Bristol-Myers Squibb Company (BMY) | Investment Case

1. Company Snapshot

1.a. 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.

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1.b. Last Insights on BMY

Breaking News: Bristol Myers Squibb is pushing back the data readout for its ADEPT-2 Phase 3 study on Cobenfy, an Alzheimer's psychosis treatment. The company will enroll additional patients in the trial. Despite the delay, investors remain optimistic about Cobenfy's potential. The stock rallied following the update. Bristol Myers Squibb is also collaborating with Terray Therapeutics on AI-enabled drug discovery. No recent earnings release was available. Analysts at various firms have recommended a hold or buy on the stock, with no sell recommendations available.

1.c. Company Highlights

Last Price	52.15
Change Percentage	0.38%
Open	51.98
Previous Close	51.95
Market Cap ( Millions)	106165
Volume	12842581
Year High	63.33
Year Low	42.52
M A 50	46.1
M A 200	49.08

FCF Yield	14.41%
Dividend Yield	4.76%
ROE	34.65%
Debt / Equity	275.12%
Net Debt / EBIDTA	244.87%
Price To Book	5.73
Price Earnings Ratio	17.6
Price To FCF	6.94
Price To sales	2.21
EV / EBITDA	9.81

2. Bristol-Myers Squibb's Q3 2025 Earnings: A Strong Performance

Bristol-Myers Squibb reported a robust financial performance in Q3 2025, with total company sales reaching approximately $12.2 billion, reflecting strong demand across its business. The growth portfolio delivered a 17% year-over-year sales increase, driven by multiple products, including its IO portfolio, Reblozyl, Camzyos, and Breyanzi. The company's gross margin was around 73%, primarily due to product mix. Diluted earnings per share (EPS) came in at $1.63, beating estimates of $1.52. Operating expenses decreased by approximately $100 million to roughly $4.2 billion compared to the same period last year.

Publication Date: Nov -01

                                    📋 Highlights
                                    Strong Q3 Revenue Growth::
                                                Total sales reached $12.2 billion, with the growth portfolio up 17% YoY, driven by Opdivo ($2.5 billion), Reblozyl ($615 million), and Camzyos/Breyanzi.
Upgraded Full-Year Guidance::
                                                Revenue midpoint raised by $750 million to $47.75B–$48B, with EPS narrowed to $6.40–$6.60, reflecting confidence in commercial execution and cost discipline.
Clinical & Regulatory Milestones::
                                                Breakthrough therapy designation for iza-bren (bispecific ADC) and Fast Track for anti-tau Alzheimer’s antibody; pivotal trials for pumitamig (with BioNTech) and triple-negative breast cancer.
Strategic Acquisitions & Pipeline Advances::
                                                Acquisition of Orbital Therapeutics to add off-the-shelf cell therapy OTX-201; 14 ongoing Cobenfy studies, including 10 pivotal trials, with 2,400+ weekly prescriptions.
Cost Efficiency & Financial Strength::
                                                Operating expenses down $100 million to $4.2 billion, $6.3 billion cash flow from operations, and $17 billion in cash reserves, supporting $1B annual cost savings by 2027.

                                

Revenue Growth and Guidance

The company's revenue growth was driven by its growth portfolio, with global sales increasing 17%. The company is raising its full-year revenue guidance by $750 million at the midpoint to a range of $47.5 billion to $48 billion. This upward revision reflects the company's strong performance and confidence in its growth trajectory. David Elkins noted that the company's capital allocation priorities remain unchanged, with strategically investing in its growth portfolio of brands and business development being its top priorities.

Pipeline Progress and Regulatory Milestones

Bristol-Myers Squibb made significant progress in its pipeline, achieving several regulatory milestones, including the breakthrough therapy designation for its potential first-in-class bispecific ADC iza-bren and the Fast Track designation for its anti-tau antibody for the treatment of Alzheimer's disease. The company also presented Phase II data for pumitamig with its partners at BioNTech and initiated the pivotal triple-negative breast cancer study. The company's pipeline progress and regulatory milestones are expected to drive its growth in the coming years.

Valuation and Outlook

With a P/E Ratio of 18.57 and an EV/EBITDA of 8.76, Bristol-Myers Squibb's valuation appears reasonable, considering its growth prospects. Analysts estimate next year's revenue growth at -7.9%, but the company's strong performance in Q3 2025 and its pipeline progress could mitigate this decline. The company's focus on execution, strong performance from its growth portfolio, and solid free cash flow generation are expected to drive its growth trajectory. With a Dividend Yield of 5.38% and a Free Cash Flow Yield of 15.54%, Bristol-Myers Squibb offers an attractive return profile for investors.

