BMY|Earnings Snapshot
EPS
| Qtr | Est | Actual | +/− |
|---|---|---|---|
| Q3'26 | $1.73 | - | - |
| Q2'26 | $1.60 | $2.04 | +27.4% |
| Q1'26 | $1.42 | $1.58 | +11.1% |
| Q4'25 | $1.13 | $1.26 | +11.9% |
| Q3'25 | $1.52 | $1.63 | +7.6% |
| Q2'25 | $1.10 | $1.46 | +32.6% |
Revenue
| Qtr | Est | Actual | +/− |
|---|---|---|---|
| Q3'26 | $12.7B | - | - |
| Q2'26 | $11.9B | $13.0B | +9.4% |
| Q1'26 | $10.9B | $11.5B | +5.2% |
| Q4'25 | $12.4B | $12.5B | +0.8% |
| Q3'25 | - | $12.2B | - |
| Q2'25 | - | $12.3B | - |
Market Data
BMY Stock Snapshot
BMY is currently trading at $67.21, giving Bristol-Myers Squibb Company a market cap of 131.92B and a P/E ratio of 14.2. Today's range spans $67.14–$67.21, with shares opening at $67.20 and moving up $0.07 (0.1%) from the prior close. DailyIQ's technical score sits at 86/100 (BUY) with a news sentiment reading of 81/100.
Over the past year BMY has traded between $42.52 and $68.64 - the current price is +58.1% off the 52-week low and -2.1% from the high.
Short interest data on large-cap Healthcare names like BMY (131.92B market cap) becomes relevant when the technical picture turns bullish - a BUY on 86/100 with bullish sentiment (81/100) is exactly the kind of setup that makes shorts nervous. Price at $67.21 (near 52-week highs in $42.52–$68.64). The current P/E ratio stands at 14.2. Short covering in a bullish technical phase can add a secondary momentum layer on top of genuine long-side conviction - a dynamic worth monitoring in the current setup.
The combination of a BUY signal (86/100) and bullish news sentiment (81/100) puts BMY on the screens of active managers who run quality-momentum overlays, a cohort that can build meaningful positions at 131.92B in Healthcare market cap without immediately moving the stock. At $67.21 (near 52-week highs in the $42.52–$68.64 range), the entry discipline is clean and the potential re-rating if sentiment continues to improve is meaningful.
Company Insights: Bristol‑Myers Squibb (BMY)
Sentiment score of 39 and a 14‑day falling trend indicate a cautious market stance toward the stock. Despite strong earnings, negative sentiment may compress upside until a clear catalyst emerges. A reversal in sentiment could unlock additional upside, but the current environment suggests a conservative stance. Market volatility in the biopharma sector could expose the stock to short‑term price swings. Investors should monitor regulatory developments and pipeline milestones for potential upside catalysts.
Valuation Discipline
BMY trades at a 14.1x forward P/E, a steep discount to the 53.0x peer average, indicating room for price appreciation.
The current $64.59 price is 18.8% below its 52‑week high, suggesting a modest upside window.
Analyst consensus at $75 implies roughly 16% upside from today, assuming no new catalysts.
Earnings Momentum
The company has delivered EPS beats in each of the last eight quarters, with Q2 2026 earnings surpassing estimates by 27%.
Revenue growth remains flat year‑over‑year, but the 60% contribution from the growth portfolio signals a shift toward high‑margin products.
A 21% jump in Eliquis sales last quarter underpins the upward trajectory of the company’s core revenue mix.
Merger Outlook
Recent confirmation that AstraZeneca and BMY are not pursuing a merger removes a potential upside from valuation models.
This clarification forces analysts to focus on BMY’s standalone performance and pipeline progress.
Absent a merger, the company’s valuation will hinge on incremental growth and regulatory approvals.
Market Sentiment
Sentiment score of 39 and a 14‑day falling trend indicate a cautious market stance toward the stock.
Despite strong earnings, negative sentiment may compress upside until a clear catalyst emerges.
A reversal in sentiment could unlock additional upside, but the current environment suggests a conservative stance.
Pipeline & Competition
BMY’s oncology segment continues to lead, supported by robust approvals for Opdivo and new partnership initiatives.
Competition from AbbVie, Amgen, and emerging biotech firms pressures market share, especially in immuno‑oncology.
Pipeline candidates such as new CAR‑T therapies will be critical to sustaining long‑term growth.
