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
â–²(11.35% 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
Cash Generation
Sizable trailing‑12‑month operating cash flow and free cash flow provide durable internal funding for R&D, dividends, buybacks and bolt‑on M&A. Persistent FCF near reported earnings underpins capital allocation flexibility and resiliency through product cycles.
Negative Factors
Elevated Leverage
Higher leverage materially reduces financial flexibility for strategic moves and increases sensitivity to earnings shocks. Although improved from prior peaks, leverage remains above historical norms, limiting room for aggressive buybacks or riskier M&A without deleveraging.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash Generation
Sizable trailing‑12‑month operating cash flow and free cash flow provide durable internal funding for R&D, dividends, buybacks and bolt‑on M&A. Persistent FCF near reported earnings underpins capital allocation flexibility and resiliency through product cycles.
Read all positive factors
Bristol-Myers Squibb (BMY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$115.56B
Dividend Yield4.11%
Average Volume (3M)11.79M
Price to Earnings (P/E)11.6
Beta (1Y)0.31
Revenue Growth1.78%
EPS Growth33.76%
CountryUS
Employees34,100
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - General
Share Statistics
EPS (TTM)3.56
Shares Outstanding2,042,071,300
10 Day Avg. Volume8,977,546
30 Day Avg. Volume11,791,380
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 Cap1.30
Enterprise Value/Revenue3.09
Enterprise Value/Gross Profit4.49
Enterprise Value/Ebitda10.87
Forecast
1Y Price Target
$64.29Price Target Upside6.84% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering18
EPS Forecast (FY)6.31
Revenue Forecast (FY)$47.26B
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 primarily makes money by selling patented, branded prescription medicines and biologic therapies. Revenue is generated through product sales to wholesalers, distributors, pharmacies, hospitals, and other healthcare channels in...
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:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call highlighted broad commercial momentum across the growth portfolio (9% growth) and several strong product performances (Eliquis +13%, Breyanzi +53%, Reblozyl +15%, Camzyos ~100%, Sotyktu +20%), along with multiple regulatory and clinical milestones (iberdomide priority review, positive mezignomide and ADC Phase III interim results) and a strong balance sheet (~$11B cash). Offsetting these positives were near-term headwinds including an 8% decline in Opdivo driven by wholesaler inventory dynamics, a 280 basis point gross margin decline due to product mix, continued generic pressures on legacy brands, and meaningful reliance on several late-2026 pivotal readouts that carry binary risk. On balance, the highlights materially outweigh the lowlights given diversified growth drivers, pipeline progress, reaffirmed guidance and financial flexibility, leading to a constructive outlook.Positive Updates
Total Revenue Growth
Total revenue for Q1 2026 was approximately $11.5 billion, up 1% year-over-year, with management indicating the business is tracking toward the upper end of full-year guidance.
Negative Updates
Opdivo Revenue Decline
Opdivo revenue decreased 8% year-over-year to approximately $2.1 billion in Q1, primarily due to a U.S. wholesaler inventory drawdown where inventories sat at the low end of typical ranges; management is monitoring normalization risk.
Read all updates
Q1-2026 Updates
Positive
Negative
Total Revenue Growth
Total revenue for Q1 2026 was approximately $11.5 billion, up 1% year-over-year, with management indicating the business is tracking toward the upper end of full-year guidance.