3. NewsRoom

Bristol Myers Squibb's Breyanzi Approved by the U.S. FDA as the First and Only CAR T Cell Therapy for Adults with Relapsed or Refractory Marginal Zone Lymphoma (MZL)

Dec -05

Source: businesswire.com

Bristol-Myers Squibb Company (BMY) Presents at Citi Annual Global Healthcare Conference 2025 Transcript

Dec -04

Source: seekingalpha.com

BMY Gains on News of Continuation of Alzheimer's Disease Study

Dec -04

Source: zacks.com

A delayed clinical trial actually boosted Bristol Myers Squibb's stock. Here's why.

Dec -03

Source: marketwatch.com

Bristol Myers Pushes Data Readout For Key Alzheimer's Psychosis Study After Irregularities

Dec -03

Source: benzinga.com

Terray Therapeutics Achieves AI-Enabled Drug Discovery Milestone in Collaboration with Bristol Myers Squibb

Dec -03

Source: businesswire.com

Bristol Myers Squibb Stock Climbs on Alzheimer's Trial Update. What to Know.

Dec -03

Source: barrons.com

Bristol Myers Squibb Announces Continuation of ADEPT-2 Phase 3 Study in Psychosis Associated with Alzheimer's Disease

Dec -03

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.20%)

6. Segments

Pharmaceuticals

Expected Growth: 7.2%

Strong product pipeline, increasing demand for cancer and immunology treatments, and strategic acquisitions drive growth for Bristol–Myers Squibb.

7. Detailed Products

Opdivo

A programmed death-1 (PD-1) inhibitor used to treat various types of cancer, including melanoma, lung cancer, kidney cancer, and others.

Eliquis

An oral factor Xa inhibitor used to reduce the risk of stroke and systemic embolism in patients with non-valvular atrial fibrillation.

Orencia

A selective T-cell costimulation modulator used to treat rheumatoid arthritis, juvenile idiopathic arthritis, and psoriatic arthritis.

Yervoy

A monoclonal antibody used to treat unresectable or metastatic melanoma.

Sprycel

A tyrosine kinase inhibitor used to treat chronic myeloid leukemia and Philadelphia chromosome-positive acute lymphoblastic leukemia.

Empliciti

A humanized monoclonal antibody used to treat multiple myeloma.

Reblozyl

A luspatercept-aamt used to treat anemia in patients with beta thalassemia.

8. Bristol-Myers Squibb Company's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Bristol-Myers Squibb Company is medium due to the presence of alternative treatments and generic drugs in the market.

Bargaining Power Of Customers

The bargaining power of customers is low due to the lack of negotiating power of individual patients and the complexity of pharmaceutical products.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium due to the presence of multiple suppliers of raw materials and the company's dependence on them.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the pharmaceutical industry, including regulatory hurdles and high research and development costs.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several large pharmaceutical companies competing in the market, leading to high marketing and advertising expenses.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	58.49%
Debt Cost	3.95%
Equity Weight	41.51%
Equity Cost	6.17%
WACC	4.87%
Leverage	140.89%

11. Quality Control: Bristol-Myers Squibb Company passed 4 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Gilead Sciences

A-Score: 6.5/10

Value: 3.3

Growth: 3.0

Quality: 8.6

Yield: 7.0

Momentum: 9.0

Volatility: 8.3

1-Year Total Return ->

J&J

A-Score: 6.4/10

Value: 3.0

Growth: 4.0

Quality: 7.7

Yield: 6.0

Momentum: 8.0

Volatility: 10.0

1-Year Total Return ->

Merck

A-Score: 5.9/10

Value: 4.8

Growth: 6.2

Quality: 7.8

Yield: 7.0

Momentum: 1.5

Volatility: 8.3

1-Year Total Return ->

Bristol-Myers Squibb

A-Score: 5.6/10

Value: 5.0

Growth: 3.9

Quality: 6.4

Yield: 8.0

Momentum: 2.0

Volatility: 8.3

1-Year Total Return ->

Amgen

A-Score: 5.4/10

Value: 2.9

Growth: 5.2

Quality: 6.8

Yield: 6.0

Momentum: 3.0

Volatility: 8.3

1-Year Total Return ->

Lilly

A-Score: 4.4/10

Value: 2.0

Growth: 7.2

Quality: 6.9

Yield: 2.0

Momentum: 2.5

Volatility: 5.7

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-8.10%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

4.87%

Bristol-Myers Squibb Company - US1101221083

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on BMY

1.c. Company Highlights

Higher Yield

Less Volatile

Higher Growth

Revenues Beats

Average Growth

Earnings Beats

Weak Momentum

Lower Quality

Strong Momentum

Stable Momentum

Average Quality

Better Quality

2. Bristol-Myers Squibb's Q3 2025 Earnings: A Strong Performance

Revenue Growth and Guidance

Pipeline Progress and Regulatory Milestones

Valuation and Outlook

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.20%)

6. Segments

Pharmaceuticals

Expected Growth: 7.2%

7. Detailed Products

Opdivo

Eliquis

Orencia

Yervoy

Sprycel

Empliciti

Reblozyl

8. Bristol-Myers Squibb Company's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Bristol-Myers Squibb Company passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

52.15$

Current Price

52.15$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA