Bristol-Myers Squibb (BMY) AI Stock Analysis

• Market Cap: $127.01B
• Dividend Yield: 4.84%
• Average Volume (3M): 12.57M
• Price to Earnings (P/E): 18.0
• Beta (1Y): 0.25
• Revenue Growth: 1.26%
• EPS Growth: N/A
• Country: US
• Employees: 34,100
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - General
• EPS (TTM): 1.26
• Shares Outstanding: 2,036,473,800
• 10 Day Avg. Volume: 11,715,152
• 30 Day Avg. Volume: 12,566,739
• PEG Ratio: -0.09
• Price to Book (P/B): 5.96
• Price to Sales (P/S): 2.28
• P/FCF Ratio: 8.57
• Enterprise Value/Market Cap: 1.29
• Enterprise Value/Revenue: 3.40
• Enterprise Value/Gross Profit: 5.03
• Enterprise Value/Ebitda: 11.27
• 1Y Price Target: $61.94
• Price Target Upside: 1.37% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 20
• EPS Forecast (FY): 6.24
• Revenue Forecast (FY): $46.61B

• Rating: 71 Outperform
• Price Target: $67.00 ▲(9.66% Upside)
• Action: Reiterated Date: 02/17/26
• Date: Action: Reiterated 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.

High-growth, diversified growth portfolio

A sizable growth portfolio now drives the business and offsets legacy declines. Multiple franchises (Breyanzi, Camzyos, Reblozyl, Opdualag) are scaling to multi‑billion revenues, diversifying risk and creating a more sustainable revenue base than reliance on a single legacy molecule.

Deep late‑stage pipeline with near‑term catalysts

A broad, data‑rich pipeline with multiple pivotal readouts and planned launches through 2030 increases the probability of durable, organic growth. Successful readouts would broaden indications, sustain product lifecycles, and support long‑term commercial expansion across oncology, immunology and cardiovascular areas.

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.

Material LOE risk for legacy franchise (Eliquis)

Predicted multi‑billion Eliquis erosion is a structural headwind: loss of exclusivity will materially reduce a major cash and profit contributor, forcing greater reliance on new launches and pipeline success to replace this recurring revenue over several years.

Earnings volatility and one‑time charge exposure

Historic swings, including large non‑recurring charges, undermine predictability of reported earnings and margins. Persistent volatility increases forecasting risk, complicates capital allocation and could pressure credit metrics if additional write‑downs or regulatory costs arise.

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 company's products include Revlimid, an oral immunomodulatory drug for the treatment of multiple myeloma; Eliquis, an oral inhibitor for reduction in risk of stroke/systemic embolism in NVAF, and for the treatment of DVT/PE; Opdivo for anti-cancer indications; Pomalyst/Imnovid indicated for patients with multiple myeloma; and Orencia for adult patients with active RA and psoriatic arthritis. It also provides Sprycel for the treatment of Philadelphia chromosome-positive chronic myeloid leukemia; Yervoy for the treatment of patients with unresectable or metastatic melanoma; Abraxane, a protein-bound chemotherapy product; Reblozyl for the treatment of anemia in adult patients with beta thalassemia; and Empliciti for the treatment of multiple myeloma. In addition, the company offers Zeposia to treat relapsing forms of multiple sclerosis; Breyanzi, a CD19-directed genetically modified autologous T cell immunotherapy for the treatment of adult patients with relapsed or refractory large B-cell lymphoma; Inrebic, an oral kinase inhibitor indicated for the treatment of adult patients with myelofibrosis; and Onureg for the treatment of adult patients with AML. It sells products to wholesalers, distributors, pharmacies, retailers, hospitals, clinics, and government agencies. The company was formerly known as Bristol-Myers Company. The company was founded in 1887 and is headquartered in New York, New York.

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 significantly to its earnings. Key revenue streams consist of sales from oncology products like Opdivo and Yervoy, as well as from its cardiovascular drug Eliquis. Additionally, BMY engages in strategic partnerships and collaborations, including licensing agreements and co-development deals with other pharmaceutical companies, which can provide additional revenue sources through milestone payments and royalties. The company's strong focus on research and development, along with a robust pipeline of new therapies, further positions it to capitalize on future market opportunities and sustain its revenue growth.

Bristol-Myers Squibb Financial Statement Overview

Summary

Strong, consistent operating cash flow and free cash flow support debt service and shareholder returns, and 2025 showed a sharp profitability rebound. Offsetting this is elevated leverage (high debt relative to equity) and notable earnings volatility, including a major loss in 2024.

