Bristol-Myers Squibb (BMY)
NYSE:BMY
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Bristol-Myers Squibb
(NYSE:BMY)
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Rating:71Outperform
Price Target:
$67.00
▲(12.74% Upside)
Action:ReiteratedDate:02/17/26
The score is driven primarily by strong cash generation and improving profitability, supported by constructive technical momentum. Valuation is reasonable with a solid dividend yield, while high leverage and earnings volatility, plus upcoming legacy/LOE headwinds (notably Eliquis timing) temper the overall rating.
Positive Factors
Consistent strong cash generation
Bristol-Myers Squibb produces large, recurring operating and free cash flows that support debt service, dividends, and R&D reinvestment. Sustained FCF in the low‑double‑digit billions provides durable financial flexibility to fund pipelines and strategic buybacks despite episodic earnings noise.
Negative Factors
Elevated leverage and constrained equity base
High absolute debt relative to a reduced equity base limits balance sheet optionality and raises refinancing and covenant risk. Even with modest de‑levering, interest and principal obligations constrain capital allocation choices and increase sensitivity to cash‑flow variability or adverse trial/regulatory outcomes.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent strong cash generation
Bristol-Myers Squibb produces large, recurring operating and free cash flows that support debt service, dividends, and R&D reinvestment. Sustained FCF in the low‑double‑digit billions provides durable financial flexibility to fund pipelines and strategic buybacks despite episodic earnings noise.
Read all positive factors
Bristol-Myers Squibb (BMY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$121.03B
Dividend Yield4.84%
Average Volume (3M)13.50M
Price to Earnings (P/E)15.6
Beta (1Y)0.30
Revenue Growth1.26%
EPS GrowthN/A
CountryUS
Employees34,100
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - General
Share Statistics
EPS (TTM)1.26
Shares Outstanding2,036,473,800
10 Day Avg. Volume16,467,334
30 Day Avg. Volume13,496,934
Financial Highlights & Ratios
PEG Ratio-0.09
Price to Book (P/B)5.96
Price to Sales (P/S)2.28
P/FCF Ratio8.57
Enterprise Value/Market Cap1.31
Enterprise Value/Revenue3.28
Enterprise Value/Gross Profit4.85
Enterprise Value/Ebitda10.86
Forecast
1Y Price Target
$62.67Price Target Upside5.45% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering20
EPS Forecast (FY)6.26
Revenue Forecast (FY)$46.91B
Bristol-Myers Squibb Business Overview & Revenue Model
Company Description
Bristol-Myers Squibb Company discovers, develops, licenses, manufactures, and markets biopharmaceutical products worldwide. It offers products for hematology, oncology, cardiovascular, immunology, fibrotic, neuroscience, and covid-19 diseases. The...
How the Company Makes Money
Bristol-Myers Squibb generates revenue primarily through the sale of its pharmaceutical products, which include prescription medications and biologics. The company benefits from a diverse portfolio of blockbuster drugs, which contribute significan...
Bristol-Myers Squibb Key Performance Indicators (KPIs)
Any
Revenue by Segment
Analyzes revenue from different business segments, highlighting which areas drive growth and profitability, and indicating how well the company diversifies its income streams.
Analyzes revenue from different business segments, highlighting which areas drive growth and profitability, and indicating how well the company diversifies its income streams.
Data provided by:
The Fly
The FlyBristol-Myers Squibb Earnings Call Summary
Earnings Call Date:Feb 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call emphasized substantial positive momentum: a high-growth portfolio delivering double-digit growth, multiple products achieving billion-dollar status, a robust near-term pipeline with numerous data catalysts, disciplined cost savings, and a strengthened balance sheet. Offsetting risks include LOE/generic pressures on the legacy portfolio (notably Eliquis over time), mix-driven margin pressure, one-time R&D charges, and the execution risk inherent in upcoming clinical readouts. Overall, the positives (strong commercial growth, pipeline depth, cost execution, and financial flexibility) outweigh the challenges.Positive Updates
Growth Portfolio Outperformance
Growth portfolio revenue increased 15% year-over-year in Q4 (to $7.4B) and 17% for the full year, representing ~60% of total Q4 revenue and nearly offsetting ~ $4B decline in the legacy portfolio for the year.
Negative Updates
Legacy Portfolio Declines and LOE Headwinds
Full-year legacy portfolio revenue declined roughly $4B; company projects legacy portfolio revenue decline of 12%–16% in 2026 driven by ongoing loss-of-exclusivity (LOE) impacts and expected generic entries.
Read all updates
Q4-2025 Updates
Positive
Negative
Growth Portfolio Outperformance
Growth portfolio revenue increased 15% year-over-year in Q4 (to $7.4B) and 17% for the full year, representing ~60% of total Q4 revenue and nearly offsetting ~ $4B decline in the legacy portfolio for the year.