Read all positive updates
Company Guidance
Management reaffirmed full‑year 2026 financial guidance and said the business is tracking toward the upper end of its revenue and EPS ranges after a solid Q1: total revenue was ~$11.5B (+1% YoY), growth‑portfolio sales were $6.2B (+9%), Eliquis revenue was ~$4.1B (+13%), Opdivo was ~$2.1B (‑8%), Reblozyl grew 15%, Breyanzi grew 53%, Camzyos nearly doubled to ~$314M, Cobenfy showed continued steady growth and Qvantig has converted >10% of IV business with a target of ~30–40% conversion in 2 years. Profitability and cash metrics included gross margin of 70.3% (down 280 bps), operating expenses (ex‑IPRD) of ~$3.9B, diluted EPS of $1.58 (including a $0.03 net IPRD/licensing charge), operating cash flow of ~$1.1B, and cash & marketable securities of ~$11B; management also reiterated targets to deliver the remaining $2B of strategic productivity savings by end‑2027 and R&D productivity goals (lead identification ~50% faster, ~30% reduction in cycle times).Bristol-Myers Squibb Financial Statement Overview
Summary
Income Statement
Balance Sheet
Cash Flow
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 48.48B | 48.19B | 48.30B | 45.01B | 46.16B | 46.38B |
| Gross Profit | 33.33B | 32.60B | 27.43B | 25.36B | 26.49B | 26.76B |
| EBITDA | 13.78B | 14.54B | 3.17B | 19.37B | 19.22B | 20.12B |
| Net Income | 7.28B | 7.05B | -8.95B | 8.03B | 6.33B | 6.99B |
Balance Sheet | ||||||
| Total Assets | 86.48B | 90.04B | 92.60B | 95.16B | 96.82B | 109.31B |
| Cash, Cash Equivalents and Short-Term Investments | 10.49B | 10.67B | 10.86B | 12.28B | 9.25B | 17.22B |
| Total Debt | 44.46B | 47.14B | 51.20B | 41.46B | 40.72B | 45.60B |
| Total Liabilities | 66.37B | 71.53B | 76.22B | 65.67B | 65.70B | 73.31B |
| Stockholders Equity | 20.07B | 18.47B | 16.34B | 29.43B | 31.06B | 35.95B |
Cash Flow | ||||||
| Free Cash Flow | 11.91B | 12.85B | 13.94B | 12.65B | 11.95B | 15.23B |
| Operating Cash Flow | 13.31B | 14.16B | 15.19B | 13.86B | 13.07B | 16.21B |
| Investing Cash Flow | -3.76B | -4.13B | -21.35B | -2.29B | -1.06B | -538.00M |
| Financing Cash Flow | -10.91B | -10.35B | 5.13B | -9.42B | -16.96B | -16.22B |
Bristol-Myers Squibb Technical Analysis
Positive
60.17
Price Trends
59.38
Positive
55.99
Positive
50.38
Positive
Market Momentum
0.05
Negative
56.72
Neutral
59.30
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 60.17 is above the 20-day moving average (MA) of 58.63, above the 50-day MA of 59.38, and above the 200-day MA of 50.38, indicating a bullish trend. The MACD of 0.05 indicates Negative momentum. The RSI at 56.72 is Neutral, neither overbought nor oversold. The STOCH value of 59.30 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | $115.56B | 11.57 | 39.27% | 4.11% | 1.78% | 33.76% | |
67 Neutral | $178.70B | 26.11 | 96.65% | 3.00% | 9.94% | 31.14% | |
67 Neutral | $169.18B | 17.46 | 41.01% | 2.52% | 2.51% | 1682.88% | |
66 Neutral | $101.83B | 12.08 | 35.78% | 3.41% | 9.19% | 98.98% | |
66 Neutral | $280.47B | -17.53 | 17.93% | 3.12% | 2.70% | -48.28% | |
59 Neutral | $151.21B | 14.70 | 8.37% | 6.65% | 1.36% | -5.39% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
BMY
Bristol-Myers Squibb
56.59
11.94
26.75%
AMGN
Amgen
331.11
67.34
25.53%
GILD
Gilead Sciences
136.30
40.68
42.55%
GSK
GlaxoSmithKline
50.53
15.07
42.51%
MRK
Merck & Company
113.56
38.63
51.56%
PFE
Pfizer
26.53
5.12
23.89%
Bristol-Myers Squibb Corporate Events
Business Operations and StrategyFinancial Disclosures
Bristol Myers Squibb Posts Q1 2026 Results, Reaffirms Outlook
Positive
Apr 30, 2026
On April 30, 2026, Bristol Myers Squibb reported first-quarter 2026 results showing total revenue of $11.5 billion, up 3% year on year (1% excluding currency), driven by a 12% rise in its Growth Portfolio to $6.2 billion, while its Legacy Portfoli...
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...
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.