Bristol-Myers Squibb Company (NYSE: BMY) heads into Dec. 25, 2025 with its stock anchored in the mid-$50s — and with investors juggling two competing storylines:
- Policy-driven pressure on pricing (especially after BMS agreed to provide Eliquis free to Medicaid starting in 2026), and
- Pipeline-driven momentum, highlighted by an FDA approval for Breyanzi in marginal zone lymphoma and a steady drumbeat of upcoming regulatory and clinical milestones.
With U.S. markets effectively pausing for the holiday, the most recent available NYSE quote showed BMY around $54.71 (last trade timestamp recorded Dec. 24), after trading between roughly $54.20 and $54.75 intraday. [1]
Bristol-Myers Squibb stock price today: where BMY stands into Dec. 25, 2025
BMS’s own investor quote page showed BMY at $54.71 on Dec. 24 (delayed quote), with a prior close listed as $54.28 and a 52-week range of $42.52 to $63.33. [2]
That range matters because it frames the market’s current “neutral-to-cautious” posture: BMY is no longer priced for a disaster scenario, but it also hasn’t reclaimed its highs — a typical stance for a large pharma name balancing dividend appeal with patent and pricing uncertainty.
The headline catalyst: BMS strikes a U.S. government deal affecting Eliquis pricing and access
The most market-moving policy development in late December is Bristol-Myers Squibb’s agreement with the U.S. government that includes making Eliquis available to Medicaid “for free starting January 1, 2026.” The company also said it will donate more than seven tons of Eliquis active pharmaceutical ingredient (API) to the U.S. Strategic Active Ingredient Reserve. [3]
BMS also disclosed additional elements that investors are parsing for second-order effects:
- A commitment to enable direct-to-patient access for cash-paying patients to several medicines (including Sotyktu, Zeposia, Reyataz, Baraclude, and Orencia SC) at discounts described as ~80% off current list prices. [4]
- A statement that BMS will receive three years of tariff relief and “will not be subject to future pricing mandates,” while noting that specific terms remain confidential. [5]
How this fits into the broader “drug pricing deal” wave
BMS’ agreement didn’t happen in isolation. Multiple outlets reported that the Trump administration finalized deals with nine major pharmaceutical companies to reduce drug prices and expand direct-to-consumer options through a planned TrumpRx.gov platform, tying pricing commitments to trade/tariff considerations. [6]
For BMY shareholders, the crucial detail is that Eliquis is a core franchise — so any pricing changes (even if limited to specific channels) can shift sentiment quickly. Zacks (via Nasdaq) noted Eliquis’ scale and explicitly highlighted that the company did not quantify the financial impact of the Medicaid free-supply arrangement in its announcement. [7]
Why the market reaction isn’t straightforward
On one hand, providing a blockbuster drug for free to Medicaid sounds like a margin headwind. On the other hand, investors often price policy uncertainty as a risk premium — so a structured agreement that includes tariff relief and clearer “rules of the game” can be interpreted as stabilizing.
This “pressure vs. clarity” tension is exactly why BMY’s stock discussion right now is less about a single headline and more about how 2026 earnings power gets re-baselined.
FDA win: Breyanzi approval adds a fresh growth lever in oncology
On the pipeline side, Bristol-Myers Squibb announced that the FDA approved Breyanzi (lisocabtagene maraleucel) for adults with relapsed or refractory marginal zone lymphoma who have received at least two prior lines of systemic therapy, describing it as a one-time infusion CAR-T therapy. [8]
The FDA also issued a press announcement describing the approval as the first CAR T-cell therapy in the U.S. for marginal zone lymphoma in that setting. [9]
Why this matters for BMY stock (in plain English): CAR-T therapies can be operationally complex, but they also tend to be high-value specialty medicines. Each expansion in approved use potentially widens the addressable patient population and reinforces investor confidence that BMS can keep replacing revenue as older products face competition.
What investors are watching next: Opdivo regulatory timing and broader pipeline depth
BMS said the FDA granted priority review to an application for Opdivo (nivolumab) plus chemotherapy in previously untreated Stage III/IV classical Hodgkin lymphoma, with a target action date of April 8, 2026. [10]
Meanwhile, BMS’ pipeline overview page (dated Dec. 17, 2025) stated the company had 48 compounds in development across 40+ disease areas. [11]
This is the “portfolio math” investors tend to run: big pharma stocks don’t usually rerate on one asset alone. The multiple expansion happens when the market believes the company has enough credible shots on goal to offset losses of exclusivity and policy headwinds.
Cobenfy and neuroscience: a high-upside catalyst with higher scrutiny
Another major narrative thread is Cobenfy and BMS’ neuroscience ambitions.
BMS announced the continuation of the ADEPT-2 Phase 3 study in psychosis associated with Alzheimer’s disease and said results from the ADEPT program (including ADEPT-2, ADEPT-1, and ADEPT-4) are expected to read out by the end of 2026. [12]
Earlier in December, market coverage highlighted that a trial delay tied to site irregularities actually boosted the stock, reflecting investor interpretation that “continuing (rather than stopping) with expanded enrollment” can be a sign the program isn’t failing outright. [13]
The important nuance: this is a classic biotech psychology moment. The market doesn’t just react to a delay — it reacts to what a delay implies about interim signals, regulatory feedback, and the probability distribution of outcomes.
Competitive pressure: Camzyos faces a new rival after Cytokinetics’ FDA approval
BMS investors are also tracking competition around Camzyos (obstructive hypertrophic cardiomyopathy). Cytokinetics announced FDA approval of Myqorzo (aficamten), positioning it directly against BMS’ incumbent, with commentary emphasizing patient-management convenience and labeling differences. [14]
Even if BMS remains a major player, new competition can change expectations around:
- peak sales,
- pricing leverage,
- and how durable the franchise will be.
For a mega-cap pharma stock, those shifts usually show up as multiple compression or expansion well before the quarterly numbers fully reflect them.
Fundamentals checkpoint: BMS raised 2025 revenue guidance and reiterated growth portfolio momentum
BMS’ Q3 2025 earnings release reported:
- Total revenues of $12.2 billion for the quarter (+3%),
- Growth Portfolio revenues of $6.9 billion (+18%), and
- Updated full-year 2025 guidance raising non-GAAP revenue to ~$47.5B–$48.0B and non-GAAP EPS to $6.40–$6.60. [15]
Reuters’ coverage of those results similarly pointed to stronger Opdivo sales and the revenue beat versus analyst expectations at the time. [16]
This is key context for Dec. 25, 2025: BMY’s current debate is not “is the business collapsing?” It’s “what’s the correct normalized earnings power as policy and competition evolve — and how much credit should the market give the pipeline?”
Dividend watch: BMS raised the payout again
Dividend-focused investors have another concrete marker: BMS announced a quarterly dividend of $0.63 per share, payable Feb. 2, 2026, to shareholders of record Jan. 2, 2026, calling it a 1.6% increase and the company’s 17th consecutive year of dividend increases. [17]
In a market that still rewards visible shareholder returns, BMY’s dividend policy remains part of the “floor” argument bulls tend to make — especially when the stock trades in a sideways band.
Analyst forecasts for BMY stock: where Wall Street sees the shares
Analyst targets, as of late December, cluster tightly around the current quote — which is usually the market’s way of saying “we need more information.”
MarketBeat’s compiled analyst forecast data listed:
- an average 12-month price target around $54.62,
- with a high target of $68 and a low target of $37. [18]
MarketWatch’s analyst estimate snapshot similarly showed an average target around $54.59. [19]
The takeaway: the Street’s spread is wide (reflecting uncertainty), but the average sits right on top of the current price — consistent with a stock that’s waiting for 2026 catalysts (policy impacts, launches, readouts) to resolve.
Risks investors are weighing right now
BMY’s late-2025 setup is basically a three-headed beast (and yes, the beast is real even if we don’t name it on the balance sheet):
1) Pricing and policy risk
The Eliquis Medicaid free-supply agreement is the obvious headline risk, and the broader “most-favored-nation” style pricing push creates a shifting landscape for future launches. [20]
2) Clinical and competitive risk
In November, Reuters reported that Bristol Myers and Johnson & Johnson stopped a late-stage study of milvexian after an interim review concluded the trial was not expected to show benefit in that setting. [21]
Add to that the competitive dynamic from Cytokinetics entering Camzyos’ market, and you have multiple ways estimates can drift. [22]
3) Legal overhang
Reuters also reported a U.S. judge ruled BMS must face parts of a $6.7 billion lawsuit tied to allegations about delayed drug approvals connected to Celgene-related contingent value rights (CVRs). [23]
None of these automatically “break” the stock — but together, they explain why BMY can look statistically cheap to some investors while still feeling like it has too many moving parts for others.
Key dates to watch for Bristol-Myers Squibb stock in early 2026
A few calendar items are likely to concentrate attention:
- Jan. 2, 2026: record date tied to the announced $0.63 dividend; payout follows in February. [24]
- Feb. 5, 2026: BMS scheduled its Q4 2025 results conference call for 8:00 a.m. ET. [25]
- April 8, 2026: FDA target action date for the Opdivo + chemotherapy filing in classical Hodgkin lymphoma. [26]
- By end of 2026: BMS expects multiple ADEPT program readouts in Alzheimer’s disease psychosis. [27]
Bottom line: the BMY stock story on Dec. 25, 2025
As of Dec. 25, 2025, Bristol-Myers Squibb stock sits at the intersection of pipeline optimism and pricing-policy realism.
- The Breyanzi approval is tangible progress in oncology and supports the argument that BMS’ growth portfolio can keep expanding. [28]
- The Eliquis Medicaid agreement is a headline-grabbing policy shift, but it also provides a degree of clarity (and tariff relief) in an environment where policy uncertainty has been a persistent valuation weight. [29]
- With analyst price targets hovering near the current trading level, the market is effectively saying: “Show us the 2026 numbers and the next regulatory wins.” [30]
References
1. investors.bms.com, 2. investors.bms.com, 3. news.bms.com, 4. news.bms.com, 5. news.bms.com, 6. www.reuters.com, 7. www.nasdaq.com, 8. news.bms.com, 9. www.fda.gov, 10. news.bms.com, 11. www.bms.com, 12. news.bms.com, 13. www.marketwatch.com, 14. www.investors.com, 15. www.bms.com, 16. www.reuters.com, 17. investors.bms.com, 18. www.marketbeat.com, 19. www.marketwatch.com, 20. news.bms.com, 21. www.reuters.com, 22. www.investors.com, 23. www.reuters.com, 24. investors.bms.com, 25. investors.bms.com, 26. news.bms.com, 27. news.bms.com, 28. news.bms.com, 29. news.bms.com, 30. www.marketbeat.com
