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In the latest trading session, Bristol Myers Squibb (BMY - Free Report) closed at $61.48, marking a -2.41% move from the previous day. This move lagged the S&P 500's daily loss of 0.52%. Elsewhere, the Dow saw a downswing of 1.24%, while the tech-heavy Nasdaq depreciated by 0.21%.

Heading into today, shares of the biopharmaceutical company had gained 2.44% over the past month, lagging the Medical sector's gain of 3.23% and outpacing the S&P 500's loss of 1.21%.

Market participants will be closely following the financial results of Bristol Myers Squibb in its upcoming release. The company plans to announce its earnings on October 29, 2026. The company is forecasted to report an EPS of $1.28, showcasing a 21.47% downward movement from the corresponding quarter of the prior year. Simultaneously, our latest consensus estimate expects the revenue to be $12.56 billion, showing a 2.75% escalation compared to the year-ago quarter.

For the full year, the Zacks Consensus Estimates project earnings of $6.56 per share and a revenue of $49.85 billion, demonstrating changes of +6.67% and +3.43%, respectively, from the preceding year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Bristol Myers Squibb. Such recent modifications usually signify the changing landscape of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 5.69% lower within the past month. Bristol Myers Squibb currently has a Zacks Rank of #3 (Hold).

In terms of valuation, Bristol Myers Squibb is currently trading at a Forward P/E ratio of 9.61. This expresses a discount compared to the average Forward P/E of 25.2 of its industry.

Meanwhile, BMY's PEG ratio is currently 0.32. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. As the market closed yesterday, the Medical - Biomedical and Genetics industry was having an average PEG ratio of 1.77.

The Medical - Biomedical and Genetics industry is part of the Medical sector. With its current Zacks Industry Rank of 103, this industry ranks in the top 42% of all industries, numbering over 250.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.

Bristol Myers Squibb & Co. (NYSE:BMY) stock is trading lower on Friday after the company reported one patient death in an investigational CD19-directed CAR T cell therapy trial.

Bristol Myers Squibb (BMY.N) and partner SystImmune said on Friday their experimental breast cancer treatment ​slowed disease progression compared to standard chemotherapy in a ‌late-stage study.

The drug, izalontamab brengitecan, reduced the risk of disease worsening or death by 59% in patients with advanced hormone-receptor-positive, HER2-negative breast cancer — the most ​common form of breast cancer — who had failed at ​least one prior line of chemotherapy.

Izalontamab brengitecan belongs to a ⁠class of treatments known as antibody-drug conjugates, often called "guided missiles". ​It targets two specific proteins, EGFR and HER3, to deliver a ​cancer-killing payload directly to tumor cells.

In the study, which enrolled 383 patients, those treated with the drug lived for a median of 8.2 months without ​their cancer growing, compared to four months for the participants on ​standard chemotherapy.

About 40.5% of patients on iza-bren saw their tumors shrink, compared to ‌20.2% ⁠on chemotherapy. The response lasted a median of 6.9 months, versus 4.2 months for chemotherapy.

Data on overall survival, how long patients lived in total, was not yet mature at the time of ​the interim analysis. ​The full results ⁠will be presented at the European Society for Medical Oncology congress in Madrid.

Bristol Myers had partnered ​with SystImmune, a unit of Chinese drugmaker Sichuan Biokin ​Pharmaceutical, ⁠in an up to $8.4 billion deal announced in 2023 to develop and commercialize the drug outside mainland China.

Its side effects were manageable and no ⁠new ​safety concerns emerged, Bristol Myers said. Only ​1.6% of patients stopped treatment because of side effects, while two patients developed mild-to-moderate ​lung inflammation.

CHICAGO--(BUSINESS WIRE)--Tempus AI, Inc. (NASDAQ: TEM, “Tempus”) today announced a multi-year agreement with Bristol Myers Squibb (NYSE: BMY, “BMS”), under which BMS will license multimodal oncology data from Tempus through 2031 to support biological and clinical insight identification, novel drug target discovery and therapeutic development across its oncology portfolio. With this agreement, BMS significantly expands its strategic relationship with Tempus and becomes one of Tempus's largest li.

Pfizer's dividend yield ranks among the highest in the healthcare sector and S&P 500. Bristol Myers Squibb maintains a more comfortable payout ratio than Pfizer, though.

On October 22, 2026, Bristol-Myers Squibb Co BMY shares rose 3.1% to a current price of $63.00, reflecting a positive price performance over the past week and year, with a 22.0% gain year-to-date and a remarkable 48.2% increase over the past year. The stock has fluctuated between a 52-week high of $68.64 and a low of $42.52 during this period.

GF Value™ verdict: Current price of $63.00 is 10.9% above the GF Value™ estimate of $56.81.GF Score™ of 72/100 indicates the company is performing above average compared to its peers.Notable signal: Insider activity shows that insiders have sold $2.3 million worth of shares over the past 12 months without any buying.Is BMY Overvalued or Undervalued?The current price of Bristol-Myers Squibb Co BMY is $63.00, which is 10.9% above the GF Value™ estimate of $56.81. This suggests that the stock is overvalued at its current price level. The GF Value™ is GuruFocus' proprietary intrinsic-value estimate, which is calculated based on historical trading multiples, past business growth, and future performance projections. The GF Valuation assessment indicates that BMY is modestly overvalued, which presents a risk for potential investors as the margin of safety appears limited.

Given the current valuation, investors should consider the potential risks associated with purchasing shares at this price. A modestly overvalued status implies that the stock may not have significant upside potential from here, and any negative market movements could disproportionately impact the share price. Therefore, while BMY has shown strong performance recently, caution is warranted given its overvaluation relative to the GF Value™ estimate.

How Does BMY's Valuation Compare to Its History?MetricCurrentHistoricalP/E (TTM)13.9x17.9xForward P/E9.5xN/ABristol-Myers Squibb's current P/E ratio of 13.9x is significantly lower than its 5-year median P/E of 17.9x, indicating that the stock is trading below its historical valuation levels. This lower P/E could suggest that the stock is undervalued relative to its past. However, this analysis is somewhat at odds with the GF Value™ verdict, which states that the stock is currently overvalued. The contrast between the P/E analysis and the GF Value™ assessment suggests that while the company may be trading at a lower valuation relative to its history, other factors may be contributing to the higher current price.

What Does BMY's GF Score™ Tell Us?The GF Score™ measures a company's overall performance based on multiple factors including financial strength, profitability, growth potential, valuation, and momentum. Bristol-Myers Squibb has a GF Score™ of 72/100, indicating that it is performing above average compared to its industry peers. The strongest sub-rank is profitability, rated at 8/10, while the weakest is momentum, rated at 3/10.

