Bristol-Myers Squibb (BMY) Stock Today: Lawsuit Shock, Breyanzi Momentum and 2026 Forecast

Bristol-Myers Squibb (NYSE: BMY) has suddenly become one of the most eventful big pharma names to watch as of December 1, 2025. A major lawsuit has been allowed to proceed, new cell therapy approvals are landing, hematology data at ASH 2025 is impressive, and investors are reassessing the stock’s value, dividend and medium‑term growth story.

Below is a deep dive into today’s key news, current price, latest forecasts and what it all might mean for BMY stock. This article is for information only and is not investment advice.

BMY Stock Snapshot on 1 December 2025

Last close: about $49.18 per share on the NYSE as of the close on December 1, 2025. ^[1]
52‑week range: roughly $42.5 – $63.3, putting the shares about 22% below their 52‑week high and ~16% above the low. ^[2]
Recent momentum: BMY has logged a multi‑day winning streak, gaining around 7–8% over the last five sessions, even as its year‑to‑date total return remains negative high‑single digits and well behind the S&P 500. ^[3]
Dividend yield: about 5.0% on an annual dividend of $2.48 per share, paid quarterly. ^[4]
Valuation: recent estimates put BMY’s P/E ratio around 16–17x, versus peer averages near 20–23x. ^[5]

In other words: BMY is no longer scraping the bottom of its 2025 trading range, but it’s still priced at a discount to many large‑cap pharma peers and remains well below its spring highs.

Breaking Today: $6.7 Billion Celgene CVR Lawsuit Moves Forward

The biggest headline on December 1, 2025 is legal, not scientific.

A U.S. federal judge in New York rejected Bristol-Myers Squibb’s bid to dismiss a $6.7 billion lawsuit linked to its 2019 acquisition of Celgene. The suit alleges BMS intentionally delayed FDA approvals for three drugs – including the CAR‑T therapy Breyanzi – beyond deadlines that triggered contingent value rights (CVRs) owed to former Celgene shareholders. ^[6]

Key points:

The judge dismissed some claims, but allowed others, including breach of contract, to proceed on behalf of CVR holders represented by UMB Bank. ^[7]
The ruling does not mean BMS will have to pay $6.7 billion; it simply keeps material legal exposure alive and pushes the dispute closer to trial or settlement.
The case ties directly into how BMS managed the regulatory timelines for several key pipeline assets after the Celgene deal, which may also shape investor perceptions of management and governance.

For shareholders, this ruling is a clear overhang: the financial risk is large but highly uncertain, and the timing of any resolution is unclear. Markets usually discount such risks, but today’s ruling ensures the issue stays front and center in BMY’s equity story.

Positive Offset: Breyanzi Approvals and ASH 2025 Hematology Data

The legal headline lands just as BMS is building momentum in cell therapy and hematology, especially around its CAR‑T product Breyanzi (lisocabtagene maraleucel).

EU approval in mantle cell lymphoma

On November 24, 2025, the European Commission approved Breyanzi for relapsed or refractory mantle cell lymphoma (MCL) after at least two prior lines of therapy including a BTK inhibitor. ^[8]

Trial data from the TRANSCEND NHL 001 program showed:

Overall response rate of 82.7%
Complete response rate of 71.6%
An estimated 41.2% of patients still in response at 24 months, based on updated data aligned to the EU label. ^[9]

This is Breyanzi’s fourth EU approval, expanding its addressable market across aggressive lymphomas. From an equity standpoint, this:

Reinforces BMY’s leadership in CAR‑T, where it now has multiple approved indications across the U.S., EU and other major markets. ^[10]
Adds high‑value, high‑price oncology revenue that is less exposed to the 2028–2030 patent cliff affecting older blockbusters like Eliquis and Opdivo.

ASH 2025: Deep hematology pipeline on display

Ahead of the ASH 2025 meeting, BMS highlighted more than 95 data disclosures (including 27 orals) spanning multiple next‑generation hematology programs. ^[11]

Key programs include:

Iberdomide (CELMoD) in newly diagnosed multiple myeloma, including promising maintenance and combination data.
Golcadomide, a first‑in‑class lymphoma CELMoD, showing durable responses when combined with R‑CHOP and in relapsed/refractory B‑cell lymphomas.
BMS‑986458, a novel BCL6 ligand‑directed degrader, with encouraging early efficacy and tolerability in non‑Hodgkin lymphoma.
Long‑term Breyanzi data in follicular lymphoma and large B‑cell lymphoma, confirming durable benefit and high survival rates over 3–4 years of follow‑up. ^[12]

Taken together, these updates reinforce that BMS isn’t just defending its existing hematology franchise; it’s building a new generation of targeted protein degradation and cell‑therapy assets that could sustain revenue beyond upcoming patent expirations.

