this year. Bristol Myers Squibb raised its 2026 revenue outlook in July, while Novo Nordisk expects its sales to be flat at best.

Bristol Myers Squibb focuses on oncology, hematology, and neuroscience, while Novo Nordisk is a leader in diabetes and obesity care. The stocks have followed their outlooks, with Bristol Myers Squibb shares up more than 35% over the past year and Novo Nordisk's down more than 30%.

Bristol Myers Squibb discovers and sells prescription medicines for serious diseases, and its customers include large U.S. wholesalers. It's also adding direct-to-patient offerings, and in December 2025, it reached an agreement with the U.S. government that includes providing Eliquis free to the Medicaid program starting Jan. 1, 2026.

Revenue slipped 0.2% to $48.2 billion in fiscal 2025. Net income came to $7.1 billion, a turnaround from a net loss of $8.9 billion in 2024. Momentum has improved since. Second-quarter 2026 revenue rose 6% to $13.0 billion, led by 15% growth in the company's Growth Portfolio to $7.6 billion, and management raised its full-year revenue guidance to a range of $49.0 billion to $50.0 billion.

At the end of 2025, total debt equaled about 2.4 times shareholders' equity, and the current ratio was about 1.3. Free cash flow, which is operating cash flow minus capital expenditures, came to about $12.8 billion.

The case for Novo NordiskNovo Nordisk makes diabetes and obesity treatments, including the GLP-1 medicines Ozempic and Wegovy, and sells them across the U.S., Europe, and emerging markets. Novo Nordisk reports its results in Danish kroner, and the figures here are converted to U.S. dollars.

Revenue grew 6.4% to about $47.5 billion in fiscal 2025, and net income reached about $15.7 billion, a net margin of 33.1%. This year looks different. Novo Nordisk now expects 2026 adjusted sales to range from flat to down 6% at constant exchange rates, an improvement from the 4% to 12% decline it projected earlier in the year. Investors weren't won over by the long-term plans it laid out at its Capital Markets Day on Sept. 21, and the U.S.-listed shares fell nearly 8% that day.

At the end of 2025, borrowings were about 0.7 times shareholders' equity, and the current ratio was about 0.8, indicating that current liabilities exceeded current assets. Free cash flow came to about $4.5 billion after heavy spending on facilities and intangible assets.

Risk profile comparisonBristol Myers Squibb faces government pricing pressure. Medicare's negotiated "maximum fair price" for Eliquis took effect Jan. 1, 2026, under the Inflation Reduction Act. The company also faces generic competition and patent disputes. Litigation over contingent value rights tied to its Celgene acquisition is moving forward, too. A federal court largely denied a motion to dismiss one suit in December 2025, and in August 2026, an appeals court revived an earlier suit that had been dismissed. Clinical trial failures and the complexity of manufacturing its cell therapies add further risk.

Novo Nordisk says it and Eli Lilly (LLY +0.13%) are the two largest companies by market share in diabetes and obesity treatments, and several other drugmakers have obesity medicines in development. U.S. pricing is another pressure point. Ozempic, Rybelsus, and Wegovy were selected for Medicare price negotiation, and their negotiated prices are scheduled to take effect Jan. 1, 2027.

Valuation comparisonBristol Myers Squibb trades at a lower multiple of both forward earnings and sales than Novo Nordisk.

MetricBristol Myers SquibbNovo NordiskForward P/E9.1x12.6xP/S ratio2.7x3.3xValuation metrics include sourcing from Financial Modeling Prep (FMP) and may differ from other data providers.

Which stock would I buy in 2026?Bristol Myers Squibb looks like the better buy to me, but its older drugs still face years of generic and pricing pressure, so its newer medicines have to keep carrying more of the load.

The case comes down to direction and price. Bristol Myers Squibb's Growth Portfolio is expanding fast enough to offset the decline of its older products, and management raised its outlook this summer. Novo Nordisk is heading in the opposite direction, with sales expected to be flat at best this year. Yet Bristol Myers Squibb trades at a lower multiple of forward earnings.

Novo Nordisk isn't broken. It still earns strong margins, and obesity is a large, long-lived market. But the stock's slide over the past year shows how quickly sentiment turns when growth stalls, and I'd want to see sales growth return before paying up.

Debt is the main trade-off. Bristol Myers Squibb carries more of it relative to equity, but its free cash flow was nearly three times Novo Nordisk's last year, so that load looks manageable.

For patient investors who own a diversified portfolio and plan to hold for years, Bristol Myers Squibb offers improving momentum at a modest price. Its Oct. 29 earnings report should show whether the Growth Portfolio can keep up the pace.

QRG Capital Management Inc. raised its position in Bristol Myers Squibb Company (NYSE:BMY – Free Report) by 4.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 370,802 shares of the biopharmaceutical company’s stock after acquiring an additional 14,906 shares during the quarter. QRG Capital Management Inc.’s holdings in Bristol Myers Squibb were worth $21,955,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of BMY. BlackRock Inc. lifted its holdings in Bristol Myers Squibb by 5.1% in the 2nd quarter. BlackRock Inc. now owns 180,384,994 shares of the biopharmaceutical company’s stock worth $10,393,783,000 after buying an additional 8,702,106 shares during the period. State Street Corp raised its holdings in shares of Bristol Myers Squibb by 7.3% during the second quarter. State Street Corp now owns 105,757,638 shares of the biopharmaceutical company’s stock valued at $6,093,755,000 after acquiring an additional 7,192,724 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Bristol Myers Squibb by 13.1% during the fourth quarter. Geode Capital Management LLC now owns 52,638,346 shares of the biopharmaceutical company’s stock valued at $2,837,026,000 after acquiring an additional 6,084,046 shares in the last quarter. Norges Bank purchased a new stake in Bristol Myers Squibb in the fourth quarter worth $1,947,272,000. Finally, Primecap Management Co. CA bought a new stake in Bristol Myers Squibb in the second quarter valued at $1,436,115,000. 76.41% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Bristol Myers Squibb In related news, SVP Phil M. Holzer sold 500 shares of Bristol Myers Squibb stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $67.50, for a total value of $33,750.00. Following the completion of the sale, the senior vice president directly owned 16,862 shares in the company, valued at approximately $1,138,185. This trade represents a 2.88% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.05% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth BMY has been the subject of several research reports. The Goldman Sachs Group restated a “neutral” rating and issued a $63.00 price objective on shares of Bristol Myers Squibb in a report on Wednesday. Wall Street Zen raised shares of Bristol Myers Squibb from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 27th. Jefferies Financial Group lowered shares of Bristol Myers Squibb from a “buy” rating to a “hold” rating in a report on Wednesday, August 5th. JPMorgan Chase & Co. upped their target price on Bristol Myers Squibb from $67.00 to $73.00 and gave the stock an “overweight” rating in a report on Friday, July 31st. Finally, Sanford C. Bernstein raised Bristol Myers Squibb from a “market perform” rating to an “outperform” rating in a research report on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $67.06. Get Our Latest Analysis on Bristol Myers Squibb

Bristol Myers Squibb Stock Down 1.8% Shares of Bristol Myers Squibb stock opened at $61.14 on Thursday. The company has a 50-day simple moving average of $64.42 and a two-hundred day simple moving average of $60.14. The stock has a market capitalization of $124.90 billion, a PE ratio of 13.47, a price-to-earnings-growth ratio of 0.30 and a beta of 0.23. Bristol Myers Squibb Company has a 52-week low of $42.52 and a 52-week high of $68.64. The company has a debt-to-equity ratio of 1.89, a quick ratio of 1.38 and a current ratio of 1.53.

Bristol Myers Squibb (NYSE:BMY – Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The biopharmaceutical company reported $2.04 earnings per share for the quarter, topping analysts’ consensus estimates of $1.60 by $0.44. Bristol Myers Squibb had a net margin of 18.87% and a return on equity of 66.90%. The company had revenue of $12.97 billion during the quarter, compared to analyst estimates of $11.74 billion. During the same period in the previous year, the business earned $1.46 EPS. The firm’s revenue for the quarter was up 5.7% on a year-over-year basis. Bristol Myers Squibb has set its FY 2026 guidance at 6.750-7.000 EPS. On average, analysts anticipate that Bristol Myers Squibb Company will post 6.95 EPS for the current fiscal year.

Bristol Myers Squibb Dividend Announcement The firm also recently declared a quarterly dividend, which will be paid on Monday, November 2nd. Stockholders of record on Friday, October 2nd will be issued a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend is Friday, October 2nd. Bristol Myers Squibb’s dividend payout ratio is presently 55.51%.

(Free Report)

Bristol Myers Squibb is a global biopharmaceutical company that discovers, develops and commercializes prescription medicines. Its portfolio includes therapies for cancer, blood disorders, cardiovascular disease, immune-mediated conditions and psychiatric disorders. Key products include Opdivo and Yervoy for oncology, Eliquis for reducing the risk of stroke and systemic embolism, Revlimid for certain blood cancers, and several other specialty medicines.

