Bristol-Myers Squibb Company (NYSE: BMY) is back in the spotlight on December 16, 2025, with the stock trading around $54.29, up roughly 3.6% on the session as optimism builds around Wall Street upgrades, a newly announced dividend increase, and a steady drumbeat of pipeline and regulatory updates heading into 2026. [1]
While BMY has spent much of the past year wrestling with familiar big-pharma headwinds—generic erosion in legacy products and a looming “patent cliff” narrative—the last several weeks have looked more like a sentiment reset than a victory lap. One analysis notes a ~16% move over the last 30 days alongside renewed investor focus on late-stage pipeline and strategic deals. [2]
Why Bristol-Myers Squibb stock is rising today
The day’s move is being powered by a mix of analyst action and shareholder-return headlines, with the pipeline acting as the plot twist investors have been waiting for.
Bank of America upgrades BMY to Buy, lifts price target to $61
A key catalyst is a Bank of America upgrade of Bristol-Myers Squibb to Buy from Neutral, with a price target raised to $61 (from $52). The rationale: BofA sees strength in Bristol’s R&D pipeline, expects multiple de-risking catalysts in the near term, and frames 2026 as “catalyst-rich,” with a pathway back to growth later in the decade if programs deliver. [3]
That upgrade matters because it pushes back against the market’s default assumption for BMY: “cheap for a reason.” BofA’s argument is essentially: cheap can also mean mispriced—if visibility on the next product cycle improves. [4]
Recent upgrades add to the momentum narrative
BMY has also seen other rating moves recently, including a Guggenheim upgrade from Neutral to Buy reported via a Nasdaq/Fintel roundup. [5]
Taken together, the upgrades help explain why investors are rewarding the stock even before the next big earnings event—because they suggest Wall Street is increasingly willing to underwrite Bristol’s “post-cliff” transition story.
Dividend increase: Bristol-Myers boosts quarterly payout to $0.63
Bristol-Myers Squibb also delivered a clean, shareholder-friendly headline: its board declared a quarterly dividend of $0.63 per share, payable February 2, 2026, to shareholders of record January 2, 2026. The company said the payout is a 1.6% increase from last year’s quarterly rate and marks the 17th consecutive year of dividend increases (and the 94th consecutive year of paying a dividend). [6]
At the current share price (~$54.29), the implied annualized dividend rate of $2.52 equates to a yield of roughly 4.6%, keeping BMY in the conversation for income-focused investors even as the company funds late-stage R&D and business development. [7]
The pipeline and regulatory headlines investors are watching
The “BMY stock story” in late 2025 is increasingly a pipeline-and-approvals story. December, in particular, has been busy.
FDA approval: Breyanzi expands into marginal zone lymphoma
On December 4, 2025, Bristol-Myers announced U.S. FDA approval of Breyanzi (lisocabtagene maraleucel), a CD19-directed CAR T therapy, for adults with relapsed or refractory marginal zone lymphoma after at least two prior systemic therapies. [8]
For investors, this matters less as a single quarter’s revenue bump and more as evidence that Bristol’s cell therapy platform continues to expand its addressable market and deepen its hematology/oncology moat.
FDA Priority Review: Opdivo + chemotherapy in Hodgkin lymphoma (PDUFA April 8, 2026)
On December 11, 2025, Bristol-Myers said the FDA accepted and granted Priority Review for a supplemental application for Opdivo (nivolumab) plus AVD chemotherapy in previously untreated Stage III/IV classical Hodgkin lymphoma (including adolescents 12+), with a target action (PDUFA) date of April 8, 2026. [9]
That date is now a clear catalyst on the 2026 calendar: a definable regulatory milestone with potential commercial implications in frontline treatment.
Clinical trial integrity headline: ADEPT-2 continues, but readout moves out
Earlier this month, Bristol-Myers addressed concerns around trial execution in ADEPT-2, a Phase 3 study tied to psychosis associated with Alzheimer’s disease. The company said it identified irregularities at certain sites, excluded those sites’ patient data from the primary analysis, and—following FDA consultation—an independent party performed an interim efficacy/safety analysis reviewed by the Data Monitoring Committee (DMC). The DMC recommended continuing the study with additional enrollment, and Bristol remains blinded. [10]
Importantly for the long-term narrative: Bristol said additional ADEPT program results, including ADEPT-2, ADEPT-1 and ADEPT-4, are expected to read out by the end of 2026. [11]
Milvexian update: Librexia ACS stopped, but AF and Stroke programs continue
Not all catalysts are positive—and investors are clearly discriminating between “setback” and “thesis breaker.”
On November 14, 2025, Bristol-Myers (with Johnson & Johnson) announced it would stop the Phase 3 Librexia ACS trial for milvexian after a preplanned interim analysis found the study unlikely to meet its primary efficacy endpoint. The company emphasized no new safety concerns were identified and noted that Librexia AF and Librexia STROKE will continue, with topline data expected in 2026. [12]
That split outcome is part of why the stock can rise even after a big clinical program gets trimmed: the market still sees multiple “shots on goal” remaining in 2026.
ASH 2025: hematology pipeline momentum
Bristol-Myers has also been actively feeding the market with hematology pipeline data around the American Society of Hematology (ASH) meeting.
In a December 1, 2025 update, the company highlighted broad ASH presence (more than 95 data disclosures) and pointed to programs including iberdomide, golcadomide, and longer-term data for Breyanzi in certain lymphoma settings. [13]
A December 8, 2025 release drilled into lymphoma-specific updates, including investigational targeted protein degradation assets and long-term Breyanzi trial readouts. [14]
Next-gen immuno-oncology bet: pumitamig (BNT327/BMS986545) Phase 2 data
On December 9, 2025, BioNTech and Bristol-Myers announced interim global Phase 2 data for pumitamig (BNT327/BMS986545), a PD‑L1 x VEGF‑A bispecific antibody, in advanced triple-negative breast cancer. The companies reported an objective response rate and a high disease control rate in the presented interim dataset, supporting dose selection for a pivotal Phase 3 trial. [15]
This program sits inside a broader strategic partnership announced earlier in 2025 to co-develop and co-commercialize BNT327 across multiple solid tumors, with a 50/50 profit-and-cost split, and with large-scale Phase 3 efforts described by the partners. [16]
Fundamentals check: what Bristol reported, and what it guided
The most recent major financial anchor for the stock remains Bristol’s Q3 2025 report (released October 30, 2025).
Bristol-Myers said Q3 revenues increased 3% to $12.2 billion, with non-GAAP EPS of $1.63, and it raised 2025 revenue guidance to ~$47.5 billion to $48.0 billion while updating its non-GAAP EPS range to $6.40–$6.60. [17]
An investor presentation also highlighted that Growth Portfolio performance was a key driver (with Growth Portfolio net sales up meaningfully year over year) and positioned the company as entering a “data-rich period” with multiple catalysts across 2025–2027. [18]
Meanwhile, third-party analysis on Nasdaq (Zacks) emphasized that stronger demand for medicines including Opdivo, Breyanzi, Reblozyl, and Camzyos supported the recent rally, while the company continues to face declines in legacy products impacted by generics. [19]
BMY stock forecast and analyst outlook: targets cluster near today’s price—except when they don’t
Bristol-Myers is a classic case where “the consensus” and “the debate” can both be true at the same time.
Consensus view: Hold, targets near the current level
MarketScreener data shows a mean consensus rating of HOLD, with 26 analysts and an average target price around $53.82 versus the recent close near $54.29—essentially implying limited upside on average. [20]
MarketBeat similarly characterizes Street sentiment as mixed (with more Holds than Buys) and cites a consensus target in the mid-$50s. [21]
And via Nasdaq/Fintel, the average one-year price target as of early December is reported near $53.67, with a notably wide range from the low $30s to low $70s. [22]
Bull case: upgrades lean on 2026 catalysts (and beyond)
The bullish push today is being led by the upgrade cycle—especially BofA’s view that BMY is heading into a period where multiple pipeline programs can “de-risk” the next growth wave, with scenarios that could support a return to growth in 2029 and beyond. [23]
That’s a long runway, but it’s exactly the kind of timeline the market uses to re-rate large pharma: visibility first, acceleration later.
Value case: “undervalued” depends on your model—and your nerve
A Simply Wall St analysis published today argues BMY looks undervalued on multiple metrics and highlights a discounted cash flow framework that suggests substantial undervaluation—while also noting the core investor tension: bargain vs. value trap, especially under patent-expiry pressure and pricing scrutiny. [24]
In other words, valuation isn’t the hard part. The hard part is believing the pipeline bridge is strong enough to carry earnings across the chasm.
What to watch next: key dates and catalysts into 2026
For investors tracking Bristol-Myers Squibb stock into year-end and early 2026, a few calendar items stand out:
- April 8, 2026 (PDUFA target date): FDA decision timing for Opdivo + AVD in frontline advanced classical Hodgkin lymphoma. [25]
- 2026 readouts expected: Additional ADEPT program data for psychosis associated with Alzheimer’s disease (including ADEPT-2 continuation). [26]
- 2026 topline data expected: Milvexian Phase 3 readouts in atrial fibrillation and secondary stroke prevention (Librexia AF / Librexia STROKE), after Librexia ACS was discontinued. [27]
- Next earnings checkpoint: Bristol-Myers Squibb’s Q4 2025 Results Conference Call is scheduled for February 5, 2026 at 8:00 AM ET. [28]
Risks that still hang over BMY stock
Even with today’s rally, investors aren’t wrong to keep the risk list in view:
- Patent and exclusivity pressure: The market continues to focus on BMY’s exposure to major-product maturity later in the decade, which is a central driver of valuation skepticism. [29]
- Generic competition in legacy products: Analysts continue to point to erosion in older franchises as a real near-term headwind. [30]
- Clinical execution risk: Updates like ADEPT-2’s site irregularities show how non-scientific issues (enrollment quality, site oversight) can still move timelines and sentiment. [31]
- Pipeline volatility: Milvexian’s Librexia ACS discontinuation is a reminder that even “important” programs can fail one pivotal test—making diversification across multiple late-stage shots critical. [32]
Bottom line: BMY’s December rally is about visibility, not victory
Bristol-Myers Squibb stock is rising on December 16, 2025 because the market is seeing a stack of supportive signals at once: an analyst upgrade with a higher target price, a dividend hike that reinforces shareholder returns, and a pipeline calendar that gives 2026 the potential to be a genuine inflection year. [33]
The tug-of-war is still the same one investors have debated all year: patent-cliff anxiety vs. pipeline confidence. What’s changed is that more analysts are starting to argue the confidence side has enough evidence—and enough near-term catalysts—to deserve a higher weight in the stock’s price today. [34]
References
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