As of December 4, 2025, Bristol Myers Squibb Company (NYSE: BMY) is back on the radar of growth, value and dividend investors.
After a sharp rally this week driven by fresh news on its Alzheimer’s drug Cobenfy, an AI-enabled drug discovery milestone and a high‑stakes lawsuit ruling, BMY stock is trading around $50.55, giving the U.S. pharma giant a market capitalization of roughly $104 billion. [1]
At the same time, investors are weighing a near‑5% dividend yield, looming patent cliffs for Eliquis and Opdivo, and a newly revived $6.7 billion Celgene CVR lawsuit. [2]
This article rounds up the latest Bristol Myers Squibb stock news, forecasts and analysis as of December 4, 2025, with an eye toward what it all means for BMY into 2026 and beyond.
BMY Stock Price and Valuation Snapshot (December 4, 2025)
- Latest price: $50.55 (mid‑day U.S. trading)
- Intraday range: roughly $50.40 – $51.08
- 52‑week range: about $42.52 – $63.33 [3]
- Market cap: ≈ $104 billion [4]
- Trailing P/E: ~17x
- Forward P/E: ~8x, based on 2025 EPS guidance and consensus estimates [5]
- Dividend yield: about 4.9% on an annualized dividend of $2.48 per share [6]
- Beta: ~0.3, marking BMY as a low‑volatility large‑cap healthcare stock [7]
Bristol Myers’ board declared a quarterly common‑stock dividend of $0.62 per share, payable November 3, 2025, implying a $2.48 annual payout. [8] At today’s price that works out to a yield close to 5%, attractive in a world where many big pharma peers yield less but trade at higher earnings multiples.
Despite this week’s rebound, reporting from Investor’s Business Daily notes that BMY shares are still down around 15% in 2025, reflecting earlier concerns about growth and upcoming patent expirations. [9]
Cobenfy Alzheimer’s Trial: A Delay That Pushed BMY Higher
The main catalyst for BMY’s recent move is an unusual one: a delayed trial that investors actually liked.
What Bristol Myers Announced
On December 3, Bristol Myers issued a Business Wire release on its ADEPT‑2 Phase 3 study of Cobenfy (a muscarinic receptor agonist originally acquired via the $14 billion Karuna Therapeutics deal). [10]
Key points from the company:
- During a blinded review of ADEPT‑2, BMS found “clinical trial execution irregularities” at a small number of sites.
- Before locking the database, the company chose to exclude patient data from those sites.
- After consultation with the FDA, an independent efficacy and safety analysis was reviewed by the Data Monitoring Committee (DMC).
- The DMC recommended continuing the study with additional patient enrollment to restore the original target population.
- Bristol Myers remains blinded to the study data, and ADEPT‑2 results are now expected by the end of 2026, not late 2025. [11]
Normally, “irregularities” plus “delay” is the kind of combo that sends biotech stocks into a tailspin. Here, the reaction was the opposite.
Why the Market Took It as Good News
Coverage from MarketWatch and Investor’s Business Daily emphasizes that the DMC and FDA explicitly recommended continuation of the trial with more patients rather than shutting it down. [12] Analysts argued that:
- If the interim data looked clearly futile, the DMC would likely have recommended stopping the trial.
- Re‑running parts of the study to clean up execution issues suggests at least some positive signal worth preserving. [13]
As a result:
- BMY stock jumped about 5–6% on December 3. [14]
- Truist Securities reiterated its Buy rating and $65 price target, saying the continuation suggests no new safety concerns and potentially favorable efficacy trends. [15]
Cobenfy is already approved for schizophrenia and is being developed for psychosis associated with Alzheimer’s disease, a huge unmet‑need market. Jefferies and other analysts see peak annual sales of up to ~$2.6 billion just for the Alzheimer’s indication, making this one of the most important pipeline assets for BMS as Eliquis and Opdivo approach patent cliffs. [16]
Takeaway for investors: the ADEPT‑2 delay adds time risk, but the decision to expand the study after independent review has been interpreted as a “good problem” rather than a thesis‑breaking setback.
AI-Enabled Drug Discovery Milestone: Terray Collaboration Goes Live
The second big storyline is about AI in drug discovery, not a single drug.
On December 3, Terray Therapeutics announced that it had hit a discovery milestone in its multi‑target collaboration with Bristol Myers Squibb. [17]
Highlights from the Terray and Business Wire releases:
- Terray’s EMMI platform combines
- A 13‑billion‑plus target–ligand binding dataset
- High‑throughput experiments in an automated lab
- A generative AI engine that proposes and optimizes new small molecules. [18]
- The collaboration targets “difficult‑to‑drug” small‑molecule targets with little or no obvious starting chemistry—a classic challenge in pharma R&D. [19]
Strategically, this milestone matters because:
- BMS is under pressure to replace blockbuster revenues from Eliquis, Revlimid and eventually Opdivo later this decade. [20]
- Partnerships like Terray’s promise faster hit‑finding and lead optimization, potentially improving the productivity of small‑molecule R&D over many years.
- It reinforces the company’s messaging that AI is now embedded across its R&D and commercial operations, not just a slide in an investor deck. TechStock²+1
In the near term, the Terray news is sentiment‑positive rather than immediately revenue‑accretive. For long‑term shareholders worried about the 2028–2030 patent cliff, AI‑powered collaborations like this are part of the “bridge to the next wave” narrative.
ASH 2025 and Hematology Momentum: Iberdomide, Golcadomide, BCL6 Degrader and Breyanzi
Pipeline depth is where Bristol Myers tries to answer the question: “What replaces the old blockbusters?”
Ahead of the ASH 2025 hematology meeting, BMS announced more than 95 data disclosures, including 27 oral presentations, across its hematology and cell‑therapy portfolio. [21]
Key programs highlighted:
- Iberdomide (oral CELMoD)
- Maintenance therapy after stem‑cell transplant in newly diagnosed multiple myeloma (NDMM) showed continued benefit, with evidence of deep, sustained responses.
- Combination data with daratumumab + dexamethasone in transplant‑ineligible patients reinforced efficacy and safety, with sustained MRD negativity. [22]
- Golcadomide (CELMoD in lymphoma)
- Two‑year follow‑up from golcadomide + R‑CHOP in aggressive B‑cell lymphoma delivered high complete‑response rates in previously untreated patients.
- Extended follow‑up showed promising activity in relapsed/refractory follicular lymphoma and DLBCL. [23]
- BCL6 ligand‑directed degrader (BMS‑986458)
- A first‑in‑class degrader for relapsed/refractory non‑Hodgkin lymphoma showed encouraging efficacy and tolerability in early‑stage data. [24]
- Breyanzi (CD19 CAR‑T cell therapy)
- Long‑term data in large B‑cell lymphoma and follicular lymphoma confirmed durable benefit and high survival rates. [25]
On top of that, on November 24 the European Commission approved Breyanzi for relapsed or refractory mantle cell lymphoma (MCL) after at least two prior lines of therapy, based on the TRANSCEND MCL cohort where:
- Overall response rate was 82.7%
- Complete response rate was 71.6%
- Roughly 51% of patients were still in response at 24 months. [26]
This matters for investors because:
- Breyanzi is a high‑margin CAR‑T franchise with expanding indications in both the U.S. and Europe. [27]
- The hematology pipeline—CELMoDs, degraders and CAR‑Ts—forms a large part of BMS’s “growth portfolio,” which grew 18% year‑over‑year in Q3 2025 to $6.9 billion in sales. [28]
Legal Overhang: The $6.7 Billion Celgene CVR Lawsuit
Balancing those positive pipeline headlines is a major legal risk that re‑emerged this week.
On December 1, a U.S. federal judge in New York rejected Bristol Myers Squibb’s bid to dismiss a $6.7 billion lawsuit tied to its 2019 acquisition of Celgene. [29]
What the Case Is About
- As part of the Celgene deal, former Celgene shareholders received contingent value rights (CVRs) promising $9 per share if three drugs—Breyanzi, Ozanimod and Ide‑cel—received FDA approval by specific deadlines. [30]
- The trustee for CVR holders, UMB Bank, alleges that Bristol Myers failed to use “diligent efforts” to secure timely approvals and even deliberately delayed at least one approval (Breyanzi) beyond the CVR deadline. [31]
Judge Jesse Furman:
- Dismissed some claims, but
- Allowed core breach‑of‑contract and good‑faith claims to proceed, finding UMB has standing and that BMS’s conduct could plausibly constitute default under the CVR agreement. [32]
If Bristol Myers ultimately loses, the $6.7 billion payout would be material relative to its annual earnings and adds another layer of uncertainty at a time when investors are already modelling patent‑cliff pressures.
From a stock‑story perspective: the CVR case is now an ongoing overhang, not just a footnote. It may not derail the investment case by itself, but it tilts the risk‑reward slightly more toward the cautious side for some institutions.
Q3 2025 Earnings and 2025 Guidance: Solid but Not Spectacular
Underneath the headlines, Bristol Myers’ core financial performance in 2025 has been steady, if not explosive.
From the company’s Q3 2025 results (reported October 30): [33]
- Total revenue:$12.2 billion, up 3% year‑over‑year (2% ex‑FX).
- Growth portfolio revenue:$6.9 billion, up 18%, led by
- Opdivo: ≈ $2.5 billion, up mid‑single‑digits
- Eliquis (co‑marketed with Pfizer): ≈ $3.7 billion, up more than 20%
- Reblozyl, Camzyos, Breyanzi and other newer brands posting double‑digit growth.
- Legacy portfolio revenue: down double digits, reflecting generic erosion (especially Revlimid, whose sales dropped ~59% to $575 million).
- GAAP EPS:$1.08; non‑GAAP EPS:$1.63, beating consensus by about $0.11.
- Operating cash flow: about $6.3 billion in the quarter, supporting ongoing buybacks, M&A and dividends.
MarketBeat and other sources note that BMS has set full‑year 2025 non‑GAAP EPS guidance at $6.40–$6.60 and that analysts currently expect around $6.7+ per share, implying a forward P/E of roughly 7–8x at today’s price. [34]
With the stock at $50–51, investors are essentially paying:
- A single‑digit multiple on forward earnings
- For a business with:
- High‑margin, high‑cash‑flow legacy brands (Eliquis, Opdivo)
- A rapidly growing next‑gen oncology and hematology portfolio
- And a pipeline that now includes Cobenfy and Mirati’s targeted oncology drugs. [35]
The catch? Much of that cash flow sits on the wrong side of the patent cliff.
Patent Cliff: Eliquis, Opdivo and the 2028–2030 Problem
Bristol Myers has been clear in its own investor communications:
- It expects U.S. generic entry for Eliquis from April 1, 2028, with key EU markets seeing patent expiry in the second half of 2026. [36]
- Independent analyses flag Opdivo as facing major exclusivity loss around 2028–2030, depending on region and indication. [37]
To put that in perspective:
- Eliquis generated over $13 billion in sales in 2024 and continues to grow, accounting for a huge slice of BMS revenue. [38]
- Opdivo remains a multi‑billion‑dollar immuno‑oncology cornerstone. [39]
The company has responded by:
- Cutting costs and refocusing around growth brands and late‑stage pipeline assets. [40]
- Pursuing a string of acquisitions, including
In other words, Bristol Myers is intentionally front‑loading M&A and pipeline build‑out before the patent storm hits in full.
Wall Street Forecasts: Mostly “Hold” With Mid‑Single‑Digit Upside
The Street’s view on BMY is nuanced: there’s respect for the pipeline and cash flow, but caution on legal risk and the patent cliff.
Consensus Price Targets
Different aggregators give a broadly similar picture:
- MarketBeat:
- Consensus rating: Hold (15 Hold, 4 Buy)
- Average 12‑month price target:$55.25
- Target range:$34 – $68
- Implied upside vs. ~$50.5 today: ~9%. [44]
- StockAnalysis:
- 11 covering analysts
- Average target:$55.82
- Implied upside: ~10.5%
- Consensus rating: Hold. [45]
Algorithmic and technical models echo that cautiously positive stance. Intellectia’s moving‑average‑based forecast notes three positive vs. one negative technical signal and calls the current trend “leaning more bullish” as of December 4, 2025. [46]
Notable Analyst Calls This Week
- Truist Securities – Buy, $65 target
- Reiterated after the ADEPT‑2 update, emphasizing that the decision to continue the trial after independent review suggests no obvious safety red flags and potentially supportive efficacy trends. [47]
- Scotiabank – Sector Perform, target raised to $53 from $45
- Notes BMY appears undervalued with a P/E of ~17x, EV/EBITDA of ~7x and free‑cash‑flow yield around 15%, even after the recent rebound. [48]
- Goldman Sachs – Hold, target lifted to $57 from $51
- Still neutral, but acknowledging a better risk‑reward after the sell‑off and recent pipeline progress. [49]
- Cantor Fitzgerald – Neutral, $45 target
- Places BMY among its “best low‑volatility investments” for December 2025 but stops short of an outright Buy, reflecting concerns about long‑term growth and payout sustainability. [50]
Across these notes, a few themes are consistent:
- BMY screens as a defensive, income‑oriented stock with
- Low beta
- High dividend yield
- And a valuation discount vs. many big‑pharma peers. [51]
- But analysts are split on whether that discount fully compensates for
- Patent cliffs
- Legal overhangs
- A relatively high payout ratio (~84%), which could limit dividend growth if earnings disappoint. [52]
Institutional Positioning and Dividend Profile
Two MarketBeat alerts published on December 4 show steady institutional interest: [53]
- Invesco Ltd. increased its stake in BMY.
- CW Advisors LLC raised its holdings by 33.5% in Q2, lifting its position to over 334,000 shares (~$15.5 million).
Overall, roughly 76% of BMY shares are held by hedge funds and other institutional investors, a typical figure for a large U.S. pharma name. [54]
Meanwhile, the $2.48 per share annual dividend translates into:
- ~4.9% yield at current prices, and
- A payout ratio of roughly 84% on trailing earnings, which is elevated by big‑pharma standards and frequently cited as a risk if earnings growth stalls or legal costs rise. [55]
Bristol Myers Squibb Stock: Bull vs. Bear Narrative
Putting it all together, here’s how the investment debate around BMY looks today.
Bullish Case
Supporters of BMY stock highlight:
- Low valuation: single‑digit forward P/E and mid‑single‑digit implied total‑return potential from valuation + dividend, before any upside surprises. [56]
- Rich pipeline:
- AI and partnerships:
- The Terray AI milestone underscores a credible push into AI‑accelerated drug discovery rather than buzzword‑only adoption. [59]
- Strong cash generation:
- Q3 cash flow, margins and returns on equity remain robust, providing ample firepower for M&A, buybacks and debt reduction. [60]
To a bull, BMY is a high‑yield, low‑volatility “show‑me” stock: you’re paid nearly 5% a year in dividends to wait for the next wave of drugs to mature.
Bearish Case
Skeptics focus on:
- Patent‑cliff timing and magnitude:
- Eliquis and Opdivo contribute a huge chunk of revenue; generic and biosimilar competition from 2026–2030 will bite hard. [61]
- Legal and political risk:
- Balance sheet and payout ratio:
- Debt‑to‑equity above 2x and an 80%+ payout ratio leave less room for error if earnings underperform. [64]
- Pipeline execution risk:
- Cobenfy, CELMoDs, degraders and CAR‑Ts are promising, but many are still subject to regulatory, competitive and real‑world adoption risks. A few failures could quickly change the growth profile. [65]
From a bear’s perspective, BMY trades cheaply for a reason: the next five years are a complex transition period, not a straight‑line growth story.
Bottom Line: What Today’s News Means for BMY Stock
As of December 4, 2025, Bristol Myers Squibb stock sits at an interesting crossroads:
- The Cobenfy ADEPT‑2 twist and Terray AI milestone have injected fresh optimism into the long‑term innovation story. [66]
- ASH 2025 hematology data and Breyanzi’s new EU approval strengthen the case that BMS has a real shot at offsetting at least part of its looming patent losses. [67]
- But the Celgene CVR lawsuit, high payout ratio, and approaching patent cliffs keep most Wall Street analysts in “Hold, not screaming Buy” territory, even after price‑target upgrades this week. [68]
For income‑oriented investors comfortable with legal and pipeline risk, BMY offers:
- A near‑5% dividend yield,
- A low‑beta defensive profile, and
- Modest single‑digit upside baked into consensus targets. [69]
For more growth‑focused traders, BMY may be more of a “watchlist with catalysts” name: upcoming Cobenfy data, further AI‑related updates, Breyanzi label expansions and developments in the Celgene case could all move the stock significantly over the next 12–24 months.
References
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