The company serves patients and healthcare providers in markets around the world, with operations and commercial activities spanning North America, Europe, Asia-Pacific and other international regions.

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Key Takeaways Sotyktu sustained strong PsA responses through week 104, including ACR20/50/70 and MDA measures.Bristol Myers reported no new safety signals for two years, supporting Sotyktu's longer-term use.Sotyktu sales rose 24% year over year to $156 million in the first half of 2026. Bristol Myers (BMY - Free Report) recently announced positive two-year results from the late-stage POETYK PsA-2 study on Sotyktu (deucravacitinib), including its open-label extension (OLE).

The two-year data provide additional support for Sotyktu’s commercial opportunity in psoriatic arthritis (PsA), particularly by demonstrating sustained efficacy and a consistent safety profile with longer-term treatment.

Among patients who entered the OLE, Sotyktu demonstrated durable efficacy, with clinical responses improving from week 16 through week 52 and sustained through week 104.

Responses remained robust across key efficacy measures, including ACR20/50/70 and Minimal Disease Activity (“MDA”), in both patients who received Sotyktu continuously from the start of the phase III study and those who switched from placebo to Sotyktu at week 16 and continued treatment through the OLE.

The safety profile also remained consistent through week 104, with no new safety signals identified. Adverse events occurred in 86.6% of 604 patients exposed to Sotyktu, while serious adverse events and discontinuations due to adverse events were reported in 12.6% and 7.6% of patients, respectively.

Sotyktu is an oral, selective tyrosine kinase 2 (TYK2) inhibitor. The drug is approved in the United States and numerous countries around the world for the treatment of adults with moderate-to-severe plaque psoriasis and active psoriatic arthritis.

Sotyktu’s PsA approval earlier this year broadens its addressable market and provides another potential growth driver for

BMY’s Growth Portfolio.

Sotyktu generated $156 million of revenues in the first half of 2026, up 24% year over year.

The data is particularly relevant to BMY’s growth strategy as the company seeks to expand Sotyktu beyond psoriasis into additional immunology indications.

Additional upside could come from ongoing phase III programs in systemic lupus erythematosus and Sjögren’s disease, which may further broaden the drug’s addressable market, if successful.

Data from POETYK SLE-1 & 2 is expected later in 2026.

The growth portfolio — including Opdivo, Opdivo Qvantig, Orencia, Yervoy, Reblozyl, Camzyos, Breyanzi, Opdualag, Zeposia, Sotyku, Krazati and Cobenfy — is becoming central to top-line resilience. Within this mix, Reblozyl, Breyanzi, Opdualag, Opdivo Qvantig, Camzyos and Cobenfy propelled growth in the first half.

Competition for BMY’s SotyktuSotyktu faces stiff competition from Amgen’s (AMGN - Free Report) Otezla in the psoriasis space.

Amgen acquired global commercial rights to Otezla from erstwhile Celgene (now part of Bristol-Myers). Amgen is also evaluating Otezla in additional indications.

Takeda (TAK - Free Report) is evaluating zasocitinib for the treatment of adults with moderate-to-severe plaque psoriasis. The candidate is an investigational, next-generation, highly selective and potent oral TYK2 inhibitor. The FDA recently accepted TAK’s new drug application seeking approval of zasocitinib for the treatment of adults with moderate-to-severe plaque psoriasis.

Takeda is currently evaluating the safety and efficacy of zasocitinib in phase III studies in psoriatic arthritis and phase II studies in Crohn’s disease, ulcerative colitis, vitiligo and hidradenitis suppurativa.

BMY’s Price Performance, Valuation, Estimates and Zacks RankShares of BMY have gained 16.5% year to date compared with the industry’s growth of 5.7%.

Image Source: Zacks Investment Research

From a valuation standpoint, BMY is trading at a discount to the large-cap pharma industry. Going by the price/earnings ratio, the stock currently trades at 9.58x forward earnings, higher than its mean of 8.70x but lower than the large-cap pharma industry’s 18.01x.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for 2026 EPS has moved north to $6.91 from $6.34 in the past 60 days, while that for 2027 has increased to $6.46 from $6.12.

Image Source: Zacks Investment Research

Bristol Myers Squibb (BMY.N) said on Tuesday its experimental cell therapy showed a high overall response rate in a mid-stage trial, ​in patients with a hard-to-treat form of blood cancer.

The study ​evaluated the therapy, called arlocabtagene autoleucel, or arlo-cel, in patients ⁠with advanced multiple myeloma who had already tried four major classes ​of standard treatments without lasting success.

Bristol Myers said the trial met its ​main goal by showing a meaningful improvement in the overall response rate among patients who had exhausted standard therapies.

It also met a key secondary goal, completely clearing ​detectable signs of the cancer in some patients.

While the drugmaker did ​not release specific numerical data, it said the results were statistically significant and clinically ‌meaningful ⁠and that full findings will be presented at an upcoming medical meeting.

Arlo-cel is a CAR-T cell therapy administered as a single infusion. The personalized treatment works by extracting a patient's own immune cells, modifying ​them in a ​laboratory to target ⁠a specific protein on cancer cells called GPRC5D and infusing them back into the body to attack ​the disease.

The therapy's safety profile was consistent with expectations ​and in ⁠line with other CAR-T and GPRC5D-targeting therapies, the company said.

Multiple myeloma is a cancer that forms in plasma cells, a type of white blood ⁠cell.

An ​estimated 36,000 new cases and nearly 11,000 ​deaths from the disease are expected in the United States this year, according to the ​American Cancer Society.

Bristol Myers Squibb (BMY.N) has ended its partnership with cell therapy startup Cellares that aimed to expand ​the manufacturing of its personalized blood cancer therapy, a company spokesperson ‌told Reuters on Tuesday.

Bristol Myers determined that Cellares' cell therapy manufacturing platform, Cell Shuttle, could not meet the requirements to make its CAR-T therapy, Breyanzi, at commercial scale, the ​spokesperson said.

Cellares strongly disagrees with this characterization, the company told Reuters. The ​Cell Shuttle platform has already manufactured a Good Manufacturing Practice-compliant ⁠cell therapy product in an FDA-regulated clinical program, it said.

Personalized CAR-T therapies ​have transformed care for some blood cancer patients, but remain difficult and expensive ​to produce.

Breyanzi, first approved by the U.S. FDA in 2021, is used to treat lymphoma and other blood cancers. It generated $1.36 billion in sales in 2025.

Endpoints News first reported the development ​on Tuesday.

CELLARES TO CUT 100 JOBS
Cellares CEO Fabian Gerlinghaus had disclosed the ​loss of a "large pharmaceutical customer" in a LinkedIn post over the weekend, adding that this would ‌force the ⁠company to "resize" its workforce.

The startup will lay off about 100 employees at its South San Francisco facility on October 20, according to a notice filed with the California Employment Development Department on August 21. It will give affected workers ​at least 60 ​days' notice and ⁠full salary and benefits until October 20.

The notice did not mention severance packages.

Cellares did not respond to a Reuters ​request for comment on the layoffs.

The companies signed a deal ​in 2024 ⁠worth up to $380 million under which Bristol Myers reserved manufacturing capacity across the U.S., the European Union and Japan for CAR-T therapies.

Bristol Myers' decision only applies ⁠to Breyanzi ​and its approved manufacturing process.

CAR-T therapies work by ​removing a patient's immune cells, reprogramming them in a lab to fight cancer and infusing them ​back into the body.

Ancora Advisors LLC purchased a new position in shares of Bristol Myers Squibb Company (NYSE:BMY – Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 24,068 shares of the biopharmaceutical company’s stock, valued at approximately $1,387,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Primecap Management Co. CA bought a new position in Bristol Myers Squibb during the 2nd quarter valued at $1,436,115,000. Canada Pension Plan Investment Board purchased a new stake in shares of Bristol Myers Squibb in the second quarter valued at about $241,223,000. Legal & General Group Plc bought a new position in shares of Bristol Myers Squibb during the second quarter valued at about $980,862,000. The Manufacturers Life Insurance Company purchased a new position in Bristol Myers Squibb during the second quarter worth about $125,419,000. Finally, Van Hulzen Asset Management LLC bought a new stake in Bristol Myers Squibb in the 2nd quarter worth about $975,000. 76.41% of the stock is owned by hedge funds and other institutional investors.