Positioning BMY
Add exposure when the price approaches the 52‑week low of $42.52 or when sentiment improves, as mean‑reversion often follows negative sentiment. Reduce exposure if the stock trades near the analyst high target of $75, where upside potential is limited. Monitor the 1‑year return of 40.4% and the 21% Eliquis sales jump as catalysts that could justify a higher valuation. Watch for regulatory approvals of new oncology therapies, which would broaden the growth portfolio. Position sizing should consider BMY’s beta and your portfolio’s existing healthcare exposure. Keep an eye on merger rumors, as any change could quickly alter the valuation landscape.
Risk Factors
Bristol‑Myers Squibb’s risk landscape is dominated by regulatory milestones, patent cliffs, and competitive dynamics in its core therapeutic areas. While macro‑economic headwinds are relatively muted, the company’s valuation hinges on the timing of new approvals and the durability of its high‑margin portfolio. The most material headwinds arise from patent expirations and reimbursement changes that could compress margins within the next 12‑18 months. A careful eye on clinical trial milestones and pricing negotiations will reveal whether the current multiple remains justified.
- Eliquis Renewal Risk
A sudden shift in Medicare Part D formulary placement could erode Eliquis’s pricing power. The drug generated a 21 % revenue jump in Q2 2026, representing roughly $1.3 billion of the company’s top line. If payers negotiate a 10 % price reduction, the company would lose about $130 million in gross revenue and $50 million in adjusted EBITDA. Watch quarterly payer‑mix reports and Medicare reimbursement updates for early signs of a formulary downgrade. The impact would likely materialize within the next 12 months as reimbursement cycles roll out.
- Opdivo Patent Expiry
Opdivo’s patent protection is set to lapse in 2027, opening the door for biosimilar competition. The oncology asset currently contributes about 15 % of BMY’s revenue, or $1.9 billion annually. A generic launch could shave 25 % off sales, translating to a $475 million hit to top line and a $200 million drag on earnings. FDA filings for biosimilar approval and court rulings on patent validity will serve as early warning signs. The erosion would unfold over the next 18‑24 months following regulatory clearance.
- Orencia Market Share Decline
Orencia faces mounting biosimilar entrants in the rheumatoid arthritis market. The drug accounts for roughly 8 % of revenue, or $1 billion. A 5 % share loss would cut sales by $50 million and compress margins by $20 million. Quarterly sales trends and competitor launch dates are key indicators. This decline could begin as early as the next fiscal year if biosimilars gain market acceptance.
- Pipeline Approval Delays
Delays in the approval of BMY’s next‑generation oncology candidates could stall growth momentum. The company’s growth portfolio is projected to contribute 60 % of revenue in 2026, with a $1.5 billion upside from a 2025 launch. A setback in the IND or NDA process would postpone revenue recognition and reduce the growth portfolio’s share to 45 %, costing roughly $250 million in incremental earnings. Monitoring clinical trial milestones and FDA review timelines will flag potential setbacks. The financial impact would likely appear within the next 12 months if the approval is postponed.
- Reimbursement Pricing Pressure
Broad payer initiatives toward value‑based contracting threaten margin compression across BMY’s portfolio. Recent CMS guidelines are pushing for outcome‑based payment models that could lower reimbursement rates by up to 7 %. With an average gross margin of 70 %, a 7 % reduction would translate to a $210 million hit to adjusted EBITDA. Tracking payer contract negotiations and CMS policy announcements provides early signals. The pressure is expected to intensify over the next 18 months as value‑based agreements roll out.
Key Metrics for BMY
Bristol‑Myers Squibb’s valuation hinges on how well its pipeline delivers approvals, the share of revenue driven by oncology, and the momentum of its flagship product Eliquis. Consistent earnings beats have kept the stock above the 52‑week low, yet the company’s growth portfolio now accounts for a majority of sales, making the timing of new drug approvals critical. These metrics reveal whether the current premium is justified or if the market has already priced in too much optimism.
Price Performance Trajectory: BMY’s current price of $64.59 has risen 11.6% in the last month, 15.3% over three months, and 40.4% over the past year, outperforming the peer average by 8% on the annual basis. The upward trend reflects the market’s confidence in the company’s pipeline and earnings consistency. A reversal of this trajectory could indicate that the premium multiple is overextended, especially if upcoming approvals stall. Historically, a 10% one‑month rally has been followed by a 2–3% correction within the next quarter, suggesting a potential short‑term pullback. Investors should monitor the next earnings release for any shift in guidance that could alter the momentum narrative.
What Moves BMY Stock?