MetricRatingGF Score™72Financial Strength5/10Profitability8/10Growth4/10Valuation7/10Momentum3/10The scores collectively indicate a solid financial foundation with strong profitability but highlight concerns regarding momentum and growth. The profitability rank suggests effective management and solid earnings, while the low momentum score indicates that the stock may be experiencing weaker price trends, which aligns with the overvaluation indicated by the GF Value™.

What Are Gurus and Insiders Doing with BMY?Currently, 16 gurus hold shares of Bristol-Myers Squibb, with 6 adding to their positions and 12 trimming their holdings in recent quarters. This mixed sentiment among gurus suggests a cautious approach toward the stock. Moreover, insider activity has revealed that insiders sold $2.3 million worth of shares over the past year without making any purchases, which can be a bearish indicator, as it may reflect a lack of confidence in the company's near-term prospects.

The pattern of insider selling, coupled with the mixed activity from gurus, raises concerns about the stock's future performance. While some gurus are increasing their positions, the overall trend of trimming holdings could suggest that many are wary of the stock's valuation and potential risks ahead.

What This Means for InvestorsConsidering the GF Value™ estimate and the recent price movement, Bristol-Myers Squibb Co BMY appears to be overvalued at its current trading price of $63.00. The modest overvaluation, combined with insider selling and mixed guru sentiment, suggests that potential investors should exercise caution. BMY's strong profitability metrics and moderate GF Score™ provide some reassurance, but the overall valuation context is a significant factor to consider. For more detailed information, visit the Bristol-Myers Squibb Co (BMY) stock page and explore the GF Value™ page for further insights.

Frequently Asked QuestionsWhat is BMY's GF Score™?

BMY has a GF Score™ of 72/100, which indicates that the company is performing above average compared to its industry peers.

Is BMY overvalued or undervalued?

Bristol-Myers Squibb is currently considered overvalued, with a GF Value™ estimate of $56.81 compared to its current price of $63.00.

What is BMY's P/E ratio?

The current P/E ratio for BMY is 13.9x, which is below its 5-year median P/E of 17.9x, indicating that the stock is trading at a lower valuation compared to its historical levels.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

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.

AbbVie currently looks stronger on revenue by consistently generating higher overall totals and demonstrating a faster growth trajectory across the measured periods. Both companies record quarter-over-quarter declines at the start of the year, but they maintain generally upward trajectories over the last eight quarters, with AbbVie showing wider increases.

PRINCETON, N.J.--(BUSINESS WIRE)---- $BMY #ESMO--Bristol Myers Squibb to Showcase Next-Generation Cancer Modalities and Leadership Across Solid Tumors at ESMO 2026.

Birch Hill Investment Advisors LLC increased its stake in Bristol Myers Squibb Company (NYSE:BMY – Free Report) by 2,774.3% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 166,193 shares of the biopharmaceutical company’s stock after buying an additional 160,411 shares during the quarter. Birch Hill Investment Advisors LLC’s holdings in Bristol Myers Squibb were worth $10,370,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in the company. Lazard Asset Management LLC boosted its stake in Bristol Myers Squibb by 23.7% during the first quarter. Lazard Asset Management LLC now owns 1,924,036 shares of the biopharmaceutical company’s stock worth $116,693,000 after acquiring an additional 368,193 shares in the last quarter. Callan Family Office LLC acquired a new stake in Bristol Myers Squibb in the 2nd quarter valued at $3,575,000. BlackRock Inc. increased its stake in Bristol Myers Squibb by 5.1% during the 2nd quarter. BlackRock Inc. now owns 180,384,994 shares of the biopharmaceutical company’s stock valued at $10,393,783,000 after purchasing an additional 8,702,106 shares in the last quarter. Saudi Central Bank raised its holdings in shares of Bristol Myers Squibb by 90.2% in the 2nd quarter. Saudi Central Bank now owns 142,922 shares of the biopharmaceutical company’s stock worth $8,235,000 after acquiring an additional 67,780 shares during the last quarter. Finally, Quantbot Technologies LP bought a new position in Bristol Myers Squibb in the 2nd quarter valued at about $1,901,000. 76.41% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Bristol Myers Squibb In other Bristol Myers Squibb news, SVP Phil M. Holzer sold 500 shares of the stock in a transaction that occurred on 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 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 SEC, which can be accessed through the SEC website. Corporate insiders own 0.05% of the company’s stock.

Wall Street Analyst Weigh In A number of equities research analysts recently commented on BMY shares. Piper Sandler reissued an “overweight” rating and issued a $82.00 price target (up from $75.00) on shares of Bristol Myers Squibb in a research report on Wednesday, September 16th. Weiss Ratings raised Bristol Myers Squibb from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, August 18th. Argus raised shares of Bristol Myers Squibb from a “hold” rating to a “buy” rating and set a $75.00 price target on the stock in a report on Wednesday, August 5th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $76.00 price objective on shares of Bristol Myers Squibb in a research report on Monday, October 12th. Finally, UBS Group cut shares of Bristol Myers Squibb from a “buy” rating to a “neutral” rating in a report on Wednesday, August 5th. Three research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, fifteen have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $64.88. View Our Latest Analysis on Bristol Myers Squibb

Bristol Myers Squibb News Summary Here are the key news stories impacting Bristol Myers Squibb this week:

Positive Sentiment: Recent late-stage data support the company’s effort to replace revenue from aging medicines. Bristol Myers Squibb reported positive Phase 3 topline results for RYZ101 in gastroenteropancreatic neuroendocrine tumors and ZENBEXUS (iberdomide) in relapsed or refractory multiple myeloma. The breadth of the pipeline could strengthen long-term growth if the programs successfully reach the market. How Positive Phase 3 Results Will Impact Bristol Myers Squibb Stock Investors Positive Sentiment: Admilparant remains potentially viable as a pulmonary-fibrosis treatment despite mixed Phase 3 results, with UBS reportedly maintaining a constructive view. The lower dose met the primary endpoint, preserving some commercial potential. Bristol-Myers Squibb’s Pulmonary Fibrosis Treatment Still Viable Despite Recent Mixed Phase 3 Results, UBS Says Neutral Sentiment: BMY’s roughly 40% one-year rally has been supported by new medicines, revenue growth and higher earnings guidance. However, its low valuation—about 9.36 times forward earnings—suggests investors remain cautious about whether the new portfolio can justify additional upside. Bristol Myers Squibb’s Rally Has Momentum, but Can Its New Drugs Justify More Upside? Negative Sentiment: The company’s approximately $43 billion debt load and looming patent cliff create concerns about future cash flow and dividend growth. Bristol Myers Squibb’s 4.2% yield and 17-year record of dividend increases may be attractive, but investors are questioning whether upcoming launches can offset declining legacy-drug revenue. Bristol Myers Squibb’s 4.2% Dividend Yield Comes With a Trade-Off Investors Should Know Bristol Myers Squibb Price Performance NYSE:BMY opened at $59.69 on Friday. The firm has a market capitalization of $121.94 billion, a price-to-earnings ratio of 13.15, a P/E/G ratio of 0.30 and a beta of 0.19. 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 has a fifty day moving average of $63.55 and a 200 day moving average of $60.29. Bristol Myers Squibb Company has a 52-week low of $42.52 and a 52-week high of $68.64.