Key Headlines Impacting Bristol Myers Squibb Here are the key news stories impacting Bristol Myers Squibb this week:

Positive Sentiment: The FDA approved Zenbexus (iberdomide), BMY’s first-in-class CELMoD therapy, for adults with relapsed or refractory multiple myeloma in combination with Darzalex and dexamethasone. The approval adds a potential oncology growth driver and expands BMY’s treatment portfolio in a major cancer market. New FDA Approval Gives Bristol-Myers Squibb Another Potential Oncology Growth Catalyst Positive Sentiment: Zenbexus received accelerated approval based on improved minimal residual disease-negative complete response rates. As the first approved CELMoD therapy in this setting, it could strengthen BMY’s competitive position in multiple myeloma, although continued approval depends on confirmatory evidence. Zenbexus First-in-Class CELMoD Approval Positive Sentiment: BMY is extending clinical development of deucravacitinib, signaling longer-term ambitions in autoimmune diseases and potentially broadening its growth pipeline beyond oncology. Bristol Myers Squibb Extends Deucravacitinib Program Neutral Sentiment: Camzyos continues to gain momentum, but its ability to offset patent pressures on older products depends partly on an upcoming FDA decision regarding adolescent use and competition from rival heart drugs. Can Camzyos Growth Offset Bristol Myers Patent Pressures? Negative Sentiment: BMY ended its Cellares partnership after concluding that the Cell Shuttle platform could not support commercial-scale manufacturing of Breyanzi. The decision raises questions about manufacturing capacity and the pace of Breyanzi growth, despite avoiding further spending under the agreement valued at up to $380 million. Bristol-Myers Squibb’s Cellares Exit Raises Questions Over Breyanzi Growth Negative Sentiment: Senior Vice President Phil Holzer sold 500 BMY shares for approximately $33,750, reducing his holdings by 2.88%. The small transaction is generally a limited signal, but may add modest caution after the stock’s recent advance. Bristol Myers Squibb SVP Sells 500 Shares Negative Sentiment: A patent dispute involving Cytokinetics creates additional legal uncertainty around BMY’s products and could increase future litigation or commercial risks. What Does Bristol Myers Squibb Face After Zenbexus Approval and Patent Action? Wall Street Analysts Forecast Growth Several research firms have commented on BMY. Jefferies Financial Group lowered shares of Bristol Myers Squibb from a “buy” rating to a “hold” rating in a research note on Wednesday, August 5th. Bank of America reduced their target price on Bristol Myers Squibb from $67.00 to $66.00 and set a “buy” rating for the company in a report on Friday, July 10th. BMO Capital Markets reaffirmed a “market perform” rating on shares of Bristol Myers Squibb in a research report on Monday, July 27th. UBS Group lowered Bristol Myers Squibb from a “buy” rating to a “neutral” rating in a report on Wednesday, August 5th. Finally, TD Cowen started coverage on Bristol Myers Squibb in a research report on Wednesday, August 5th. They issued a “buy” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Bristol Myers Squibb has a consensus rating of “Moderate Buy” and an average target price of $66.06. View Our Latest Research Report on BMY

Insider Activity In other Bristol Myers Squibb news, SVP Phil M. Holzer sold 500 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $67.50, for a total transaction of $33,750.00. Following the sale, the senior vice president owned 16,862 shares in the company, valued at $1,138,185. This trade represents a 2.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.05% of the company’s stock.

Bristol Myers Squibb Trading Down 0.9% Shares of BMY opened at $66.93 on Friday. The business’s 50-day moving average price is $61.51 and its 200-day moving average price is $59.64. The company has a quick ratio of 1.38, a current ratio of 1.53 and a debt-to-equity ratio of 1.89. Bristol Myers Squibb Company has a twelve month low of $42.52 and a twelve month high of $68.64. The stock has a market cap of $136.73 billion, a PE ratio of 14.74, a P/E/G ratio of 0.18 and a beta of 0.22.

Bristol Myers Squibb (NYSE:BMY – Get Free Report) last posted its earnings results on Thursday, July 30th. The biopharmaceutical company reported $2.04 earnings per share for the quarter, topping analysts’ consensus estimates of $1.60 by $0.44. The business had revenue of $12.97 billion for the quarter, compared to analyst estimates of $11.74 billion. Bristol Myers Squibb had a net margin of 18.87% and a return on equity of 66.90%. Bristol Myers Squibb’s revenue was up 5.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.46 EPS. Bristol Myers Squibb has set its FY 2026 guidance at 6.750-7.000 EPS. On average, equities analysts forecast that Bristol Myers Squibb Company will post 6.95 EPS for the current fiscal year.

Bristol Myers Squibb Announces Dividend The business also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Stockholders of record on Thursday, July 2nd were issued a $0.63 dividend. The ex-dividend date of this dividend was Thursday, July 2nd. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.8%. Bristol Myers Squibb’s dividend payout ratio is presently 55.51%.

(Free Report)

Bristol Myers Squibb is a global biopharmaceutical company headquartered in Princeton, New Jersey, focused on discovering, developing and delivering medicines for serious diseases. The company’s core activities include research and development, clinical development, manufacturing and commercialization of prescription pharmaceuticals across multiple therapeutic areas. BMS concentrates on advancing therapies in oncology, hematology, immunology, cardiovascular disease and specialty areas through both small molecules and biologics.

BMS’s marketed portfolio and late‑stage pipeline reflect a strong emphasis on cancer and immune‑mediated conditions.

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Barbara Oil Co. bought a new stake in Bristol Myers Squibb Company (NYSE:BMY – Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 42,000 shares of the biopharmaceutical company’s stock, valued at approximately $2,420,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Davis Asset Management L.P. acquired a new position in shares of Bristol Myers Squibb in the 2nd quarter valued at about $27,000. Swiss RE Ltd. acquired a new stake in Bristol Myers Squibb during the 4th quarter worth approximately $25,000. Physician Wealth Advisors Inc. raised its holdings in Bristol Myers Squibb by 73.5% in the fourth quarter. Physician Wealth Advisors Inc. now owns 477 shares of the biopharmaceutical company’s stock valued at $26,000 after buying an additional 202 shares during the period. Darwin Wealth Management LLC purchased a new position in Bristol Myers Squibb in the second quarter valued at approximately $25,000. Finally, Addison Advisors LLC acquired a new position in Bristol Myers Squibb during the second quarter valued at approximately $32,000. Institutional investors and hedge funds own 76.41% of the company’s stock.

Bristol Myers Squibb Stock Up 0.1% Shares of NYSE BMY opened at $67.06 on Monday. Bristol Myers Squibb Company has a 1 year low of $42.52 and a 1 year high of $68.64. The firm has a market cap of $136.98 billion, a price-to-earnings ratio of 14.77, a PEG ratio of 0.17 and a beta of 0.22. The company has a debt-to-equity ratio of 1.89, a quick ratio of 1.38 and a current ratio of 1.53. The stock’s 50-day simple moving average is $60.55 and its 200-day simple moving average is $59.39.

Bristol Myers Squibb (NYSE:BMY – Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The biopharmaceutical company reported $2.04 EPS for the quarter, beating analysts’ consensus estimates of $1.60 by $0.44. Bristol Myers Squibb had a return on equity of 66.90% and a net margin of 18.87%.The firm had revenue of $12.97 billion during the quarter, compared to the consensus estimate of $11.74 billion. During the same quarter in the prior year, the business posted $1.46 earnings per share. Bristol Myers Squibb’s revenue for the quarter was up 5.7% on a year-over-year basis. Bristol Myers Squibb has set its FY 2026 guidance at 6.750-7.000 EPS. As a group, equities analysts anticipate that Bristol Myers Squibb Company will post 6.95 earnings per share for the current fiscal year. Bristol Myers Squibb Announces Dividend The company also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Shareholders of record on Thursday, July 2nd were paid a dividend of $0.63 per share. The ex-dividend date was Thursday, July 2nd. This represents a $2.52 annualized dividend and a yield of 3.8%. Bristol Myers Squibb’s dividend payout ratio is presently 55.51%.

Wall Street Analysts Forecast Growth Several equities research analysts have recently issued reports on the stock. Truist Financial reissued a “buy” rating and issued a $70.00 price objective (up from $65.00) on shares of Bristol Myers Squibb in a research report on Friday, July 31st. Guggenheim reaffirmed a “buy” rating and set a $75.00 price target (up from $72.00) on shares of Bristol Myers Squibb in a research report on Friday, July 31st. UBS Group downgraded Bristol Myers Squibb from a “buy” rating to a “neutral” rating in a report on Wednesday, August 5th. BMO Capital Markets reissued a “market perform” rating on shares of Bristol Myers Squibb in a research report on Monday, July 27th. Finally, Raymond James Financial initiated coverage on Bristol Myers Squibb in a research note on Wednesday, August 5th. They set a “strong-buy” rating on the stock. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Bristol Myers Squibb has an average rating of “Moderate Buy” and an average target price of $66.06.