Read all positive updates
Company Guidance
The company guided 2026 non‑GAAP revenue of $46.0–47.5B, gross margin of 69–70%, adjusted diluted EPS of $6.05–6.35, total operating expenses of ≈$16.3B, OI&E of ≈$700M and an ~18% tax rate; it expects the growth portfolio (Q4: +15% to $7.4B, ~60% of Q4 revenue; FY: +17%; Reblozyl >$2B; Opdualag, Breyanzi, Camzyos >$1B each; Qvantik $133M Q4; CoBinfy $51M Q4) to drive performance while the legacy portfolio is projected to decline 12–16% (Eliquis is forecast to grow 10–15% in 2026 with H2 > H1), Q1 to show typical seasonal destocking, and a 2027 Eliquis step‑down of $1.5–2.0B is expected; financial flexibility is supported by ~$11B cash and marketable securities, a completed $10B debt paydown, ~$2B Q4 operating cash flow, and execution of a $2B productivity program (≈$1B realized in 2025, remaining ~$1B in 2026–27).Bristol-Myers Squibb Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
52
Neutral
Cash Flow
74
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 48.19B | 48.30B | 45.01B | 46.16B | 46.38B |
| Gross Profit | 32.60B | 27.43B | 25.36B | 26.49B | 26.76B |
| EBITDA | 14.54B | 3.17B | 19.37B | 19.22B | 20.12B |
| Net Income | 7.05B | -8.95B | 8.03B | 6.33B | 6.99B |
Balance Sheet | |||||
| Total Assets | 90.04B | 92.60B | 95.16B | 96.82B | 109.31B |
| Cash, Cash Equivalents and Short-Term Investments | 10.67B | 10.86B | 12.28B | 9.25B | 17.22B |
| Total Debt | 47.14B | 51.20B | 41.46B | 40.72B | 45.60B |
| Total Liabilities | 71.53B | 76.22B | 65.67B | 65.70B | 73.31B |
| Stockholders Equity | 18.47B | 16.34B | 29.43B | 31.06B | 35.95B |
Cash Flow | |||||
| Free Cash Flow | 12.85B | 13.94B | 12.65B | 11.95B | 15.23B |
| Operating Cash Flow | 14.16B | 15.19B | 13.86B | 13.07B | 16.21B |
| Investing Cash Flow | -4.13B | -21.35B | -2.29B | -1.06B | -538.00M |
| Financing Cash Flow | -10.35B | 5.13B | -9.42B | -16.96B | -16.22B |
Bristol-Myers Squibb Technical Analysis
Positive
59.43
Price Trends
58.72
Positive
54.57
Positive
49.88
Positive
Market Momentum
-0.28
Positive
51.75
Neutral
49.06
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BMY, the sentiment is Positive. The current price of 59.43 is below the 20-day moving average (MA) of 59.76, above the 50-day MA of 58.72, and above the 200-day MA of 49.88, indicating a neutral trend. The MACD of -0.28 indicates Positive momentum. The RSI at 51.75 is Neutral, neither overbought nor oversold. The STOCH value of 49.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BMY.
Bristol-Myers Squibb Risk Analysis
Bristol-Myers Squibb disclosed 23 risk factors in its most recent earnings report. Bristol-Myers Squibb reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Bristol-Myers Squibb Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $169.93B | 17.94 | 41.01% | 2.52% | 2.76% | 6407.19% | |
71 Outperform | $121.03B | 15.61 | 39.27% | 4.84% | 1.26% | ― | |
71 Outperform | $190.38B | 22.84 | 96.65% | 3.00% | 11.03% | 65.22% | |
68 Neutral | $294.04B | 14.46 | 36.19% | 3.12% | 1.59% | 58.02% | |
67 Neutral | $109.22B | 13.19 | 37.19% | 3.41% | 5.97% | 128.66% | |
64 Neutral | $156.77B | 18.21 | 8.67% | 6.65% | 4.44% | 128.96% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
BMY
Bristol-Myers Squibb
59.43
3.36
6.00%
AMGN
Amgen
353.16
56.69
19.12%
GILD
Gilead Sciences
136.88
28.60
26.41%
GSK
GlaxoSmithKline
53.94
16.89
45.61%
MRK
Merck & Company
118.93
34.40
40.70%
PFE
Pfizer
27.57
4.25
18.24%
Bristol-Myers Squibb Corporate Events
Business Operations and StrategyDividendsFinancial Disclosures
Bristol Myers Squibb Posts 2025 Results, Raises Dividend
Positive
Feb 5, 2026
On February 5, 2026, Bristol Myers Squibb reported its fourth-quarter and full-year 2025 financial results, showing modest top-line performance but strong contributions from its newer medicines. Fourth-quarter revenues in 2025 rose 1% year-on-year...
Business Operations and StrategyFinancial Disclosures
Bristol Myers Squibb Showcases Growth Strategy at JPM Conference
Positive
Jan 12, 2026
On January 12, 2026, Bristol Myers Squibb used its appearance at the 44th Annual J.P. Morgan Healthcare Conference to highlight that it has been “built for growth,” emphasizing a 17% year-on-year increase in Growth Portfolio sales for ...
Business Operations and StrategyPrivate Placements and Financing
Bristol-Myers Squibb Adjusts Tender Offer Terms
Neutral
Nov 18, 2025
On November 17, 2025, Bristol-Myers Squibb announced the early participation results and amendments to its cash tender offers to purchase outstanding notes. The company adjusted the maximum purchase amounts for its Pool 1 and Pool 2 Notes and conf...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.