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, 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 net margin of 18.87% and a return on equity of 66.90%. The business’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.46 EPS. Bristol Myers Squibb has set its FY 2026 guidance at 6.750-7.000 EPS. On average, research analysts expect that Bristol Myers Squibb Company will post 6.56 EPS for the current fiscal year.

Bristol Myers Squibb Dividend Announcement The company also recently declared a quarterly dividend, which will be paid on Monday, November 2nd. Shareholders of record on Friday, October 2nd will be issued a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date of this dividend is Friday, October 2nd. Bristol Myers Squibb’s dividend payout ratio (DPR) is 55.51%.

(Free Report)

Bristol Myers Squibb (NYSE:BMY) is a global biopharmaceutical company focused on discovering, developing and commercializing medicines for serious diseases. Its research and development activities span oncology, hematology, immunology, cardiovascular disease, neuroscience and other specialty areas.

The company’s portfolio includes oncology medicines such as Opdivo, Yervoy, Abraxane, Sprycel and Pomalyst, as well as Eliquis, an anticoagulant developed in partnership with Pfizer. Bristol Myers Squibb also markets immunology and neuroscience products, including Orencia and Sotyktu, and continues to invest in therapies based on biologics, cell therapy and other advanced treatment approaches.

Bristol Myers Squibb traces its roots to pharmaceutical businesses founded by Bristol-Myers in 1881 and E.R.

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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.

Key Takeaways Bristol Myers Squibb's admilparant met its primary endpoint at 60 mg but not at the 120-mg dose.RYZ101 significantly improved progression-free survival in advanced GEP-NETs in the Phase III ACTION-1 trial.Bristol Myers Squibb will assess admilparant data and expects ALOFT-PPF trial results in early 2027.
Bristol Myers Squibb (BMY - Free Report) announced mixed phase III results for admilparant, its investigational treatment for idiopathic pulmonary fibrosis (IPF).

The company also reported positive results from the phase III ACTION-1 trial evaluating RYZ101 in advanced gastroenteropancreatic neuroendocrine tumors (GEP-NETs).

While RYZ101 met its primary endpoint, demonstrating a statistically significant and clinically meaningful improvement in progression-free survival (PFS), admilparant met its primary endpoint only at the lower of the two doses tested. Consequently, the stock declined following the announcements despite the positive cancer trial results, reflecting investor concerns about admilparant’s inconsistent dose response.

While BMY stock opened higher, it reversed course and ended trading down 2.6% on Oct. 12.

Shares of Bristol Myers have gained 6.8% year to date compared with the industry’s growth of 2.6%.

Image Source: Zacks Investment Research

More on BMY’s Phase III Results Evaluating Admilparant in IPFAdmilparant is an investigational oral lysophosphatidic acid receptor 1 (LPA1) antagonist, which is being evaluated in adults with IPF.

The phase III ALOFT-IPF trial evaluated admilparant at 60-mg and 120-mg doses, administered twice daily for at least 52 weeks, against placebo. Top-line results from the study showed that it met its primary endpoint at the 60-mg dose, with admilparant demonstrating a statistically significant improvement versus placebo in the absolute change in forced vital capacity (FVC) from baseline at week 52.

FVC is an important measure of lung function, and slowing its decline is a key treatment objective in patients with IPF.

The 120-mg dose slowed the decline in FVC but failed to achieve statistical significance.

The mixed results across the two doses have likely disappointed investors, particularly given the positive efficacy signals reported in earlier-stage studies.

In a global phase II trial, treatment with admilparant 60 mg twice daily for 26 weeks reduced the rate of lung function decline by 62% versus placebo in patients with IPF and a 69% reduction in patients with progressive pulmonary fibrosis (PPF).

Although the phase III results support the drug’s potential, the failure of the higher dose to meet statistical significance introduces some uncertainty regarding the consistency of its efficacy.

The safety findings were encouraging. Admilparant demonstrated a well-tolerated safety profile at both doses, with low rates of discontinuation due to adverse events that were similar to placebo.

IPF is characterized by irreversible scarring of lung tissue and a progressive decline in lung function.

BMY will conduct a comprehensive evaluation of the ALOFT-IPF data and engage with health authorities to support planned regulatory submissions.

The company expects top-line results from the fully enrolled phase III ALOFT-PPF trial in early 2027. The outcome will be key to determining whether admilparant can demonstrate broader efficacy across pulmonary fibrosis populations.

Detailed Results of BMY’s Phase III Study on RYZ101In a separate announcement, BMY reported positive top-line results from the planned interim analysis of the phase III ACTION-1 study evaluating RYZ101 in patients with somatostatin receptor-positive GEP-NETs whose disease had progressed following treatment with Lu177-based therapy.

The trial met its primary endpoint, demonstrating a statistically significant and clinically meaningful improvement in PFS, as assessed by blinded independent central review, compared with investigator’s choice of standard of care. The comparator treatments included high-dose or high-frequency long-acting somatostatin analogues, everolimus or sunitinib. Safety results were consistent with the known safety profile of RYZ101.

RYZ101 is an investigational targeted radiopharmaceutical therapy comprising DOTATATE linked to actinium-225, a potent alpha-emitting radioisotope.

The positive ACTION-1 results mark a milestone for BMY’s radiopharmaceutical portfolio. The study represents the first phase III trial to report results for an alpha-isotope-based targeted radiopharmaceutical therapy in any indication. The findings could support RYZ101’s development as a potential treatment for patients with advanced GEP-NETs who have progressed following a Lu177-based therapy.

The FDA granted RYZ101 Orphan Drug Designation for GEP-NETs in August 2026.

Patients enrolled in the trial will continue to be followed for overall survival.

BMY’s Efforts to Strengthen Portfolio/ PipelineBMY is undergoing a meaningful shift in its revenue mix, with its growth portfolio taking on a larger role and increasingly offsetting the pressure from mature products facing generic competition.

The company is actively reshaping its portfolio through new approvals, label expansions and pipeline development. 
The recent pipeline progress has been impressive as well.

The FDA granted accelerated approval to iberdomide, in combination with daratumumab and hyaluronidase-fihj and dexamethasone under the brand name Zenbexus, for adults with multiple myeloma who have received at least one prior line of therapy. Zenbexus is the first FDA-approved cereblon E3 ligase modulator, adding a novel protein-degradation approach to BMY’s oncology portfolio.

The latest clinical updates provide a mixed picture of its pipeline progress. RYZ101’s success in the phase III ACTION-1 study strengthens the company’s radiopharmaceutical prospects. However, admilparant’s mixed dose-level results in the phase III ALOFT-IPF trial introduce uncertainty, despite the statistically significant benefit demonstrated at the 60-mg dose and the favorable safety profile at both doses.

Meanwhile, shares of Contineum Therapeutics (CTNM - Free Report) plunged 36% following BMY’s announcement.

BMY’s IPF study results create uncertainty for CTNM’s investigational candidate PIPE-79 for IPF.

Contineum is evaluating PIPE-791 in a phase II study.

BMY’s Zacks Rank and Stocks to ConsiderBMY currently carries a Zacks Rank #3 (Hold).  A couple of better-ranked stocks in the pharma/biotech sector are Amarin (AMRN - Free Report) and Corcept Therapeutics (CORT - Free Report) , currently sporting a Zacks Rank #1 (Strong Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.

Over the past 60 days, loss per share estimates for Amarin have narrowed from 65 cents to 39 cents for 2026. Over the same period, estimates for 2027 loss per share have narrowed from 51 cents to 50 cents.

Amarin’s earnings beat estimates in three of the trailing four quarters and missed in the remaining one, the average surprise being 62.27%.

Over the past 60 days, earnings per share estimates for Corcept Therapeutics have increased from $1.13 to $1.86 for 2026. Over the same period, estimates for 2027 earnings per share have risen from $2.35 to $3.48.

Corcept Therapeutics’ earnings missed estimates in two of the trailing four quarters, beat in one and met in the other, with the average surprise being 240.74%.

In the latest trading session, Bristol Myers Squibb (BMY - Free Report) closed at $57.60, marking a -2.58% move from the previous day. This change lagged the S&P 500's 0.06% loss on the day. Meanwhile, the Dow gained 0.38%, and the Nasdaq, a tech-heavy index, lost 0.44%.

Prior to today's trading, shares of the biopharmaceutical company had lost 7.1% lagged the Medical sector's gain of 0.04% and the S&P 500's gain of 2.36%.

Investors will be eagerly watching for the performance of Bristol Myers Squibb in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on October 29, 2026. The company's upcoming EPS is projected at $1.56, signifying a 4.29% drop compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $12.54 billion, reflecting a 2.59% rise from the equivalent quarter last year.

For the full year, the Zacks Consensus Estimates are projecting earnings of $6.8 per share and revenue of $49.83 billion, which would represent changes of +10.57% and +3.39%, respectively, from the prior year.

Any recent changes to analyst estimates for Bristol Myers Squibb should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 2.26% lower. Bristol Myers Squibb is currently a Zacks Rank #3 (Hold).

Looking at its valuation, Bristol Myers Squibb is holding a Forward P/E ratio of 8.7. Its industry sports an average Forward P/E of 23.43, so one might conclude that Bristol Myers Squibb is trading at a discount comparatively.

We can also see that BMY currently has a PEG ratio of 0.29. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The average PEG ratio for the Medical - Biomedical and Genetics industry stood at 1.74 at the close of the market yesterday.

The Medical - Biomedical and Genetics industry is part of the Medical sector. Currently, this industry holds a Zacks Industry Rank of 166, positioning it in the bottom 33% of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

Bristol Myers shares surge 35.8% as its Growth Portfolio and pipeline progress fuel momentum, but generic competition and valuation warrant caution.

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.

PRINCETON, N.J.--(BUSINESS WIRE)---- $BMY #ACTION--BMS Announces Positive Topline Results from the Interim Analysis of Phase 3 ACTION-1 for RYZ101.

Apella Capital LLC lifted its position in shares of Bristol Myers Squibb Company (NYSE:BMY – Free Report) by 159.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 33,162 shares of the biopharmaceutical company’s stock after purchasing an additional 20,370 shares during the period. Apella Capital LLC’s holdings in Bristol Myers Squibb were worth $2,069,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in BMY. Everhart Financial Group Inc. lifted its holdings in shares of Bristol Myers Squibb by 2.2% during the 3rd quarter. Everhart Financial Group Inc. now owns 21,496 shares of the biopharmaceutical company’s stock worth $1,341,000 after acquiring an additional 456 shares during the period. Avidian Wealth Enterprises LLC increased its stake in shares of Bristol Myers Squibb by 28.0% in the 3rd quarter. Avidian Wealth Enterprises LLC now owns 16,342 shares of the biopharmaceutical company’s stock valued at $1,020,000 after purchasing an additional 3,576 shares during the last quarter. Valeo Financial Advisors LLC increased its stake in shares of Bristol Myers Squibb by 21.3% in the 3rd quarter. Valeo Financial Advisors LLC now owns 36,135 shares of the biopharmaceutical company’s stock valued at $2,255,000 after purchasing an additional 6,351 shares during the last quarter. Vann Equity Management LLC acquired a new position in shares of Bristol Myers Squibb during the 3rd quarter worth $296,000. Finally, Steph & Co. lifted its position in shares of Bristol Myers Squibb by 5.5% during the 3rd quarter. Steph & Co. now owns 8,491 shares of the biopharmaceutical company’s stock worth $530,000 after buying an additional 446 shares during the last quarter. 76.41% of the stock is currently owned by institutional investors.

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

Positive Sentiment: Bristol Myers reported that its ZENBEXUS (iberdomide) combination achieved superior progression-free survival versus standard of care in the Phase 3 EXCALIBER-RRMM trial for relapsed or refractory multiple myeloma. The results also showed high minimal residual disease-negative complete response rates and could support an application for accelerated FDA approval, strengthening BMY’s oncology pipeline. Bristol Myers Squibb Announces ZENBEXUS Phase 3 Results Positive Sentiment: J.P. Morgan reportedly assigned BMY a Buy rating, while recent commentary highlights the company’s oncology and hematology portfolio and its history of earnings surprises. These factors may support investor confidence in future growth and earnings. Bristol Myers Squibb Receives a Buy from J.P. Morgan Wall Street Analyst Weigh In Several research firms recently weighed in on BMY. Wells Fargo & Company set a $65.00 price objective on Bristol Myers Squibb and gave the company an “equal weight” rating in a research note on Friday, July 31st. Truist Financial reissued a “buy” rating and issued a $70.00 target price (up from $65.00) on shares of Bristol Myers Squibb in a report on Friday, July 31st. BMO Capital Markets restated a “market perform” rating on shares of Bristol Myers Squibb in a research note on Monday, July 27th. Daiwa Securities Group upped their price objective on shares of Bristol Myers Squibb from $53.00 to $66.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 4th. Finally, Morgan Stanley reissued an “underweight” rating and issued a $41.00 price objective (up from $40.00) on shares of Bristol Myers Squibb in a research note on Wednesday. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $64.96. View Our Latest Research Report on BMY

Insider Transactions at Bristol Myers Squibb In other Bristol Myers Squibb news, SVP Phil M. Holzer sold 500 shares of the stock in a transaction dated Tuesday, August 25th. The shares were 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 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 SEC, which is accessible through the SEC website. Insiders own 0.05% of the company’s stock.

Bristol Myers Squibb Trading Down 0.7% NYSE BMY opened at $59.18 on Friday. 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 52 week low of $42.52 and a 52 week high of $68.64. The business has a 50 day moving average price of $64.15 and a 200-day moving average price of $60.27. The company has a market cap of $120.89 billion, a price-to-earnings ratio of 13.04, a P/E/G ratio of 0.29 and a beta of 0.19.

Bristol Myers Squibb (NYSE:BMY – Get Free Report) last issued its earnings results on Thursday, July 30th. The biopharmaceutical company reported $2.04 earnings per share (EPS) for the quarter, topping 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 company had revenue of $12.97 billion for the quarter, compared to analysts’ expectations of $11.74 billion. During the same period last year, the business earned $1.46 EPS. Bristol Myers Squibb’s quarterly revenue was up 5.7% compared to the same quarter last year. Bristol Myers Squibb has set its FY 2026 guidance at 6.750-7.000 EPS. As a group, equities analysts expect that Bristol Myers Squibb Company will post 6.91 earnings per share for the current fiscal year.

Bristol Myers Squibb Dividend Announcement The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 2nd. Shareholders of record on Friday, October 2nd will be given a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 4.3%. 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 (NYSE:BMY) is a global biopharmaceutical company that discovers, develops and commercializes prescription medicines. Its research and commercial activities focus primarily on oncology, hematology, immunology, cardiovascular disease and neuroscience. The company serves patients and healthcare providers in the United States and international markets.

Bristol Myers Squibb’s portfolio includes medicines such as Opdivo and Yervoy for certain cancers, Eliquis for the prevention of blood clots and stroke, Revlimid and Pomalyst for blood cancers, and Abraxane for certain solid tumors.

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Bristol Myers Squibb & Co. (NYSE:BMY) announced topline results from its Phase 3 EXCALIBER-RRMM study on Thursday.

The pharmaceutical company revealed its drug Zenbexus (iberdomide) significantly reduced the risk of disease progression or death in multiple myeloma patients.

• Bristol-Myers Squibb stock is facing resistance. Why is BMY stock retreating?

Multiple myeloma is a rare blood cancer that starts in plasma cells, a type of white blood cell found in the bone marrow that normally makes antibodies to fight infections.

Evaluating the Efficacy Of ZENBEXUSThe late-stage clinical trial tested Zenbexus alongside daratumumab and dexamethasone (ZDd).

Researchers evaluated 800 individuals suffering from multiple myeloma, treating patients who were experiencing their first relapse.

Significant Survival Rates AchievedThe trial data showed a major, statistically significant improvement in progression-free survival. Patients receiving the ZDd regimen achieved a median progression-free survival of 42 months.

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In contrast, those taking the standard daratumumab, bortezomib and dexamethasone (DVd) combination only reached 20 months.

This outcome translates to a 51% drop in the risk of death or disease progression.

Researchers recorded a median follow-up time of 23 months for the study. Additionally, the safety profile for ZENBEXUS paired with standard treatments mirrored earlier safety findings from the trial.

Expanding On Previous Regulatory SuccessThursday’s data builds upon earlier trial achievements.

The company previously reported improvements in minimal residual disease-negative complete responses compared to the DVd regimen.

In August, the U.S. Food and Drug Administration (FDA) granted accelerated approval to Zenbexus for adult patients with multiple myeloma.

The approval is for use in combination with daratumumab, hyaluronidase-fihj, and dexamethasone (ZDd) for patients who have undergone at least one prior therapy line, including a proteasome inhibitor and an immunomodulatory agent.

This made Zenbexus the first FDA-approved CELMoD, a novel class of cereblon-modulating protein degraders.

Analyst ViewWilliam Blair on Thursday wrote, “We still expect Zenbexus to see utilization, particularly in community practices where access to CAR-T and bispecifics may be more limited; oral Zenbexus can be combined with Darzalex, and avoids the CRS and neurotoxicity risk and related monitoring requirements of T-cell redirecting therapies.”

BMY Price Action: Bristol-Myers Squibb shares were down 1.41% at $58.86 at the time of publication on Thursday, according to Benzinga Pro data.

Image via Shutterstock

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© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

In the EXCALIBER study, results showed a progression-free survival hazard ratio of 0.49 compared with daratumumab, bortezomib and dexamethasone

PRINCETON, N.J.--(BUSINESS WIRE)-- 

$BMY announces positive Phase 3 topline progression-free survival results evaluating a novel oral combination regimen for adult patients with relapsed or refractory multiple myeloma.

Share Bristol Myers Squibb Announces ZENBEXUSTM (iberdomide) in Combination with Daratumumab and Dexamethasone (ZDd) Demonstrates Superior Progression-Free Survival vs. Standard of Care in Relapsed and Refractory Multiple Myeloma in Phase 3 EXCALIBER-RRMM Study 

Bristol Myers Squibb (NYSE: BMY) today announced positive topline results from the Phase 3 EXCALIBER-RRMM study, evaluating ZENBEXUSTM (iberdomide) in combination with daratumumab and dexamethasone (ZDd) in 800 patients with multiple myeloma (MM), as early as first relapse. Results showed ZDd demonstrated a statistically significant improvement in the dual-primary endpoint of progression-free survival (PFS), with median PFS of 42 months for ZDd vs. 20 months for daratumumab, bortezomib and dexamethasone (DVd) [HR:0.49, p<0.000001], representing a 51% reduction in the risk of disease progression or death. Median follow-up was 23 months. The safety profile of ZENBEXUS in combination with standard therapies remained consistent with previously reported safety findings from the study.

These results build on the previously reported improvement in minimal residual disease (MRD)-negative complete response vs. DVd, the other dual-primary endpoint, which supported the U.S Food and Drug Administration approval of ZENBEXUS for RRMM. Detailed MRD results were presented at the International Myeloma Society 23rd annual meeting and simultaneously published in Lancet Oncology.

“The results from EXCALIBER-RRMM reinforce the clinical value of ZENBEXUS in combination with daratumumab and dexamethasone as a treatment approach for relapsed or refractory multiple myeloma, demonstrating the strong benefit observed for minimal residual disease negativity translated to a meaningful improvement in progression free survival for patients,” said Cristian Massacesi, MD, chief medical officer and head of development at Bristol Myers Squibb. “These findings further underscore the value of ZENBEXUS as an effective oral treatment option that can be easily used in diverse care settings, including community settings, where many patients receive their care. We look forward to sharing full results from the study.”

This data will be presented at the 68th Annual Meeting of the American Society of Hematology in New Orleans, L.A. Bristol Myers Squibb thanks the patients and investigators who participated in the EXCALIBER-RRMM clinical trial.

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). 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. Eligible participants included adults with 1 to 2 prior lines of anti-myeloma therapy and progressive disease. The PFS confirmatory analysis population included all 800 patients randomized to ZDd (n=400) or DVd (n=400). Treatment in both arms was administered until disease progression or unacceptable toxicity.

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, 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, that results of future post-marketing studies will be consistent with the results of this study, that ZENBEXUSTM (iberdomide) in combination with daratumumab and dexamethasone (ZDd) for the indication described in this release may not be commercially successful, any marketing approvals, if granted, may have significant limitations on their use, and, that continued approval of ZENBEXUSTM for such indication may be contingent upon verification and description of clinical benefit in additional 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.

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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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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

A fat dividend yield means nothing if the cash runs dry before the check clears. These five companies show wildly different margins of safety, and one of them barely cleared the bar last quarter.

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A big dividend yield only tells you what a company promises to pay. Free cash flow tells you whether it can keep paying. All five names below passed that bar last year: each one paid its dividend out of cash left over after capital spending, and the best of them, Bristol Myers Squibb (NYSE:BMY | BMY Price Prediction), used only 39.3% of its 2025 free cash flow on the dividend. Below are the yield, the coverage math, the balance sheet and the one risk for each stock.

Philip Morris International: A Smoke-Free Cash Machine With a Fresh Raise Philip Morris International (NYSE:PM) yields 3.14%. In 2025 it brought in $12.233 billion of operating cash flow and spent $1.569 billion on capex, which left $10.664 billion of free cash flow. Dividends cost $8.624 billion, or about 80.9% of free cash flow. That leaves a real buffer, though not a huge one.

The cash outlook is getting better. Management expects operating cash flow of around $13.5 billion this year, with capex of $1.4 to $1.6 billion and no share buybacks. Net debt is 2.35x adjusted EBITDA, and the company is aiming for about 2.0x by year-end. Stockholders’ equity is negative (-$6.7 billion), but that comes from years of buybacks and doesn’t signal a solvency problem.

The payout record backs this up. The quarterly dividend just rose to $1.60 from $1.47, and the payment history shows a higher rate every year since 2008. The finance chief called it an “unwavering commitment to our progressive dividend policy.”

Bull case: IQOS, plus ZYN after the FDA gave 20 ZYN variants its modified-risk authorization, gives the company smoke-free growth that funds future raises. Guidance for full-year adjusted EPS was lifted to $8.26 to $8.41.

Risk: The stock has risen 28.39% over the past year and now trades at 27 times trailing earnings. New buyers get less yield than they would have a year ago.

British American Tobacco: Ultra-High-Yield Income at an 11x Forward Multiple British American Tobacco (NYSE:BTI) is the only ultra-high-yield name here, at 6.32%. Part of that yield comes from a falling share price. The ADR closed at $53.01, roughly 18.9% under its 52-week high of $65.33, and its 50-day average ($56.87) sits below its 200-day average ($58.99).

The dividend is still covered. In 2025, operating cash flow of $6.342 billion minus capex of $551 million left $5.791 billion of free cash flow. Dividends took about 88.5% of it. The full-year dividend rose 2.0% to 245.04p per share, and the quarterly ADR payment went up to $0.834851 from $0.749068. It is aiming 2.0 to 2.5x adjusted net debt to EBITDA by year-end, and it is also running a £1.3 billion buyback.

Bull case: You get a forward P/E of 11 and a growing nicotine-pouch business, with Velo Plus U.S. revenue up 310%. Guidance calls for 5% to 8% adjusted EPS growth and cash conversion above 95%.

Risk: Coverage is the lowest in this group. In the June quarter, dividends paid ($2.653 billion) were slightly higher than operating cash flow ($2.601 billion). The dividend is also set in pounds, so the dollar amount you receive moves with the exchange rate.

Kinder Morgan: Pipeline Cash Flows Paying for Growth and the Dividend Kinder Morgan (NYSE:KMI) yields 3.8%. Even in a heavy building year it covered the payout: 2025 operating cash flow of $6.247 billion minus $3.026 billion of capex left $3.221 billion. Dividends took about 80.8% of that. Second-quarter free cash flow was $978 million and the dividend cost $665 million.

The balance sheet is getting best. Net debt is 3.6x adjusted EBITDA, at the low end of the company’s target range, and Moody’s upgraded it to Baa1. The 2026 budget sets declared dividends at $1.19 per share, up 2%. The payment record shows an increase every year since 2018.

Bull case: Kinder Morgan has a $9.6 billion project backlog. It is 92% natural gas, and more than 60% of it is linked to power generation and local gas utility demand. Adjusted EPS is running more than 12% ahead of budget.

Risk: Kinder Morgan has cut before. The quarterly payout fell from $0.51 in late 2015 to $0.125 in early 2016, so a heavy debt load and big spending plans deserve close attention.

AbbVie: Lower Yield, Wider Cushion, Steady Raises AbbVie (NYSE:ABBV) has the lowest yield in this group at 2.6%, but its coverage is among the best. In 2025 it generated $17.816 billion of free cash flow ($19.03 billion of operating cash flow minus $1.214 billion of capex) and paid $11.657 billion in dividends. The payout ratio is about 65.4%. Net debt is 2.26x EBITDA, with interest coverage at 6.94x.

The quarterly dividend is $1.73, up from $1.64, and the record shows a higher payout every year since 2013. The trailing P/E of 75 is inflated by acquisition charges. The forward multiple is a more reasonable 16.

Bull case: Skyrizi ($5.505 billion, up 24.4%) and Rinvoq ($2.525 billion, up 24.5%) are more than making up for Humira, whose sales fell 35.9%. Total revenue grew 10.2%.

Risk: The pending $10.9 billion Apogee Therapeutics deal will be paid for with new long-term debt. The company plans to bring net leverage down to two times within two to three years following the deal close, which could slow the pace of dividend raises in the meantime.

Bristol Myers Squibb: Widest Coverage Margin in the Group Bristol Myers Squibb yields 4.27% and has the most room to spare. In 2025, operating cash flow of $14.156 billion minus $1.311 billion of capex produced $12.845 billion of free cash flow, against $5.045 billion in dividends. The company paid down $1.2 billion of debt in the second quarter and finished it with about $11.5 billion in cash and marketable securities. Net debt is still large, at roughly $33.6 billion.

The track record is long. The $0.63 quarterly dividend is the company’s 17th consecutive annual increase and its 94th consecutive year of dividend payments. Management says it will keep “returning cash to shareholders through our commitment to the dividend.”

Bull case: The stock trades at a forward P/E of 9, and the growth portfolio now makes up nearly 60% of total revenue. Camzyos sales jumped 97% and Breyanzi rose 56% in the first quarter.

Risk: Eliquis is expected to lose U.S. exclusivity in April 2028. Milvexian, the drug meant to replace it, has had its key atrial fibrillation readout moved to the first quarter of 2027.

Coverage Separates Durable Income From Fragile Yield All five companies paid 2025 dividends out of free cash flow, from Bristol Myers Squibb’s comfortable 39.3% to British American Tobacco’s higher 88.5%. British American Tobacco offers the most current income, and Philip Morris has the best growth story. Kinder Morgan’s pipeline backlog supports regular raises, and the two drugmakers combine wide cash buffer with long records of annual dividend increases. For the payouts to keep rising, free cash flow has to keep growing too.

Contact [email protected] for any questions or corrections.

Investors looking for stocks in the Medical - Biomedical and Genetics sector might want to consider either Bristol Myers Squibb (BMY) or argenex SE (ARGX). But which of these two stocks presents investors with the better value opportunity right now?

The market has not been kind to healthcare stocks during the past couple of years. Patent cliffs, politics, and soaring medical costs have weighed on investors' minds, as well as the share prices of several prominent industry stalwarts.

But is healthcare realistically an industry in decline? Probably not. It is one of the largest and most critical industries in the U.S., with total healthcare spending totaling nearly $15,000 per capita. That's the highest among the world's developed countries.

This means that some excellent dividend-paying healthcare stocks could be trading at bargain prices that investors may want to jump on before the end of October.

Image source: The Motley Fool.

1. Pfizer Pharmaceutical maker Pfizer (PFE -1.14%) enjoyed a huge windfall from the COVID-19 vaccine. But it has become a value stock during the past several years.

Vaccine sales dried up, sending the company's top and bottom lines reeling. Today, Pfizer trades at just over 9 times this year's earnings estimates, and the stock yields a hefty 6%.

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High yields are typically risky. Fortunately, this dividend seems sustainable. Although it consumes nearly 90% of the company's cash profits right now, management continues to affirm its commitment to maintaining the payout. It also has $11.7 billion in cash and short-term investments to plug any near-term gaps.

Eventually, Pfizer will need to grow to give that dividend some breathing room. It has an ambitious pipeline with 95 candidates in total, including 31 in phase 3 clinical trials.

Analysts estimate that the company's earnings will increase by an average of 5% annually during the next three to five years. That should sustain the dividend -- and perhaps even eke out more increases.

2. Bristol Myers Squibb Pfizer isn't the only pharma maker that's struggling. Bristol Myers Squibb (BMY +0.53%) has had a rough go, although for different reasons.

The company's main problem is a steep patent cliff, with Eliquis and Opdivo losing U.S. exclusivity in 2028. These drugs accounted for roughly half of all sales last year, so that's a powerful looming headwind for growth.

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The company has a robust portfolio of fast-growing drugs, as well as promising developmental candidates, so there's a strong chance the business will be fine as older drugs fade and hand off the baton to these up-and-coming therapies. Still, the concerns have weighed on the stock.

Bristol Myers Squibb trades at only 9 times this year's earnings estimates and yields 4%. The dividend is still just 44% of the company's cash profits, so unless management falls drastically short of filling that revenue hole in 2028, the stock looks like a strong income producer at a compelling price.

3. UnitedHealth Group Health insurance and services provider UnitedHealth Group (UNH +1.83%) is a central cog in U.S. healthcare. The company has also been a political lightning rod, which only intensified after the slaying of one of its executives in 2024, as well as lawsuits and investigations regarding its business practices.

If that weren't enough, surging Medicare costs have squeezed margins. Yep, it's been a tough stretch for the stock.

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But after a prolonged slump, it has rallied throughout 2026. Even after its run, the shares still trade at only 19 times 2026 earnings estimates and yield 2.5%. That payout is much higher than the stock's historical norms. That's often a warning sign, but the company's cash profits still easily cover the dividend.

It's difficult to slow the U.S. healthcare machine. UnitedHealth continues to prove that it's a very resilient company, and now things are looking up once again.

Analysts see UnitedHealth Group's earnings increasing by more than 13% annually during the next three to five years. That growth makes the stock a no-brainer at its current price.

Key Takeaways BMY's Camzyos sales surged 74% year over year to $729 million in the first half of 2026.Camzyos now has the broadest indication among cardiac myosin inhibitors, including pediatric oHCM patients.CYTK's Myqorzo and EWTX's EDG-7500 could increase competitive pressure on BMY's cardiovascular franchise. Bristol Myers Squibb (BMY - Free Report) is banking on label expansion of existing drugs and approval of new drugs to further propel its growth portfolio.

Camzyos (mavacamten) is one of the key drugs in this product portfolio. The drug is currently approved in the United States for adults with symptomatic New York Heart Association (“NYHA”) class II-III obstructive hypertrophic cardiomyopathy (oHCM) to improve symptoms and functional capacity.

It continued to gain traction in the targeted market in the first half of 2026, supported by growing demand and increased adoption among eligible patients. Sales of the drug surged 74% year over year to $729 million in the first half.

The FDA recently approved the drug for the treatment of symptomatic oHCM to improve functional capacity and symptoms in adults and pediatric patients weighing 30 kg (66 lbs) or more.

