Bristol-Myers Squibb Company

New York Stock Exchange
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Somewhat Bullish +45

BMY Gains 10% Year to Date: Should You Buy, Sell or Hold the Stock?

AI-generated analysis

📈 BMY shares have gained 10.2% year-to-date, significantly outperforming the industry's 1.6% growth and the S&P 500.

💊 The Growth Portfolio comprised about 55% of total revenues in 2025, driven largely by the immuno-oncology franchise.

⚡ Opdivo remains the top revenue contributor, supported by label expansions and share gains in non-small cell lung cancer.

🔬 Opdualag has become a standard-of-care option for first-line melanoma in the United States with robust growth.

💰 Reblozyl partnered with Merck & Co has surpassed $2 billion in annualized sales due to strong adoption in anemia treatments.

🧪 Breyanzi crossed a $1 billion run rate in large B-cell lymphoma, with further growth anticipated for 2026.

⚖️ Cobenfy generated $155 million in 2025 sales as the first novel pharmacological approach to schizophrenia in decades.

📉 The legacy portfolio faced a 15% revenue decline in 2025 due to generic competition affecting products like Revlimid and Pomalyst.

💵 Eliquis, co-developed with Pfizer, generated 45% of total 2025 revenues ($48.2 billion) despite generic pressures.

📅 Management guides for a 12-16% decline in the legacy portfolio for 2026 due to patent expiries and pricing headwinds.

🛑 Eliquis will be supplied at no cost to Medicaid starting Jan. 1, 2026, under a new U.S. agreement affecting net pricing.

🧬 BMY's pipeline includes six candidates expected to report top-line registrational data in 2026 for various indications.

✨ The company recently reported positive interim results from the late-stage SUCCESSOR-2 study for mezigdomide in multiple myeloma.

🤝 The acquisition of Orbital Therapeutics adds OTX-201, a preclinical RNA CAR-T therapy, to expand the autoimmune disease portfolio.

Bullish Signals
  • Bristol Myers Squibb shares have gained 10.2% year to date, significantly outperforming the industry's growth of 1.6% and both the sector and S&P 500.
  • The company's Growth Portfolio accounts for approximately 55% of total revenues in 2025, anchored by key drugs like Opdivo, which remains the leading revenue contributor due to continued label expansions and sustained share gains in first-line non-small cell lung cancer.
  • Opdualag continues to deliver robust growth in the United States, becoming a standard-of-care option in first-line melanoma.
  • Reblozyl has surpassed $2 billion in annualized sales with strong adoption across both first- and second-line MDS-associated anemia.
  • Breyanzi has crossed a $1 billion run rate, reflecting solid uptake in large B-cell lymphoma with further growth anticipated in 2026.
  • Cobenfy generated $155 million in 2025 sales as access expands and adoption deepens, representing a potentially meaningful long-term growth driver for schizophrenia.
  • BMY expects to report top-line registrational data for six candidates in 2026 across various indications including atrial fibrillation, idiopathic pulmonary fibrosis, and multiple myeloma.
  • The company recently announced positive interim results from the late-stage SUCCESSOR-2 study for mezigdomide, marking an important milestone for its next-generation CELMoD program.
Risk Factors
  • The legacy portfolio faces a projected 15% revenue decline in 2025 due to generic competition affecting key products like Revlimid, Pomalyst, Sprycel, and Abraxane.
  • Management guides for an additional 12-16% revenue decline in the legacy portfolio for 2026, driven by ongoing patent expiries and pricing headwinds.
  • Policy-driven changes introduce incremental pressure on net pricing and margins, with Eliquis to be supplied at no cost to Medicaid under a new U.S. agreement effective Jan. 1, 2026.
  • Several growth products, including Sotyktu, Zeposia, and Orencia SC, will face significant discounts to eligible cash-paying patients, potentially impacting revenue growth from these assets.
  • While Eliquis is expected to deliver 10-15% growth, this is noted as only partially mitigating the overall legacy segment decline in coming years.
  • The article acknowledges that Bristol Myers' shares have gained 10.2% year-to-date compared to the industry's 1.6% growth, which may signal overvaluation relative to broader sector performance.
  • Generic erosion of legacy products remains a structural headwind that requires continued navigation, suggesting persistent challenges in core revenue streams.
Full Analysis
Bristol-Myers Squibb shares gained 10.2% year to date, significantly outperforming the biotechnology industry's 1.6% growth and the broader S&P 500 index as of late April. This sustained rally has helped restore investor confidence in the company's ability to navigate generic competition eroding revenues from legacy products. The positive momentum is driven by a robust growth portfolio, which accounted for approximately 55% of total revenues in 2025, anchored by key drugs such as Opdivo, Orencia, Reblozyl, Camzyos, Breyanzi, and the newer schizophrenia treatment Cobenfy. The legacy portfolio continues to face structural headwinds from generic competition, resulting in a 15% revenue decline in 2025, with key affected products including Revlimid, Pomalyst, Sprycel, and Abraxane. This segment generated 45% of total 2025 revenues, totaling $48.2 billion, though demand for Eliquis remains solid. Management expects a 12-16% decline in the legacy portfolio in 2026 due to ongoing patent expiries and pricing headwinds, while Eliquis is forecast to grow 10-15%. Additional policy-driven pressure will include supplying Eliquis at no cost to Medicaid under a new agreement effective January 1, 2026, along with significant discounts on other products like Sotyktu and Orencia SC for eligible cash-paying patients. Bristol-Myers Squibb's growth trajectory is further supported by a deep pipeline and recent strategic acquisitions. The company expects top-line registrational data in 2026 for six candidates, including milvexian and admilparant. Recent positive interim results from the late-stage SUCCESSOR-2 study for mezigdomide marked an important milestone for its next-generation CELMoD program, reinforcing confidence in its targeted protein degradation platform. Additionally, the recent acquisition of Orbital Therapeutics added OTX-201, a preclinical RNA CAR-T therapy, and in 2025, the company partnered with BioNTech to co-develop pumitamig for solid tumors, highlighting ongoing efforts to expand its therapeutic options despite market challenges.