Upcoming Catalyst: FDA Decision on Breyanzi in Marginal Zone Lymphoma

Investors won’t have to wait long for the next Breyanzi headline:

The FDA is expected to rule by December 5, 2025 on an application to expand Breyanzi for relapsed/refractory marginal zone lymphoma (MZL) based on the MZL cohort of the phase 2 TRANSCEND FL trial. ^[13]
In that study, evaluable patients achieved an overall response rate of about 95%, with a complete response rate above 60%, and strong 24‑month durability metrics for response, progression‑free survival and overall survival. ^[14]

A positive decision would give Breyanzi yet another niche lymphoma indication in the U.S., strengthening the “blockbuster cell therapy” narrative and diversifying the company’s revenue further into hematologic cancers.

Beyond Oncology: Fast‑Track in Alzheimer’s Disease

BMS is also pushing into neuroscience, a space with huge unmet need but high risk:

On October 1, 2025, the FDA granted fast track designation to BMS’s investigational anti‑MTBR‑tau antibody BMS‑986446 for early‑stage Alzheimer’s disease. ^[15]
The antibody targets the microtubule‑binding region of tau, aiming to slow or alter disease progression, and is now in the phase 2 TargetTau‑1 trial. ^[16]

Fast track status doesn’t guarantee approval, but it can speed communication and review timelines, giving BMS a foothold in one of the largest potential markets in medicine if efficacy is demonstrated.

Mixed Trial News: Milvexian Setback, but Stroke Opportunity Lives On

Not all recent clinical news has been positive.

Acute coronary syndrome trial halted

In mid‑November, BMS and Johnson & Johnson halted a late‑stage trial of milvexian, their Factor XIa inhibitor, in patients with acute coronary syndrome (ACS) after an interim analysis suggested the drug was unlikely to meet its primary endpoint when added to standard antiplatelet therapy. ^[17]

The announcement triggered a single‑digit percentage drop in BMY shares and raised questions about the broader milvexian program. ^[18]
However, two other phase 3 trials—focusing on stroke prevention in atrial fibrillation and in patients with prior stroke—are still ongoing, with results expected in 2026. ^[19]

Bayer’s success helps validate Factor XIa

Ironically, competitor Bayer just reported “surprisingly positive” phase 3 results for its own Factor XIa inhibitor asundexian in secondary stroke prevention, showing reduced stroke risk without increased major bleeding. ^[20]

The news sent both Bayer and BMS shares higher and led at least one analyst to raise the probability of success for milvexian in stroke prevention to around 80%, with potential multi‑billion‑dollar peak sales if trials succeed. ^[21]

Netting this out:

The ACS setback is a real blow and contributes to the narrative of multiple 2025 trial disappointments across BMS’s portfolio. ^[22]
Yet the stroke and atrial fibrillation indications remain key upside options—and the mechanism has arguably been de‑risked by Bayer’s data.

Strategic Partnerships: BioNTech and Sarah Cannon Expand the Pipeline’s Reach

BioNTech immunotherapy deal

Earlier in 2025, BMS signed a major oncology partnership with BioNTech, committing up to $11.1 billion in potential payments tied to co‑development of a bispecific cancer immunotherapy asset (pumitamig) targeting PD‑L1 and VEGF‑A. ^[23]

Initial payments were large enough that BioNTech raised its 2025 revenue guidance significantly, underscoring the scale of BMS’s financial bet on the collaboration. ^[24]

This indicates BMS is still willing to deploy significant capital into next‑generation immuno‑oncology, not just harvest existing products.

Sarah Cannon Research Institute collaboration expansion

On November 12, 2025, BMS and Sarah Cannon Research Institute (SCRI) announced an expanded strategic collaboration to accelerate oncology clinical trial enrollment and broaden patient access across a network of more than 200 community research sites in over 20 U.S. states. ^[25]

SCRI’s Accelero model has already cut BMS trial start‑up timelines by about 45% in early collaboration phases. ^[26]
The goal is to embed trials in community settings, enhancing enrollment diversity and speed—both critical for capital‑efficient R&D.

For investors, this type of partnership isn’t as flashy as a drug approval, but it can materially improve execution risk across the entire pipeline.

Fundamentals: Q3 Results, 2025 Guidance and Pipeline Scale

Q3 2025 earnings and updated guidance

For the third quarter of 2025:

BMS reported revenue growth of around 3% to ~$12.2 billion, with net income rising to about $2.2 billion, up from $1.21 billion a year earlier. ^[27]
Management raised full‑year 2025 revenue guidance from roughly $46.5–47.5 billion to $47.5–48.0 billion, reflecting continued strength in the “Growth Portfolio.” ^[28]
Full‑year 2025 EPS guidance is now $6.40–6.60, slightly above earlier Street consensus, and analysts expect reported EPS around $6.7 for the year. ^[29]

This suggests BMS is executing reasonably well financially, even as the market focuses on patent cliffs and trial noise.