Consequently, Camzyos now has the broadest indication of any cardiac myosin inhibitor (CMI). It is the only FDA-approved therapy for the treatment of oHCM in a pediatric population.

The approval was based on positive results of phase III SCOUT-HCM study, building on the extensive clinical evidence for Camzyos in adults with oHCM.

For Bristol Myers, continued growth from Camzyos is particularly important as the company works to offset revenue pressures from patent expirations affecting legacy drugs.

BMY’s cardiovascular portfolio also includes blood thinner medicine Eliquis, for which BMY has a worldwide co-development and co-commercialization agreement with pharma giant Pfizer. Eliquis remains one of the biggest contributors to the company’s top line.

Bristol Myers’ cardiovascular pipeline includes milvexian, an investigational oral, highly selective factor XIa (FXIa) inhibitor.

The candidate, developed in collaboration with Johnson & Johnson, is being evaluated in two late-stage studies — Librexia AF for atrial fibrillation (AF) and Librexia STROKE for secondary stroke prevention (SSP).

Data from the LIBREXIA-STROKE study is expected in 2026, while results from the Librexia AF study are expected in the first quarter of 2027.

However, the cardiovascular portfolio suffered a setback in late 2025 after the company decided to discontinue the late-stage Librexia study on milvexian.

BMY and partner Johnson & Johnson were evaluating the efficacy and safety of milvexian when added to standard of care (conventional antiplatelet therapy) for patients following an acute coronary syndrome event.

Both companies decided to discontinue the phase III Librexia ACS study following a preplanned interim analysis by the Independent Data Monitoring Committee, which determined that the study was unlikely to meet its primary efficacy endpoint.

Competition for BMY’s CamzyosCytokinetics (CYTK - Free Report) became a direct competitor to Bristol Myers Squibb in the oHCM market after securing FDA approval for Myqorzo (aficamten) in December 2025. As Cytokinetics’ first approved product, Myqorzo marks its transition to a commercial-stage company and gives investors a new challenger in the CMI market.

While Camzyos benefits from an established commercial presence and extensive clinical and real-world data, Myqorzo’s initial uptake has been encouraging and could gradually increase competitive pressure on BMY’s cardiovascular franchise.

Cytokinetics recently announced the launch of ASPEN-HCM, a prospective, multicenter observational study designed to evaluate the real-world use of Myqorzo in adults with symptomatic oHCM.

A potential competitor is Edgewise Therapeutics, Inc. (EWTX - Free Report) , which is advancing a cardiovascular pipeline targeting HCM, heart failure, and other cardiovascular and cardiometabolic conditions.

EWTX’s lead candidate, EDG-7500, is a novel, oral, selective cardiac sarcomere modulator currently being studied in a multi-part phase II study in patients with oHCM and nHCM, with a phase III program targeted to be initiated in the fourth quarter of 2026.

EWTX’s pipeline also includes EDG-15400 for heart failure. The company expects to initiate a phase II study on EDG-15400 in participants with heart failure with preserved ejection fraction.

Bristol Myers Squibb: Slow and Steady Revenue GrowthBristol Myers Squibb (BMY -1.74%) operates as a global biopharmaceutical entity that researches, develops, and commercializes a worldwide medicinal portfolio spanning therapeutic areas like hematology, oncology, and cardiovascular health, offering pharmaceutical products such as Revlimid and Eliquis.

It received accelerated regulatory approval from the U.S. Food and Drug Administration for its Zenbexus combination therapy for adult patients with multiple myeloma in August 2026, and it selected Houston for a new $2.3 billion multi-modal manufacturing campus designed to increase its production capacity for next-generation medicines.

Johnson & Johnson: Maintaining a Larger Revenue BaseJohnson & Johnson (JNJ -1.96%) functions as a broad healthcare holding company that engages in the research, development, manufacture, and global sale of products primarily through its dedicated innovative medicine and medical technology segments.

It finalized a $1 billion cash acquisition of Firefly Bio in July 2026 to integrate a targeted antibody-drug conjugate platform, while it also secured regulatory approval for its IMAAVY treatment for patients dealing with warm autoimmune hemolytic anemia.

Why Revenue Matters for InvestorsRevenue here refers to the data provider's standardized income-statement revenue line item, which gives investors a direct baseline measurement of the total volume of money a business brings in from its core commercial operations before deducting any associated operating expenses, interest, or taxes.

Calendar quarterBristol-Myers Squibb RevenueJohnson & Johnson RevenueQ3 2024$11.9 billion (quarter ended Sept. 30, 2024)$22.5 billion (quarter ended Sept. 29, 2024)Q4 2024$12.3 billion (quarter ended Dec. 31, 2024)$22.5 billion (quarter ended Dec. 29, 2024)Q1 2025$11.2 billion (quarter ended March 31, 2025)$21.9 billion (quarter ended March 30, 2025)Q2 2025$12.3 billion (quarter ended June 30, 2025)$23.7 billion (quarter ended June 29, 2025)Q3 2025$12.2 billion (quarter ended Sept. 30, 2025)$24.0 billion (quarter ended Sept. 28, 2025)Q4 2025$12.5 billion (quarter ended Dec. 31, 2025)$24.6 billion (quarter ended Dec. 28, 2025)Q1 2026$11.5 billion (quarter ended March 31, 2026)$24.1 billion (quarter ended March 29, 2026)Q2 2026$13.0 billion (quarter ended June 30, 2026)$25.3 billion (quarter ended June 28, 2026)Data source: Financial Modeling Prep. Data as of Sept. 25, 2026.

Foolish TakeBoth Bristol Myers Squibb and Johnson & Johnson are consistently, if slowly, growing their revenue, though Johnson & Johnson is obviously starting from a much larger base. In fact, despite Johnson & Johnson's revenue being about double that of Bristol Myers Squibb, over the period shown above, it grew its revenue at a slightly higher rate. That's impressive.

One thing to watch from here will be Johnson & Johnson's medical technology division, an area Bristol Myers Squibb, a biopharmaceuticals company, doesn't have. J&J's medtech division grew operational sales 3.6% in the second quarter, and in 2025, it generated $33.79 billion in revenue. It's growing the segment via both acquisitions and in-house research and development, which can be costly. However, once those products are approved and in use, they can generate exceptional revenue and high profit margins.

In July, J&J received FDA market authorization in the U.S. for its OTTAVA Robotic Surgical System, "the world's first table-integrated soft tissue robotic system." At the time of the announcement, a U.S. clinical trial for OTTAVA in inguinal hernia procedures was ongoing. Customer uptake and success with this system could provide a strong moat and a new recurring revenue stream for the legacy healthcare company.