Read Our Latest Research Report on BMY

Key Stories Impacting Bristol Myers Squibb Here are the key news stories impacting Bristol Myers Squibb this week:

Positive Sentiment: Bristol Myers Squibb plans to invest approximately $2.3 billion in a new Houston manufacturing facility, part of a broader $40 billion U.S. investment commitment. The project reinforces BMY’s confidence in domestic production capacity and could support long-term operational growth. Bristol-Myers Squibb Bets $2.3 Billion on Texas Positive Sentiment: BMY is collaborating with Chai Discovery on artificial-intelligence-driven antibody discovery. The partnership could help identify novel therapeutic candidates more efficiently and strengthens the company’s efforts to modernize its drug-development platform. Chai Discovery Collaboration Positive Sentiment: The company is launching a Phase 1 study of an early Alzheimer’s disease antibody. Although the program remains highly experimental, it adds another potential long-term growth opportunity to BMY’s pipeline. Early Alzheimer’s Antibody Study Positive Sentiment: Strong Eliquis performance is helping offset declines in BMY’s older products facing generic pressure, supporting a more favorable 2026 revenue outlook. Elevated call-option activity also signals increased bullish interest, though it is not a fundamental guarantee. Eliquis and Legacy Portfolio Analysis Neutral Sentiment: Early clinical work on navlimetostat shows continued pipeline activity, but the Phase 1-stage program has not yet produced efficacy data that would materially change near-term earnings expectations. Navlimetostat Study Update Negative Sentiment: Generic competition remains a key risk for BMY’s legacy portfolio. Investors must determine whether Eliquis growth and newer pipeline assets can replace revenue lost as established medicines face erosion. Legacy Portfolio Erosion Analysis Bristol Myers Squibb Profile (Free Report)

Bristol Myers Squibb is a global biopharmaceutical company headquartered in Princeton, New Jersey, focused on discovering, developing and delivering medicines for serious diseases. The company’s core activities include research and development, clinical development, manufacturing and commercialization of prescription pharmaceuticals across multiple therapeutic areas. BMS concentrates on advancing therapies in oncology, hematology, immunology, cardiovascular disease and specialty areas through both small molecules and biologics.

BMS’s marketed portfolio and late‑stage pipeline reflect a strong emphasis on cancer and immune‑mediated conditions.

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Advisors Capital Management LLC purchased a new stake in shares of Bristol Myers Squibb Company (NYSE:BMY – Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 1,029,843 shares of the biopharmaceutical company’s stock, valued at approximately $59,340,000. Advisors Capital Management LLC owned about 0.05% of Bristol Myers Squibb at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. MJP Associates Inc. ADV purchased a new position in Bristol Myers Squibb in the 2nd quarter worth $322,000. PCM Encore LLC purchased a new stake in Bristol Myers Squibb during the second quarter valued at about $313,000. Vise Technologies Inc. purchased a new stake in Bristol Myers Squibb during the second quarter valued at about $8,177,000. OVERSEA CHINESE BANKING Corp Ltd bought a new position in shares of Bristol Myers Squibb during the second quarter valued at about $1,559,000. Finally, E Fund Management Co. Ltd. purchased a new position in shares of Bristol Myers Squibb in the second quarter worth about $742,000. 76.41% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades A number of equities research analysts have recently weighed in on the company. Raymond James Financial started coverage on Bristol Myers Squibb in a research note on Wednesday, August 5th. They issued a “strong-buy” rating for the company. Jefferies Financial Group cut Bristol Myers Squibb from a “buy” rating to a “hold” rating in a research note on Wednesday, August 5th. Guggenheim reiterated a “buy” rating and issued a $75.00 price objective (up from $72.00) on shares of Bristol Myers Squibb in a research report on Friday, July 31st. Argus raised Bristol Myers Squibb from a “hold” rating to a “buy” rating and set a $75.00 price objective for the company in a research note on Wednesday, August 5th. Finally, Citigroup restated a “neutral” rating and issued a $70.00 target price (up from $66.00) on shares of Bristol Myers Squibb in a report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $66.06.

Get Our Latest Research Report on Bristol Myers Squibb Key Stories Impacting Bristol Myers Squibb Here are the key news stories impacting Bristol Myers Squibb this week:

Positive Sentiment: Bristol Myers Squibb announced a collaboration with Chai Discovery to use artificial intelligence for antibody discovery. The partnership could improve the speed and efficiency of developing new therapies, although financial terms and the near-term earnings impact were not disclosed. Chai Discovery collaboration with Bristol Myers Squibb Positive Sentiment: An update on the Phase 1 study of navlimetostat indicates continued progress in Bristol Myers Squibb’s early-stage pipeline. The program remains experimental, so any commercial benefit is still distant and uncertain. Bristol Myers Squibb navlimetostat study update Positive Sentiment: Hematogenix said its minimal residual disease assay supported the FDA’s accelerated approval of Bristol Myers Squibb’s ZENBEXUS™, described as the first approved CELMoD therapy for multiple myeloma. The approval could expand the company’s oncology opportunity, though accelerated approvals typically require confirmatory evidence. Hematogenix assay and ZENBEXUS approval Positive Sentiment: Unusually heavy call-option activity, with 55,757 calls purchased—more than double the average volume—signals increased speculative interest in BMY. Options activity is not confirmation of a sustained rally and can increase volatility. Positive Sentiment: Analyst coverage continues to characterize BMY as an attractive value stock, supported by its relatively low valuation and income potential. A separate comparison also frames Bristol Myers Squibb as a potential bargain versus AstraZeneca, though these are opinion-based assessments. Zacks BMY value-stock analysis Neutral Sentiment: Articles discussing a covered-call strategy emphasize income generation rather than a bullish outlook for capital appreciation. The strategy may appeal to yield-focused investors but can limit upside if the shares rise sharply. Bristol Myers Squibb options income strategy Neutral Sentiment: A report on Aktis Oncology, which has attracted interest from Bristol Myers Squibb and other large pharmaceutical companies, highlights potential future deal activity but does not announce a transaction or create an immediate financial impact for BMY. Pharmaceutical interest in Aktis Oncology Bristol Myers Squibb Trading Down 3.1% BMY opened at $65.54 on Friday. Bristol Myers Squibb Company has a one year low of $42.52 and a one year high of $68.64. The company has a debt-to-equity ratio of 1.89, a current ratio of 1.53 and a quick ratio of 1.38. The business has a 50 day simple moving average of $60.35 and a two-hundred day simple moving average of $59.31. The firm has a market capitalization of $133.88 billion, a price-to-earnings ratio of 14.44, a PEG ratio of 0.18 and a beta of 0.22.

Bristol Myers Squibb (NYSE:BMY – Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The biopharmaceutical company reported $2.04 earnings per share for the quarter, topping analysts’ consensus estimates of $1.60 by $0.44. The firm had revenue of $12.97 billion for the quarter, compared to analyst estimates of $11.74 billion. Bristol Myers Squibb had a return on equity of 66.90% and a net margin of 18.87%.The business’s quarterly revenue was up 5.7% compared to the same quarter last year. During the same period last year, the company earned $1.46 EPS. Bristol Myers Squibb has set its FY 2026 guidance at 6.750-7.000 EPS. Analysts predict that Bristol Myers Squibb Company will post 6.95 EPS for the current year.

Bristol Myers Squibb Dividend Announcement The business also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Shareholders of record on Thursday, July 2nd were issued a $0.63 dividend. The ex-dividend date was Thursday, July 2nd. This represents a $2.52 annualized dividend and a yield of 3.8%. Bristol Myers Squibb’s dividend payout ratio (DPR) is 55.51%.

Bristol Myers Squibb Profile (Free Report)

Bristol Myers Squibb is a global biopharmaceutical company headquartered in Princeton, New Jersey, focused on discovering, developing and delivering medicines for serious diseases. The company’s core activities include research and development, clinical development, manufacturing and commercialization of prescription pharmaceuticals across multiple therapeutic areas. BMS concentrates on advancing therapies in oncology, hematology, immunology, cardiovascular disease and specialty areas through both small molecules and biologics.

BMS’s marketed portfolio and late‑stage pipeline reflect a strong emphasis on cancer and immune‑mediated conditions.

See Also Five stocks we like better than Bristol Myers Squibb 3 Energy Stocks Raising Dividends as the Sector Surges 5 Reasons the S&P 500 Could Keep Rallying Through Year-End Walmart’s Post-Earnings Drop Could Be a Buying Opportunity The Trade Desk’s Earnings Miss Raises a Bigger Question About Its AI Future Want to see what other hedge funds are holding BMY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bristol Myers Squibb Company (NYSE:BMY – Free Report).

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PRINCETON, N.J.--(BUSINESS WIRE)--Bristol Myers Squibb (NYSE: BMY) today announced that the U.S. Food and Drug Administration (FDA) has approved ZENBEXUS™ (iberdomide) in combination with daratumumab and hyaluronidase-fihj and dexamethasone (ZDd) for the treatment of adult patients with multiple myeloma who have received at least one prior line of therapy including a proteasome inhibitor and an immunomodulatory agent.1 Full approval for this indication will be contingent upon verification and description of clinical benefit in the confirmatory trial(s). ZENBEXUS is the first FDA-approved CELMoD, belonging to a new class called cereblon-modulating protein degraders for the treatment of multiple myeloma.1 Please see the Important Safety Information section below, including Boxed WARNINGS for ZENBEXUS regarding embryo-fetal toxicity and venous and arterial thromboembolism. ZENBEXUS is contraindicated in females who are pregnant.1

$BMY announced @US_FDA granted accelerated approval for its first CELMoD in relapsed or refractory #MultipleMyeloma, introducing a new class of treatment.