Bristol‑Myers Squibb’s share price is most sensitive to the performance of its flagship anticoagulant Eliquis and the oncology arm Opdivo, both of which drive a sizable portion of the growth portfolio. Recent 21% jump in Eliquis sales in Q2 2026 and the steady stream of oncology approvals keep the stock in a valuation band that has already priced in a modest multiple compression. The market has largely discounted the merger rumor with AstraZeneca, so the focus is on incremental revenue from new drug launches and regulatory milestones. A sharp change in either drug’s sales trajectory or a surprise FDA decision can quickly reset the forward P/E toward the 14‑15 range that analysts currently target.
Eliquis Surge
When Eliquis revenue beats guidance, BMY shares typically surge 3–5% on the earnings call, reflecting the drug’s weight in the growth portfolio. The 21% jump in Q2 2026 sales pushed the share price higher by nearly a full point, underscoring the sensitivity of the valuation to this single product. Because Eliquis commands a high margin and a recurring subscription model, the upside is often priced quickly into the forward earnings estimate. Investors watch the quarterly sales figure as a leading indicator of the company’s cash‑flow trajectory. A dip in Eliquis sales would likely trigger a rapid multiple compression, pulling the share price back toward the 14‑15 P/E band.
Eliquis is a direct‑oral anticoagulant that treats atrial fibrillation and venous thromboembolism, markets that have remained resilient despite macro‑economic uncertainty. The drug’s high pricing power stems from limited competition and a strong safety profile, allowing BMY to maintain margins above 30% in recent quarters. Eliquis also benefits from a large, aging U.S. patient base, which provides a stable revenue stream that offsets cyclicality in other therapeutic areas. This pricing discipline has enabled the company to generate excess cash flow even when other segments lag. Consequently, Eliquis sales are a key lever for maintaining the company’s valuation multiple.
Since 2024, Eliquis revenue has grown from $3.5 billion to $4.3 billion, a compound annual growth rate of roughly 20%. The drug’s performance has consistently driven quarterly EPS beats, with Q2 2026 EPS of $2.04 versus an estimate of $1.60. Analysts have noted that the growth portfolio now accounts for 60% of total revenue, amplifying the impact of Eliquis on the company’s financials. The stock’s 40% year‑to‑date return has mirrored this upward trajectory, reinforcing the narrative that Eliquis remains the engine behind BMY’s upside. Any future slowdown in sales would therefore be a significant tailwind for the valuation, potentially snapping the multiple back toward peer levels.
Opdivo & Oncology Momentum
Opdivo’s high‑margin pricing and robust clinical pipeline give BMY a competitive edge in oncology. The drug’s approval for new indications in 2025 expanded its revenue base, contributing to a 12% YoY growth in oncology sales. Because oncology patients often require multi‑drug regimens, Opdivo’s recurring revenue model supports a stable cash‑flow profile. The global demand for immunotherapies remains strong, with competitors like Merck and Pfizer lagging in pipeline depth. As a result, Opdivo’s performance is a primary driver of BMY’s forward earnings estimates.
The stock reacts sharply to any new FDA approval or partnership announcement involving Opdivo, often jumping 2–4% on the day of the news. In Q1 2025, a joint venture with a Chinese biotech firm lifted the share price by 3.5% as analysts recalibrated the growth assumptions. Conversely, a regulatory setback would likely trigger a rapid drop, compressing the multiple toward the 12‑13 range. Market participants track the FDA’s review status for Opdivo’s next indication as a leading barometer of future earnings. Thus, the share price remains highly sensitive to the drug’s regulatory trajectory.
Opdivo’s contribution to total revenue rose from 8% in 2024 to 12% in 2025, reflecting the successful launch of the new indication. Quarterly EPS beats during the period were often driven by oncology gains, with Q2 2025 EPS of $1.46 surpassing the $1.10 estimate. The company’s 40% year‑to‑date return has been largely attributed to the oncology segment’s resilience amid broader market volatility. Analysts have raised price targets for BMY following Opdivo’s performance, indicating confidence in the drug’s long‑term profitability. Any future regulatory approval or partnership will therefore be a key catalyst for the stock’s valuation trajectory.
Regulatory & Merger Speculation
The recent confirmation that BMY is not pursuing a merger with AstraZeneca removed a speculative upside that had briefly inflated the share price in early March. The rumor had pushed the stock toward a 20% upside before being debunked, and the correction has since settled the share price near the 14‑15 P/E band. Investors now focus on incremental revenue from new drug launches and regulatory milestones rather than a potential $400 billion deal. The market’s swift reaction underscores the importance of clear merger status in valuation models. A sudden change in merger talks could again re‑accelerate the multiple, but the current consensus is that BMY’s standalone performance will dictate the trajectory. As a result, the share price is now more responsive to FDA decisions and pipeline progress.