Income Statement

Revenue has been relatively stable over the last several years with a notable step-up in 2025 (annual revenue growth of ~33%). Profitability improved sharply in 2025 (mid-teens net margin and low-20s operating margin), rebounding from a significant loss in 2024. Gross margin also strengthened meaningfully in 2025 versus 2024. Key weakness is earnings volatility—large net losses in 2024 and 2020 highlight non-recurring charges and/or margin instability, which reduces confidence in the durability of reported profits.

Balance Sheet

Leverage is elevated: 2024 debt-to-equity is ~3.1x and equity has trended down from 2021–2024, limiting balance-sheet flexibility. While total debt declined modestly in 2025 versus 2024, debt remains large relative to equity (roughly $49B debt vs ~$18B equity in 2025), and the 2024 loss translated into negative return on equity. Strengths include a large asset base and some recent de-levering, but overall financial risk remains meaningful due to the capital structure.

Cash Flow

Cash generation is consistently strong: operating cash flow has generally been ~$13B–$16B annually and free cash flow has remained robust (~$12B–$15B) across the period, including years with accounting losses. Free cash flow did decline in 2025 (down ~16% year over year), but the level remains healthy and supports debt service and shareholder returns. The main drawback is the recent free-cash-flow pullback and some variability in year-to-year cash flow growth.

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

• Technical Analysis Sentiment: Positive
• Last Price: 61.10
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: 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 61.1 is above the 20-day moving average (MA) of 59.84, above the 50-day MA of 56.66, and above the 200-day MA of 48.54, indicating a bullish trend. The MACD of 1.60 indicates Positive momentum. The RSI at 69.22 is Neutral, neither overbought nor oversold. The STOCH value of 75.83 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BMY.

Bristol-Myers Squibb Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MRK	78 Outperform	$306.13B	17.01	36.91%	3.12%	1.59%	58.02%
GILD	74 Outperform	$184.91B	21.97	40.49%	2.52%	2.76%	6407.19%
BMY	71 Outperform	$127.01B	18.03	40.53%	4.84%	1.26%	―
AMGN	71 Outperform	$209.24B	27.28	106.10%	3.00%	11.03%	65.22%
GSK	67 Neutral	$119.31B	15.90	38.48%	3.41%	5.97%	128.66%
PFE	64 Neutral	$157.23B	20.39	8.87%	6.65%	4.44%	128.96%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Bristol-Myers Squibb Corporate Events

Bristol Myers Squibb Posts 2025 Results, Raises Dividend

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 to $12.5 billion as Growth Portfolio sales grew 16% to $7.4 billion, offsetting a 15% decline in the Legacy Portfolio, while GAAP EPS came in at $0.53 and non-GAAP EPS at $1.26, both reflecting a negative earnings impact from acquired in-process R&D charges and licensing income. For full-year 2025, revenues were essentially flat at $48.2 billion, but profitability improved sharply, with GAAP EPS of $3.46 and non-GAAP EPS of $6.15, and management highlighting disciplined execution, a strengthened balance sheet and strong momentum in core franchises such as immuno-oncology, Camzyos, Breyanzi and Reblozyl. Looking ahead, the company issued 2026 guidance calling for revenues of about $46.0 billion to $47.5 billion and non-GAAP EPS of $6.05 to $6.35, and underscored its confidence in a “data-rich” year with multiple pivotal pipeline readouts, while continuing its shareholder return strategy by raising the quarterly dividend to $0.63 per share, marking the 17th consecutive annual increase.

The most recent analyst rating on (BMY) stock is a Hold with a $57.00 price target. To see the full list of analyst forecasts on Bristol-Myers Squibb stock, see the BMY Stock Forecast page.

Bristol Myers Squibb Showcases Growth Strategy at JPM Conference

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 the first nine months of 2025, four assets already annualizing above $1 billion in revenue, stronger operating cash flow, and productivity initiatives including scaled use of AI to generate cost savings for reinvestment. The company detailed a broad late-stage pipeline with multiple potential multi-billion-dollar assets across cardiovascular, immunology, oncology and neuroscience, outlined significant registrational and pivotal trial readouts expected from 2026 through 2028, and projected more than 10 potential new product launches by 2030, underscoring a strategic focus on sustaining industry-leading long-term growth and reinforcing its competitive position in key therapeutic areas.

The most recent analyst rating on (BMY) stock is a Hold with a $47.00 price target. To see the full list of analyst forecasts on Bristol-Myers Squibb stock, see the BMY Stock Forecast page.

Bristol-Myers Squibb Adjusts Tender Offer Terms

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 confirmed that all validly tendered notes before the deadline will be accepted without proration, except for the 2033 Notes, which will be prorated. The early settlement is set for November 20, 2025, and no further tenders will be accepted after the early deadline, as the maximum thresholds have been met.

The most recent analyst rating on (BMY) stock is a Hold with a $45.00 price target. To see the full list of analyst forecasts on Bristol-Myers Squibb stock, see the BMY Stock Forecast page.