Share “Today’s approval of ZENBEXUS represents meaningful progress for patients living with multiple myeloma and underscores the power of our targeted protein degradation platform, particularly our CELMoD programs,” said Cristian Massacesi, MD, chief medical officer and head of development at Bristol Myers Squibb. “As the first approved CELMoD, ZENBEXUS marks the arrival of a new treatment class and is an important milestone in our efforts to expand what is possible for patients with multiple myeloma. And we believe this is only the beginning. This approval validates years of scientific research and strengthens our confidence in the potential of this approach as we continue to advance our innovative pipeline on behalf of patients with significant unmet needs.”

Approval of ZENBEXUS is based on results from the Phase 3 EXCALIBER-RRMM trial evaluating ZENBEXUS, daratumumab and hyaluronidase-fihj and dexamethasone (ZDd; n=207) compared to daratumumab, bortezomib and dexamethasone (DVd; n=213) in patients with RRMM.1 At a median follow-up of 16 months, results showed treatment with ZDd demonstrated a statistically significant improvement in one of the dual primary endpoints of minimal residual disease (MRD)-negative complete response (CR) in 41% of patients (n=85; 95% CI: 34-48) vs. 21% of patients (n=44; 95% CI: 15-27) treated with DVd (p < 0.0001).1 MRD-negativity is among the deepest measures of response in multiple myeloma and is considered predictive of improved progression-free survival (PFS).2 This FDA decision marks the first approval in relapsed or refractory multiple myeloma based on MRD-negative CR.

“The FDA approval of iberdomide marks the anticipated arrival of a new therapeutic class for relapsed or refractory multiple myeloma and has the potential to make a meaningful difference for patients,” said Sagar Lonial, MD, FACP, FASCO, EXCALIBER-RRMM lead investigator and chief medical officer of the Winship Cancer Institute of Emory University. “The strong results observed with the CELMoD-based combination within a familiar triplet approach creates the potential for a new treatment foundation in multiple myeloma.”

The combination of ZDd was observed to have a safety profile that is expected of the combination, with 7.8% of patients discontinuing ZDd due to adverse reactions.1 Among the key safety findings, ZDd can cause serious, life-threatening, or fatal infections and severe neutropenia.1 Neutropenia and infections in patients who received ZDd occurred at a rate of 90.2% and 78.9%, respectively, leading to few discontinuations (1% and 1.5%, respectively).1 The most common adverse reactions (≥20%) in the ZDd arm and DVd arm, respectively, were upper respiratory tract infection (54% and 52%), fatigue (36% and 33%), musculoskeletal pain (35% and 33%), pneumonia (34% and 17%), diarrhea (33% and 36%), motor dysfunction (26% and 17%), rash (26% and 15%), sleep disorder (25% and 28%), hypogammaglobulinemia (24% and 12%), COVID-19 (23% and 16%), and constipation (20% and 22%).1 Serious adverse reactions in ≥2% of patients included pneumonia (26%), upper respiratory tract infection (6.4%), second primary malignancy (5.9%), neutropenia (4.9%), febrile neutropenia (3.9%), COVID-19 (4.4%), and sepsis (2.9%).1 Fatal adverse reactions occurred in 10 patients (4.9%) who received ZENBEXUS.1 Sepsis (1.5%) was the only fatal drug reaction that occurred in more than 1 patient.1 The following fatal adverse reactions occurred in 1 patient each: listeria encephalitis, influenza, lung adenocarcinoma, cardiac arrest, large intestine perforation, metabolic acidosis, and respiratory failure.1

“The goal for every person living with multiple myeloma is not simply to live longer, but to live well,” said Heather Cooper Ortner, president and chief executive officer of the International Myeloma Foundation. “That is why it is important to have access to effective therapeutic options, particularly in the community setting where the majority of myeloma care is delivered. This approval represents an important step forward by expanding treatment options for patients facing their first relapse. Every new option gives patients and their healthcare teams additional choices as treatment needs evolve, as well as renewed hope for the future.”

ZENBEXUS was granted Breakthrough Therapy designation and accelerated approval based on MRD-negative CR at any time in the EXCALIBER-RRMM study.1 This review was conducted under the FDA’s Project Orbis initiative, which enables concurrent review by the health authorities in several other countries.

While ZENBEXUS is the first FDA approved CELMoD therapy, a New Drug Application for mezigdomide, an investigational CELMoD, in combination with carfilzomib and dexamethasone is also currently under review with the FDA with a Prescription Drug User Fee Act target date of May 13, 2027.

Bristol Myers Squibb offers various programs and resources to address the needs of patients and caregivers, and provides support that allows for access to therapies, including ZENBEXUS.

About EXCALIBER-RRMM
EXCALIBER-RRMM (NCT04975997) is a Phase 3, multicenter, two-stage, randomized, open-label study evaluating the efficacy and safety of ZENBEXUS (iberdomide) in combination with daratumumab and hyaluronidase-fihj and dexamethasone (ZDd) versus daratumumab, bortezomib, and dexamethasone (DVd) in patients with relapsed or refractory multiple myeloma (RRMM).2 The study included a dose optimization stage and was designed to assess dual-primary endpoints of minimal residual disease (MRD) negativity and progression-free survival (PFS), with additional secondary endpoints including overall survival (OS), overall response rate (ORR), safety and sustained MRD negativity.2 The study remains ongoing to assess the primary endpoint of PFS. Eligible participants included adults with 1 to 2 prior lines of anti-myeloma therapy and progressive disease.2 A total of 939 patients were randomized.1 The primary efficacy population for MRD negativity included the first 420 patients randomized to the ZENBEXUS (1 mg) + Dd arm (n=207) or the comparator daratumumab, bortezomib, and dexamethasone (DVd) arm (n=213).1 Treatment in both arms was administered until disease progression or unacceptable toxicity.1

This approval, the first in RRMM based on MRD-negative complete response (CR), marks the first public disclosure of MRD-negative CR data from the EXCALIBER-RRMM trial. The MRD data were first disclosed at the time of approval to preserve the integrity of the study while additional endpoints mature. The study remains ongoing, with patients continuing to be evaluated for PFS, one of the trial's dual primary endpoints. Full data from EXCALIBER-RRMM are expected this year.

About Minimal Residual Disease (MRD)
Minimal residual disease (MRD) refers to the small number of cancer cells that may remain in a patient’s body after treatment and are undetectable using conventional diagnostic methods.3 In multiple myeloma, MRD assessment has emerged as a highly sensitive and clinically meaningful tool for evaluating treatment response.3 MRD negativity does not necessarily mean all cancer cells are gone.3

Modern MRD detection methods, such as next-generation sequencing (NGS) and next-generation flow cytometry (NGF), can identify one malignant cell among 100,000 (threshold for MRD) to 1,000,000 normal cells, offering unprecedented precision in measuring disease burden.3 MRD is increasingly being used in clinical trials as a surrogate endpoint for progression-free survival (PFS) and is gaining recognition from regulatory authorities for its role in accelerating approval timelines.2

Indication
ZENBEXUS (iberdomide) in combination with daratumumab and hyaluronidase-fihj and dexamethasone is indicated for the treatment of adult patients with multiple myeloma who have received at least 1 prior line of therapy including a proteasome inhibitor and an immunomodulatory agent.

This indication is approved under accelerated approval based on minimal residual disease (MRD)-negative complete response (CR) at any time. Continued approval for this indication may be contingent upon verification and description of clinical benefit in a confirmatory trial(s).

IMPORTANT SAFETY INFORMATION

CONTRAINDICATIONS

Based on the mechanism of action and findings in animal studies, ZENBEXUS can cause birth defects or embryo-fetal death in humans. ZENBEXUS is contraindicated in females who are pregnant. If this drug is used during pregnancy or if the patient becomes pregnant while taking this drug, the patient should be informed of the potential hazard to a fetus.

WARNINGS AND PRECAUTIONS

Embryo-Fetal Toxicity

Females of Reproductive Potential: Must avoid pregnancy while taking ZENBEXUS and for at least 4 weeks after completing therapy. Advise females of reproductive potential of the potential risk to a fetus and to use 2 methods of effective contraception for at least 4 weeks before beginning ZENBEXUS therapy, during therapy, during dose interruptions and for at least 4 weeks after the last dose of ZENBEXUS therapy. Refer patients who can become pregnant to a qualified provider of contraceptive methods, if needed.

Two negative pregnancy tests with a sensitivity of at least 25 mIU/mL must be obtained prior to initiating therapy. Pregnancy testing should be performed weekly during the first 4 weeks of treatment. Thereafter, testing should occur every 4 weeks in patients with regular menstrual cycles, or every 2 weeks in patients with irregular menstrual cycles.