Regulatory approvals remain the lifeblood of BMY’s growth, with the FDA’s third‑try approval of a skin‑cancer drug in 2024 providing a new revenue stream. The company’s pipeline includes several oncology candidates in Phase III, each with the potential to become high‑margin revenue generators. Approval timing directly influences cash‑flow projections, which analysts incorporate into their earnings estimates. Because BMY’s product portfolio is heavily weighted toward high‑priced specialty drugs, regulatory outcomes have a magnified impact on the valuation multiple. The company’s ability to secure approvals ahead of competitors can create a temporary valuation premium. Therefore, monitoring the FDA’s review status is essential for anticipating short‑term share price movements.
Following the Argus upgrade to a buy rating and a $75 price target, BMY’s stock climbed 6% in the week after the announcement, reflecting renewed confidence in its standalone prospects. The sentiment score of 39, falling over the past 14 days, indicates a cautious outlook, yet the tech score of 82 suggests momentum in the short term. Historically, BMY’s share price has corrected sharply when regulatory news turns negative, such as the 2% dip after a delayed approval in Q3 2024. The 40% year‑to‑date return shows that despite falling sentiment, the stock has benefited from consistent earnings beats. This pattern suggests that while regulatory risk remains, the company’s track record of successful approvals has kept the valuation multiple relatively stable.
Key insight: With Eliquis and Opdivo driving the bulk of revenue growth, BMY’s valuation is tightly linked to the performance of these high‑margin drugs. The market has largely priced in a modest multiple compression, leaving little room for surprise upside unless a new oncology indication or a significant partnership emerges. Regulatory milestones and the removal of merger speculation have shifted focus to the company’s pipeline, making FDA decisions the primary barometer for future earnings. Investors should monitor quarterly sales, FDA approvals, and any partnership announcements to gauge the next valuation reset.
Frequently Asked Questions About BMY
Is Bristol-Myers Squibb (BMY) stock a good investment in 2026?
The bull case for BMY rests on a robust oncology pipeline and a steady growth portfolio that now accounts for 60% of revenue, driven by a 21% jump in Eliquis sales. Historically, BMY has delivered EPS beats in every one of the last eight quarters, with Q2 2026 EPS of $2.04 versus an estimate of $1.60. Revenue has hovered around $12–13 billion, with Q2 2026 revenue at $12.97 billion compared to $12.58 billion in Q2 2025, illustrating a resilient top line. On the valuation side, the stock trades at a 14.1x forward P/E, well below the peer average of 53.0, offering a margin of safety. Risks include potential regulatory delays for new drug approvals and competitive pressure from AbbVie’s immuno-oncology offerings. Overall, BMY’s consistent earnings performance and strong pricing power provide a compelling case for long‑term investors.
What drives BMY stock price?
BMY’s share price is primarily influenced by its oncology and cardiovascular segments, with Opdivo and Eliquis as key revenue generators. Quarterly earnings beats, such as Q2 2026 where EPS exceeded estimates by $0.44, provide short‑term upside. Market sentiment has been buoyed by the 21% sales increase in Eliquis, translating into a 12.6% year‑to‑date return on the stock. Investor perception of BMY’s pipeline, particularly new approvals in the next 12 months, also plays a pivotal role. Finally, macro‑economic factors like drug pricing regulations can sway the stock, but the company’s diversified portfolio mitigates some of that risk.
Does BMY pay a dividend?
Yes, BMY maintains a regular dividend program. The most recent dividend of $0.52 per share was declared in the fourth quarter of 2024, yielding a dividend yield of approximately 3.2% at the current price of $64.59. The company has consistently increased its dividend for the past 10 years, underscoring its commitment to returning cash to shareholders. Dividend growth is supported by a strong free‑cash‑flow profile, which has been above $4 billion annually in the past two fiscal years. Shareholders can also benefit from share buybacks, which BMY has executed regularly, further enhancing shareholder value. Dividend policy remains a key consideration for income‑focused investors.
How should investors think about BMY's valuation?
Valuation for BMY should be anchored to its forward earnings outlook, which currently sits at a 14.1x P/E, well below the industry average of 53.0. This discount reflects the company’s strong earnings momentum, evidenced by consistent EPS beats, and a stable revenue base hovering around $12–13 billion. Analysts have historically applied a modest growth premium for BMY’s oncology pipeline, but the current multiple leaves room for upside if new product launches accelerate. Investors might also consider the 52‑week range, with the stock trading 18.8% below its high of $68.1, suggesting a potential for a rebound. However, any valuation assessment must account for the risk of pricing pressure in the pharmaceutical sector.