Pipeline breadth

According to BMS’s latest pipeline update, as of October 30, 2025, the company has: ^[30]

48 compounds in clinical development
Being studied across 40+ disease areas

This breadth matters: a wide and diversified pipeline can help offset individual trial failures like milvexian in ACS or earlier setbacks with therapies like Cobenfy and Camzyos. ^[31]

Valuation: Income, Value and Growth Expectations

From an equity perspective, three elements dominate the BMY valuation conversation right now:

1. High dividend yield

Annual dividend: $2.48 per share, with the latest quarterly dividend of $0.62 declared in September 2025. ^[32]
Forward yield: about 5.0–5.1%, well above the S&P 500’s average ~1–2%. ^[33]
BMS has a long history of uninterrupted dividends and has increased the payout many times over the last decade, with 5‑year dividend growth around 7% annually in some analyses. ^[34]

For income‑oriented investors, BMY screens as a high‑yield large‑cap pharma with a fairly consistent dividend track record—but payout ratios can look elevated depending on whether you use GAAP or non‑GAAP earnings.

2. “Value stock” profile

Several recent analyses—from Zacks to Simply Wall St and Nasdaq—frame BMY as a value play: ^[35]

Recent P/E estimates cluster around 16–17x, below peer averages (~20–23x). ^[36]
Some discounted cash‑flow models suggest BMY trades at a double‑digit percentage discount to calculated fair value, even after a roughly 15–16% share price jump following recent drug approvals and news flow. ^[37]

However, the “low multiple” must be weighed against the well‑telegraphed revenue decline expected after key patent expirations later this decade. ^[38]

3. Growth trajectory and Street forecasts

Wall Street remains cautious but not outright bearish:

StockAnalysis aggregates 11 analysts with a “Hold” rating and an average 12‑month price target of ~$55.64, implying ~13% upside from roughly $49. ^[39]
MarketBeat, using a broader group of 19 analysts, also shows a “Hold” consensus, with 15 Hold and 4 Buy ratings, and an average target around $54.42—about 10–11% upside. ^[40]
Consensus models anticipate flat to slightly declining revenue from ~$48 billion in 2025 to the mid‑$40 billions in 2026, as legacy products face competition, while EPS is expected to dip modestly from ~6.5 to ~6.1 over the same period. ^[41]

Put simply: the Street sees modest capital appreciation plus a 5% yield, but is waiting for clearer proof that the new pipeline and deals can offset the looming patent cliffs.

Key Catalysts to Watch (Late 2025–2026)

Investors tracking BMY in Google News or Discover over the coming months will likely see headlines around:

Breyanzi FDA decision in MZL (December 5, 2025)
- A positive ruling would further entrench Breyanzi as a multi‑indication CAR‑T franchise. ^[42]
Progress in Alzheimer’s program BMS‑986446
- Any early efficacy signal or expansion of the program could be a sentiment driver given the size of the Alzheimer’s market. ^[43]
Further ASH 2025 and 2026 data readouts
- Especially around CELMoDs like iberdomide, golcadomide, and new degraders like BMS‑986458, which can bolster confidence in the hematology pipeline. ^[44]
Milvexian phase 3 results in stroke and atrial fibrillation (expected 2026)
- A positive outcome could resurrect the milvexian narrative after the ACS failure, turning the program into a significant cardiovascular growth pillar. ^[45]
Ongoing developments in the Celgene CVR lawsuit
- Any settlement, adverse ruling or partial resolution could move the stock simply by reducing legal uncertainty, even if the economic cost is material. ^[46]
Readouts and regulatory decisions across the broader oncology and immunology portfolios
- Including Opdivo/Yervoy lifecycle indications, Sotyktu in new autoimmune settings, and data from the BioNTech bispecific program. ^[47]

Is Bristol-Myers Squibb Stock a Buy, Hold or Sell?

BMY is currently rated “Hold” on average by Wall Street, and that neatly captures the push‑and‑pull in the investment case: ^[48]

Bullish arguments:

High, growing dividend (~5% yield) with a long history of payments. ^[49]
Evidence of renewed momentum in hematology and cell therapy (Breyanzi approvals, rich ASH 2025 data). ^[50]
A broad, 48‑compound pipeline spanning 40+ diseases, plus sizeable oncology and neuroscience bets (BioNTech deal, Alzheimer’s tau antibody). ^[51]
Valuation multiples that are below many large‑cap pharma peers, even after a recent double‑digit rebound. ^[52]

Bearish / cautious arguments:

A well‑known patent cliff later in the decade for Eliquis, Opdivo and other legacy blockbusters, with consensus expecting mid‑single‑digit revenue declines in the nearer term. ^[53]
Clinical execution risk, highlighted by the milvexian ACS trial halt and other setbacks. ^[54]
Fresh legal risk from the $6.7 billion Celgene CVR lawsuit, which could weigh on sentiment and capital allocation decisions until resolved. ^[55]

For income‑focused investors, BMY may look like an attractive high‑yield, large‑cap pharma with real—but manageable—risk, provided they are comfortable with pipeline uncertainty and the patent overhang.

For growth‑oriented investors, the stock may remain more of a “prove it” story: the company must show that its next‑generation oncology, neuroscience and cardiovascular assets can collectively offset revenue declines from older franchises.

Whichever camp you fall into, it’s essential to:

Pair this high‑level view with your own risk tolerance, time horizon and portfolio context.
Read primary sources like BMS’s latest 10‑K, quarterly filings and official press releases for more granular financial and clinical details.