Females of reproductive potential taking ZENBEXUS must not donate eggs during treatment and for 4 weeks after completion.

Males: ZENBEXUS may pass into human semen. Advise patients who can impregnate partners to use effective contraception during treatment and for 4 weeks following the discontinuation of ZENBEXUS therapy. Male patients taking ZENBEXUS must not donate sperm during treatment and for 4 weeks after completion.

Blood Donation: Patients must not donate blood during treatment with ZENBEXUS and for 4 weeks following discontinuation of ZENBEXUS therapy.

ZENBEXUS REMS

ZENBEXUS is available only through a restricted program called ZENBEXUS REMS, because of the risk of embryo-fetal toxicity. Prescribers must be certified with and patients must be enrolled in the ZENBEXUS REMS Program and comply with ongoing monitoring and contraception requirements. Further information about ZENBEXUS REMS, including information for pharmacies, wholesalers, and distributors, is available at www.ZENBEXUSREMS.com or by telephone at 1-888-423-5436.

Serious Venous and Arterial Thromboembolism

ZENBEXUS can cause serious and life-threatening venous thromboembolic events (DVT and PE) and arterial thromboembolic events (myocardial infarction and stroke). In the EXCALIBER-RRMM study (N=204), venous thromboembolic events occurred in 6.4% of patients treated with ZENBEXUS combined with daratumumab and hyaluronidase-fihj and dexamethasone (IberDd) despite mandatory thromboembolism prophylaxis. The incidence of DVT was 3.4% and the incidence of PE was 1.5%.

Arterial thromboembolic events occurred in 3.4% of patients. The incidence of myocardial infarction was 2.0%, and the incidence of stroke (CVA) was 1.5%.

Monitor patients for signs and symptoms of thromboembolic events during treatment with ZENBEXUS. Patients with known risk factors, including prior thrombosis, may be at greater risk, and actions should be taken to try to minimize all modifiable factors (e.g., hyperlipidemia, hypertension, smoking). Thromboprophylaxis is recommended, and the choice of regimen should be based on assessment of the patient's underlying risk factors. In patients who develop a thromboembolism, interrupt ZENBEXUS and initiate anticoagulant therapy according to guidelines.

Neutropenia

ZENBEXUS can cause severe neutropenia. In the EXCALIBER-RRMM study, all-grade neutropenia was reported in 90.2%, Grade 3 in 30.9%, and Grade 4 in 53.4% of patients in the IberDd arm. Febrile neutropenia occurred in 5.4% of patients.

Monitor complete blood count throughout treatment with ZENBEXUS. Interrupt, reduce dosage, or discontinue ZENBEXUS, as necessary. Initiate granulocyte colony-stimulating factor (GCSF) as appropriate per guidelines.

Infections

ZENBEXUS can cause serious infections, including life-threatening or fatal infections. Patients with active or uncontrolled infection should not start ZENBEXUS treatment until the infection is controlled. In the EXCALIBER-RRMM study, infections, including opportunistic infections, were reported in 78.9%, Grade 3 in 35.8%, Grade 4 in 3.4%, and fatal infections in 2% of patients receiving IberDd. Serious infections occurred in 40% of patients. Discontinuations due to infections occurred in 1.5% of patients.

Monitor patients for signs and symptoms of infection prior to and during treatment with ZENBEXUS and treat appropriately. Withhold or reduce the dose based on severity.

Consider prophylactic anti-infective medications according to current practice guidelines.

Second Primary Malignancies

In the EXCALIBER-RRMM study, at a median follow-up time of 16 months, second primary malignancies (SPM) occurred in 6.9% of patients in the IberDd arm and 4.9% of patients in the daratumumab and hyaluronidase-fihj, bortezomib, and dexamethasone (DVd) arm.

Monitor patients for the development of SPM.

ADVERSE REACTIONS

Serious adverse reactions occurred in 58.3% of patients receiving ZENBEXUS. Serious adverse reactions in ≥2% of patients included pneumonia (26%), upper respiratory tract infection (6.4%), SPM (5.9%), neutropenia (4.9%), febrile neutropenia (3.9%), COVID-19 (4.4%), and sepsis (2.9%). Fatal adverse reactions occurred in 10 patients (4.9%) who received ZENBEXUS. Sepsis (1.5%) was the only fatal drug reaction that occurred in more than 1 patient. The following fatal adverse reactions occurred in 1 patient each: listeria encephalitis, influenza, lung adenocarcinoma, cardiac arrest, large intestine perforation, metabolic acidosis, and respiratory failure.

The most common adverse reactions (≥20%) in the IberDd arm and DVd arm, respectively, were upper respiratory tract infection (54% and 52%), fatigue (36% and 33%), musculoskeletal pain (35% and 33%), pneumonia (34% and 17%), diarrhea (33% and 36%), motor dysfunction (26% and 17%), rash (26% and 15%), sleep disorder (25% and 28%), hypogammaglobulinemia (24% and 12%), COVID-19 (23% and 16%), and constipation (20% and 22%).

The most common Grade 3 to 4 laboratory abnormalities (≥30%) in the IberDd arm and DVd arm, respectively, were neutropenia (77% and 11%), leukopenia (69% and 18%), and lymphopenia (62% and 51%).

DRUG INTERACTIONS

Effects of Other Drugs on ZENBEXUS

Strong or Moderate CYP3A Inhibitors: Coadministration of ZENBEXUS with strong or moderate CYP3A inhibitors should be avoided. If a strong or moderate CYP3A inhibitor must be used in combination with ZENBEXUS, reduce the ZENBEXUS dose. Concomitant use with strong or moderate CYP3A inhibitors may increase the risk of adverse reactions.

Strong or Moderate CYP3A Inducers: Coadministration of ZENBEXUS with strong or moderate CYP3A inducers should be avoided. Concomitant use with a strong or moderate CYP3A inducer may decrease the efficacy of ZENBEXUS.

SPECIFIC POPULATIONS

Pregnancy (See the BOXED WARNINGS)

There is a pregnancy exposure registry that monitors outcomes in patients exposed to ZENBEXUS during pregnancy. See the ZENBEXUS REMS WARNINGS AND PRECAUTIONS section.

Lactation

Advise women not to breastfeed during treatment with ZENBEXUS. Refer to the Prescribing Information for daratumumab hyaluronidase-fihj or dexamethasone for additional information.

Females and Males of Reproductive Potential

ZENBEXUS can cause fetal harm when administered during pregnancy.

Pregnancy Testing, Females of Reproductive Potential, and Males: See the Embryo-Fetal Toxicity WARNINGS AND PRECAUTIONS section.

Geriatric Use

In patients treated with IberDd, the incidence of serious adverse reactions was 53%, 56%, and 74% in adult patients younger than 65 years of age, 65 years of age to younger than 75 years of age, and 75 years of age and older, respectively.

Renal Impairment

Reduce the ZENBEXUS dose in patients with estimated glomerular filtration rate (eGFR) less than 30 mL/min/1.73 m2 not on dialysis. If dose modification is needed due to adverse events, reduce the ZENBEXUS dose to 1 mg every other day on Days 1 to 21 of a 28-day cycle.

Please see full Prescribing Information for ZENBEXUS including Boxed WARNINGS.

About Targeted Protein Degradation and CELMoD
Targeted protein degradation (TPD) is a differentiated research platform at Bristol Myers Squibb built on more than two decades of scientific expertise, providing new avenues to degrade therapeutically relevant proteins that were previously considered difficult to address. BMS is the only company that has successfully developed and commercialized protein degrader agents for the treatment of multiple myeloma. These agents, known as immunomodulatory drugs (IMiDs), helped establish the current standard of care in the treatment of this disease, which remains without a cure. BMS is building on this foundation with several investigational protein degraders in clinical trials, leveraging three different modalities including cereblon E3 ligase modulators (CELMoDs), ligand-directed degraders (LDDs), and degrader antibody conjugates (DACs). This three-pronged approach enables matching the right therapeutic modality to a molecular mechanism of action to modulate targets most effectively and ultimately provides more opportunities for potential breakthroughs that may offer meaningful new options for patients across a broad range of diseases, in and beyond hematology and oncology. Learn more about the science behind TPD at Bristol Myers Squibb here.

About Ongoing Trials
ZENBEXUS™ is also being evaluated in the EXCALIBER Maintenance study.

About Bristol Myers Squibb: Transforming Patients' Lives Through Science
At Bristol Myers Squibb, our mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. We are pursuing bold science to define what's possible for the future of medicine and the patients we serve. For more information about Bristol Myers Squibb, visit us at BMS.com or follow us on LinkedIn, X, YouTube, Facebook and Instagram.

Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, the research, development and commercialization of pharmaceutical products. All statements that are not statements of historical facts are, or may be deemed to be, forward-looking statements. Such forward-looking statements are based on current expectations and projections about our future financial results, goals, plans and objectives and involve inherent risks, assumptions and uncertainties, including internal or external factors that could delay, divert or change any of them in the next several years, that are difficult to predict, may be beyond our control and could cause our future financial results, goals, plans and objectives to differ materially from those expressed in, or implied by, the statements. These risks, assumptions, uncertainties and other factors include, among others, whether ZENBEXUS™(iberdomide) in combination with daratumumab and hyaluronidase-fihj and dexamethasone (ZDd) for the indication described in this release will be commercially successful, any marketing approvals, if granted, may have significant limitations on their use, and, that continued approval of ZENBEXUS™ (iberdomide) in combination with daratumumab and hyaluronidase-fihj and dexamethasone (ZDd) described in this release may be contingent upon verification of progression-free survival, the dual primary endpoint of the EXCALIBER-RRMM trial and potential further verification and description of clinical benefit in confirmatory trials. No forward-looking statement can be guaranteed. Forward-looking statements in this press release should be evaluated together with the many risks and uncertainties that affect Bristol Myers Squibb’s business and market, particularly those identified in the cautionary statement and risk factors discussion in Bristol Myers Squibb’s Annual Report on Form 10-K for the year ended December 31, 2025, as updated by our subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission. The forward-looking statements included in this document are made only as of the date of this document and except as otherwise required by applicable law, Bristol Myers Squibb undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise.

corporatefinancial-news

References

ZENBEXUS Prescribing Information. ZENBEXUS U.S. Product Information. August 2026. Princeton, N.J.: Bristol Myers Squibb Company. Lonial S, Dimopoulos MA, Berdeja JG, et al. EXCALIBER-RRMM: a phase III trial of iberdomide, daratumumab, and dexamethasone in relapsed/refractory multiple myeloma. Future Oncol. 2025;21(14):1761-1769. doi:10.1080/14796694.2025.2501920 Szalat RE, Anderson KC, Munshi NC. Role of minimal residual disease assessment in multiple myeloma. Haematologica. 2024;109(7):2049-2059. doi:10.3324/haematol.2023.284662.

Key Takeaways Growth products rose 13% in the first half of 2026, reaching 56% of Bristol Myers' total revenuesOpdivo Qvantig, Reblozyl, Breyanzi, Opdualag, Camzyos and Cobenfy propelled first-half growth.Legacy products still make up 44% of revenues and face erosion after multiple patent losses. Bristol Myers Squibb (BMY - Free Report) is navigating a revenue mix shift as growth products portfolio now assumes a larger role in the business, helping mitigate the impact of declining sales from mature products facing generics.

The growth portfolio — including Opdivo, Opdivo Qvantig, Orencia, Yervoy, Reblozyl, Camzyos, Breyanzi, Opdualag, Zeposia, Sotyku, Krazati and Cobenfy — is becoming central to top-line resilience.

Sales from this segment rose 13% in the first half of 2026, lifting its contribution to 56% of total revenues from 51.8% in the first half of 2025. The stronger mix underscores improving revenue durability and supports a more favorable long-term growth outlook.

Within this mix, Reblozyl, Breyanzi, Opdualag, Opdivo Qvantig, Camzyos and Cobenfy propelled growth in the first half.

Opdivo Qvantig (nivolumab and hyaluronidase-nvhy - subcutaneous formulation) has witnessed strong uptake across all approved tumor types in the United States. Opdivo Qvantig is now generating annualized revenues of more than $1 billion.

Other key drugs are contributing to revenue growth, though at varying stages of maturity.

Opdualag continues to benefit from robust global demand and its leading position as a standard of care in first-line melanoma in the United States.

Reblozyl continues to deliver a stellar performance, driven by solid uptake in first-line MDS-associated anemia, sustained strength in the second-line setting and further penetration among first-line RS-negative patients.

Breyanzi’s sales continue to be solid, underscoring its strong commercial momentum. Growth is being driven by its best-in-class profile and robust demand across approved large B-cell lymphoma indications in the United States and international markets. The strong performance highlights sustained demand for the therapy and supports expectations for continued commercial expansion.

Cardiovascular drug Camzyos continues to deliver solid performance, supported by ongoing promotional efforts, an expanding base of new patient prescribers and deeper penetration into the community setting.

In immunology, Sotyktu remains an important growth driver. The recent approval in psoriatic arthritis expands its commercial opportunity and strengthens BMY’s presence in rheumatology. Additional upside could come from ongoing phase III programs in systemic lupus erythematosus and Sjögren’s disease, which may further broaden the drug’s addressable market, if successful.

Newer products such as Cobenfy for schizophrenia provide additional long-term optionality. Early launch momentum and potential label expansions could establish Cobenfy as another meaningful growth driver over time.

However, the portfolio transition remains a key challenge. Legacy products, including Eliquis, Revlimid, Pomalyst, Sprycel and Abraxane, still account for 44% of revenues and continue to face significant erosion following the loss of exclusivity for Revlimid, Pomalyst, Sprycel and Abraxane.

BMY’s Competition in Oncology SpaceOncology is a key therapeutic area of focus for Bristol Myers, which is developing and delivering transformational medicines in this space.  

The company competes with big pharma giants like Merck (MRK - Free Report) and Pfizer (PFE - Free Report) in this space.

The immuno-oncology space is dominated by pharma giant MRK’s blockbuster drug Keytruda (pembrolizumab).

Keytruda is approved for several types of cancer and alone accounts for around 48% of MRK’s pharmaceutical sales. Merck is currently working on different strategies to drive long-term growth of Keytruda.    

Pfizer is one of the largest and most successful drugmakers in the field of oncology. It has an innovative oncology product portfolio of antibody-drug conjugates (ADCs), small molecules, bispecifics and other immune-oncology biologics that treat a wide range of cancers, including breast cancer, gastrointestinal cancer, genitourinary cancer, hematology-oncology, and thoracic cancers, including lung cancer.

Pfizer’s position in oncology was strengthened with the addition of Seagen.

The company inked a licensing agreement with 3SBio for the development, manufacturing and commercialization of SSGJ-707, a bispecific antibody targeting PD-1 and VEGF, outside China.

BMY’s Price Performance, Valuation & EstimatesShares of Bristol Myers have gained 17.9% year to date compared with the industry’s growth of 6%.

Image Source: Zacks Investment Research

From a valuation standpoint, BMY is trading at a discount to the large-cap pharma industry. Going by the price/earnings ratio, shares currently trade at 9.63X forward earnings, higher than its mean of 8.62X but lower than the large-cap pharma industry’s 18.91X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for 2026 EPS has moved north to $6.81 from $6.32 in the past 60 days, while that for 2027 EPS has moved north to $6.42 from $6.05 in the same time frame.

Image Source: Zacks Investment Research

BMY currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Test tubes are seen in front of a displayed Bristol Myers Squibb logo in this illustration taken, May 21, 2021. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab

CompaniesAug 2 (Reuters) - UK drugmaker AstraZeneca (AZN.L), opens new tab has been exploring a deal to combine with U.S. rival ​Bristol Myers Squibb (BMY.N), opens new tab, the Financial Times reported on ‌Sunday, citing people familiar with the matter.

The deal could create one of the world's biggest pharmaceutical groups with a combined value of ​nearly $400 billion.

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The companies have held talks on a potential ​tie-up in recent months, the report said, adding ⁠that a deal could materialise soon, but could also be ​delayed or fall apart.

Reuters could not immediately verify the report. ​AstraZeneca declined to comment, while Bristol Myers did not immediately respond to a Reuters request for comment outside regular business hours.

Last year, AstraZeneca ​unveiled plans for a direct U.S. listing, aiming to capitalise ​on stronger valuations in the U.S. market while remaining listed in London.

The ‌company's share ⁠price has more than quadrupled during Pascal Soriot's 14-year tenure as CEO, soaring above the wider FTSE 100 index and main British rival GSK (GSK.L), opens new tab.

Second-quarter results last week showed strong demand ​for cancer and ​rare disease ⁠drugs continues to drive growth. Cancer treatments accounted for about $25 billion in 2025 sales, nearly ​half of the total, followed by cardiovascular, ​renal and ⁠metabolism treatments worth about $12 billion.

The report of the potential deal comes about a dozen years after AstraZeneca fended off a takeover ⁠attempt ​by larger U.S. rival Pfizer (PFE.N), opens new tab.

Reporting by Devika Nair in ​Bengaluru and Mi; Editing by Paul Simao and Bill Berkrot

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Test tubes are seen in front of a displayed Bristol Myers Squibb logo in this illustration taken, May 21, 2021. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab

CompaniesJuly 30 (Reuters) - Bristol Myers Squibb (BMY.N), opens new tab raised its full-year revenue and profit forecast on Thursday after reporting second-quarter results that came in well ahead of Wall Street estimates, driven ​by strong sales of blood thinner Eliquis and newer drugs like heart medicine ‌Camzyos and anemia treatment Reblozyl.