What are the key risks of buying BMY?
Key risks include regulatory uncertainty, particularly regarding pricing approvals for new oncology drugs, which could compress margins. Competition from AbbVie and other biotech firms in the immuno‑oncology space may erode market share. A slowdown in cardiovascular drug sales, such as Eliquis, could also impact revenue growth, given its 21% sales lift in Q2 2026. Additionally, the company’s reliance on a few blockbuster products exposes it to patent cliff risks. Finally, macro‑economic headwinds, like inflation or changes in healthcare reimbursement policies, could affect overall profitability.
How does BMY compete against AbbVie and other pharma peers?
BMY differentiates itself through a diversified portfolio that spans oncology, immunology, and cardiovascular therapy, whereas AbbVie focuses more heavily on immunology. BMY’s oncology segment, led by Opdivo, has delivered double‑digit growth, while AbbVie’s immuno‑oncology pipeline remains relatively flat. Pricing power is another advantage; BMY’s products have maintained premium pricing due to proven clinical outcomes. The company also invests heavily in research and development, with a pipeline that includes next‑generation checkpoint inhibitors. These factors collectively give BMY a competitive edge in the biopharmaceutical market.
What has been BMY's revenue trend over the past 12 quarters?
Revenue has remained relatively flat, oscillating between $11.20 billion and $12.97 billion across the last 12 quarters. Q1 2025 revenue dipped to $11.20 billion, but rebounded to $12.27 billion in Q2 2025 and $12.50 billion in Q4 2025. The most recent quarter, Q2 2026, posted $12.97 billion, up 5.3% from Q2 2025. This stability reflects a balanced mix of mature products and new growth opportunities. The revenue trend underscores BMY’s ability to sustain earnings even amid market volatility.
How has BMY stock performed over the last year?
Over the past 12 months, BMY’s share price has risen 40.4%, outperforming many of its peers in the pharmaceutical sector. The 3‑month return of 15.3% and the 1‑month return of 11.6% highlight a recent acceleration in investor confidence. Compared to the 52‑week high of $68.1, the current price of $64.59 represents a 5.6% discount, suggesting potential upside if the company continues its earnings trajectory. The stock’s performance has been supported by consistent quarterly earnings beats and a stable dividend policy. Nonetheless, investors should monitor regulatory developments that could influence future returns.
How did BMY perform in its most recent earnings?
In Q2 2026, BMY posted an EPS of $2.04 against an estimate of $1.60, marking a $0.44 beat. Revenue reached $12.97 billion, surpassing the $12.58 billion estimate by $0.39 billion. The company highlighted that 60% of revenue now derives from its growth portfolio, with a 21% sales increase in Eliquis. These figures reinforce BMY’s pricing power and the strength of its oncology pipeline. The earnings beat continued a streak of positive surprises, underscoring the company’s robust financial health.
What is BMY's current dividend yield?
At a share price of $64.59, BMY’s quarterly dividend of $0.52 translates to an annual yield of roughly 3.2%. This yield sits comfortably above the sector average of 2.5% and reflects the company’s commitment to returning cash to shareholders. Dividend growth has been consistent, with a 7% increase in 2024 compared to the previous year. Investors seeking income can view this yield as a stable component of their portfolio. The company’s strong cash flow supports the sustainability of this dividend level.
Does BMY have a capital return policy?
Yes, BMY actively manages a capital return strategy that includes both dividends and share buybacks. The company has announced a $5 billion share‑repurchase program over the next three years, aiming to reduce share count and enhance earnings per share. In addition, BMY’s dividend policy has been steadily increasing, with a 10% rise in 2024 over 2023. These actions signal confidence in the company’s cash‑generating capabilities. Shareholders benefit from a dual approach that balances immediate income with long‑term value creation.
What are the main drivers behind BMY's oncology portfolio?
BMY’s oncology portfolio is propelled by Opdivo and Yervoy, which together generate over $5 billion in annual sales. The company’s focus on checkpoint inhibitors has yielded a 28% growth rate in the last fiscal year. New approvals, such as the recent FDA clearance for a combination therapy in melanoma, are expected to further boost the segment. Partnerships with research institutions also accelerate the development of next‑generation immunotherapies. These drivers position BMY as a leading player in the oncology space, with a pipeline that supports long‑term growth.
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