The U.S. drugmaker reported second-quarter revenue of $12.97 billion, up 6% from a year earlier and above analysts' average estimate of $11.75 billion, according to LSEG data. Adjusted earnings were $2.04 per share, topping ​expectations of $1.59 per share.

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The company raised its full-year revenue forecast to $49 billion to $50 ​billion from its previous range of $46 billion to $47.5 billion. Bristol Myers now sees ⁠adjusted 2026 earnings of $6.75 to $7.00 a share, up from its prior view of $6.05 to $6.35.

Bristol ​Myers has been working to offset sales declines from older medicines facing generic competition, particularly blood cancer ​treatment Revlimid, once its top-selling drug. Revlimid sales fell 49% to $425 million in the quarter.

"Our growth portfolio grew 15% in Q2," Chief Commercialization Officer Adam Lenkowsky said in an interview. "We now have nine products that ​were growing double digits, and these are all medicines that are early in their life ​cycle."

Reblozyl sales of $735 million topped analysts' expectations of about $664 million. Camzyos generated $416 million versus expectations of $365 million, ‌while cancer ⁠cell therapy Breyanzi brought in $484 million compared with Wall Street estimates of $422 million.

The company raised its Eliquis sales forecast for the year to growth of 20% to 25%, from a prior projection of 10% to 15%. Sales of Eliquis, which Bristol Myers shares with Pfizer (PFE.N), opens new tab, were $4.48 ​billion in the quarter, ​up 22% and ⁠above analysts' estimates of $4.06 billion.

Eliquis' share of new U.S. prescriptions is approaching 80%, Lenkowsky said.

The company had raised its Eliquis forecast in February, ​saying a price cut would allow it to avoid penalties imposed ​by the ⁠U.S. government's Medicare health insurance program.

Sales of blockbuster cancer immunotherapy Opdivo fell 3% to $2.49 billion, slightly below expectations.

Bristol Myers is focused on converting patients to Opdivo Qvantig, a subcutaneous version of the ⁠immunotherapy, Lenkowsky ​said, adding that conversion from intravenous Opdivo is approaching ​15%.

Qvantig generated $261 million in quarterly revenue, above analysts' estimates of $215 million.

Combined sales of Opdivo and Qvantig are growing at ​a mid-single-digit rate, the company said.

Reporting by Michael Erman in New Jersey; Editing by Bill Berkrot

Our Standards: The Thomson Reuters Trust Principles., opens new tab

When dividend yields start to creep up, it's worth taking a closer look for any potential warning signs. Bristol Myers Squibb (BMY +0.94%) is a leading pharmaceutical company and has been a high-yield dividend stock for some time. Shares have averaged a dividend yield of 3.4% over the past decade.

However, that yield has been abnormally high for most of the past two years. The stock yields 4.1% today, and it's been as high as 6% over the past 24 months. Is the dividend simply too good to be true at this point?

My take is that the dividend is fine right now, but that you'll also need to watch out for potential hurdles as key drugs lose patent exclusivity over the next few years.

Image source: The Motley Fool.

The financials back up Bristol Myers Squibb's juicy dividend for now There's a famous expression that money talks. Examining the financials is the best way to check whether a company can actually afford its dividend. Bristol Myers Squibb pays a quarterly dividend totaling $2.52 per share for the year. Wall Street analysts estimate that it will earn $6.34 per share this year, enough to cover the dividend 2.5 times over.

If you're not satisfied, you can double-check this by looking at free cash flow, since dividends are technically a cash expense. Bristol Myers Squibb has generated $5.83 per share in free cash flow over the past year, covering the dividend more than twice over. From a numbers standpoint, the company can genuinely afford its dividend, and quite easily. The near-term risk of a cut seems pretty low.

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Keep an eye on how the drugmaker navigates a looming patent cliff The coast isn't quite clear, though. Patents for some of Bristol Myers Squibb's top-selling drugs will expire over the next few years. As those patents expire, generics will flood the market at low prices, and sales for those branded drugs will crater. It's a normal part of a drug's lifecycle and happens all the time in the pharmaceutical business.

This situation is called a patent cliff, and Bristol Myers Squibb faces a pretty steep one. Eliquis and Opdivo could both face generic competition by 2028 -- and the two drugs combined for over $6.1 billion in sales last year, roughly half of the company's total revenue. Not all is lost, though: Even after the patents expire, branded sales won't go to zero overnight. Additionally, the company has a strong pipeline, and its growth portfolio of newer drugs is steadily taking the baton.

The market perceives Bristol Myers Squibb as a riskier stock these days, and that's not necessarily wrong. Fortunately, the dividend has lots of breathing room, and there's growth from newer drugs on the way. I could see management scaling back dividend growth, perhaps issuing smaller raises to conserve cash while the company navigates these sensitive years. But barring catastrophic failure, I think you can reasonably trust the stock's 4.1% yield now and in the future.

Item 1 of 2 Test tubes are seen in front of a displayed Bristol Myers Squibb logo in this illustration taken, May 21, 2021. REUTERS/Dado Ruvic/Illustration

[1/2]Test tubes are seen in front of a displayed Bristol Myers Squibb logo in this illustration taken, May 21, 2021. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab

CompaniesNEW YORK, July 20 (Reuters) - Bristol Myers Squibb (BMY.N), opens new tab said on Monday it is buying the latest-generation computing system from chip company Nvidia (NVDA.O), opens new tab to support its use ​of artificial intelligence across its drug discovery and development operations.

The drugmaker said ‌it will be the first life sciences company to buy an Nvidia DGX SuperPOD based on its Vera Rubin systems. The chipmaker unveiled its Vera Rubin architecture earlier this year as ​the successor to its current generation of AI computing systems.

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Financial terms of the ​Bristol Myers investment were not disclosed. It builds on a smaller ⁠SuperPOD system the drugmaker bought from Nvidia, which is around two or three ​generations behind Vera Rubin, BMS executives said in an interview.

Pharmaceutical companies are increasingly investing ​in AI infrastructure to try to identify drug targets faster and improve the odds that experimental drugs succeed in clinical trials.

Robert Plenge, chief research officer at Bristol Myers, said the new capabilities ​would allow the company to cycle through many more potential drug candidates early ​in the drug development cycle.

"Maybe before we could do 10 and now we can do dozens," ‌he ⁠said.

Plenge also said that the company is already using AI tools to cut the time to make medicines to test in trials by 20% to 30%. That could even reach 50% in coming years, he said.

He said one experimental sickle cell disease ​treatment currently in early ​clinical development by ⁠the company would likely not have been discovered if not for AI-enabled research.

Greg Meyers, the company's chief digital and technology officer, ​said the investment was driven in part by rapidly growing ​computing demands ⁠as Bristol deploys larger AI models across its research organization. It uses AI in all of its small-molecule and most of its large-molecule programs.

He also said the new system ⁠will ​be more energy efficient.

"When you host these things, ​you have to pay an electric bill," Meyers said. "Think of it as 10 times more compute capacity per ​watt spent ... Electricity is not getting cheaper."

Reporting by Michael Erman; editing by David Gaffen

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The agency assigned a Prescription Drug User Fee Act target action date of May 13, 2027, with the filing supported by positive Phase 3 SUCCESSOR-2 trial results.

• Bristol-Myers Squibb stock is building positive momentum. Why are BMY shares climbing?

FDA Accepts Mezigdomide ApplicationMezigdomide is an oral cereblon E3 ligase modulator (CELMoD), being developed to treat multiple myeloma.

The NDA seeks approval of the combination regimen, known as MeziKd, for patients with relapsed or refractory disease.

He noted Bristol Myers Squibb now has two separate agents under FDA review for relapsed or refractory multiple myeloma, adding that the company continues to advance its CELMoD pipeline across blood cancers and solid tumors.

Phase 3 SUCCESSOR-2 Trial ResultsThe NDA is based on data from the Phase 3 SUCCESSOR-2 study, which evaluated MeziKd against the standard regimen of carfilzomib and dexamethasone (Kd).

According to the company, the combination delivered a clinically meaningful and statistically significant improvement in progression-free survival.

Median progression-free survival reached 18.0 months compared with 8.3 months for the control arm, translating to a 52% reduction in the risk of disease progression or death (HR: 0.48).

The benefit was observed in patients with relapsed or refractory multiple myeloma, including those receiving treatment after a prior anti-CD38 monoclonal antibody and lenalidomide.

Safety Profile and Next StepsBristol Myers Squibb said the safety profile of MeziKd was consistent with findings from previous mezigdomide studies and aligned with the known safety profiles of the individual medicines included in the regimen.

The company also acknowledged the patients and investigators who participated in the Phase 3 SUCCESSOR-2 trial.

BMY Stock Price Activity: Bristol-Myers Squibb shares were up 2.29% at $58.90 at the time of publication on Monday, according to Benzinga Pro data.

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