Bristol-Myers Squibb Company (NYSE: BMY) stock is back in the spotlight on Tuesday, December 23, 2025, as investors weigh a fast-moving U.S. drug-pricing landscape, fresh legal headlines tied to Medicare negotiations, and new analyst commentary on competitive pressure in a key growth product category.
At the same time, Bristol Myers is heading into 2026 with a higher dividend, a defined near-term calendar (including a February earnings date), and intensifying debates over whether the stock’s “value” profile is a bargain—or a reflection of policy risk and the post-patent “reset” that still hangs over Big Pharma.
BMY stock price today (December 23, 2025)
As of midday trading Tuesday, BMY was changing hands around $54 (down about 1% on the session), after opening near $54.66 and trading within an intraday range roughly spanning the mid-$54s. [1]
Bristol Myers’ own investor quote page listed a 52-week range of $42.52 to $63.33, underscoring how the stock has clawed back from its 2025 lows but remains meaningfully below its peak. [2]
The headline driving BMY right now: a Supreme Court request tied to Medicare drug price negotiations
One of the most consequential BMY-related headlines dated December 23, 2025 came from Bloomberg Law: Bristol Myers and Johnson & Johnson are asking the U.S. Supreme Court to review challenges to the Inflation Reduction Act (IRA) Medicare Drug Price Negotiation Program—the process that allows Medicare to negotiate prices for certain drugs. [3]
Why BMY investors care: Bloomberg Law reports that Eliquis, Bristol Myers’ major blood thinner franchise (co-marketed with Pfizer), was selected for the first cycle of the negotiation program, and negotiated prices are set to take effect starting January 1, 2026. [4]
This matters because even modest pricing changes for blockbuster therapies can ripple through forward revenue expectations, valuation multiples, and sentiment—especially for “income/value” pharma stocks where the market often prices in future compression.
Analyst focus today: Guggenheim reiterates “Buy” on BMY despite new oHCM competition
Another prominent December 23, 2025 update came via Investing.com: Guggenheim reiterated a Buy rating and a $62 price target on Bristol Myers following FDA approval of a competitor in obstructive hypertrophic cardiomyopathy (oHCM)—a market where Bristol Myers sells Camzyos. [5]
Guggenheim’s core argument, as summarized by Investing.com:
- The competing drug’s REMS and label are not “meaningfully differentiated” versus Camzyos, with comparable echocardiogram monitoring expectations in the firm’s view. [6]
- Camzyos has Phase 3 data across multiple studies and has accumulated real-world experience since launch, which Guggenheim believes supports BMY’s competitive positioning. [7]
- Guggenheim also highlighted BMY’s income profile, noting a dividend yield around the mid-4% range and long dividend history. [8]
The competitive backdrop is real, though. Reuters reported the FDA approval (Dec. 19) of Cytokinetics’ Myqorzo (aficamten) for oHCM, describing it as only the second drug in the cardiac myosin inhibitor class and noting it will be available in the U.S. in January under a REMS due to heart failure risk. [9]
For BMY investors, that sets up a 2026 storyline: how quickly does the new entrant gain traction, and does it pressure Camzyos growth expectations?
The policy overhang expands: drug-pricing deals, TrumpRx, and tariffs
BMY is also caught in a broader Washington-driven re-rating of large-cap drugmakers.
MFN-style deals and tariff relief
A Zacks-authored market note published on Nasdaq (Dec. 22) described nine drugmakers—including Bristol Myers—signing drug-pricing agreements aligned with a “Most Favored Nation” (MFN) concept, with discounts available through direct-to-consumer channels and a federal platform referenced as TrumpRx.gov. [10]
That same piece reported the agreements included a three-year exemption from import tariffs on pharmaceutical ingredients, conditional on expanding domestic manufacturing, and said Bristol Myers agreed to contribute around 6.5 tons of apixaban API (the active ingredient used in Eliquis) to a government stockpile reserve. [11]
The White House fact sheet on the MFN push also listed examples of direct-to-consumer price reductions via TrumpRx—including a stated example that Bristol Myers would reduce the price of its HIV medication Reyataz when sold through that channel—and likewise referenced a 6.5-ton apixaban contribution to the strategic API reserve concept. [12]
Medicaid and affordability optics
The Associated Press’ reporting on the same initiative noted that Bristol Myers would donate its anticoagulant Eliquis to Medicaid as part of the deal framework. [13]
From a market perspective, this mix of “headline price cuts + tariff relief + direct channels” is complex: it can reduce some policy uncertainty in one area while increasing investor scrutiny on net pricing, demand elasticity, and the long-term precedent for U.S. reference pricing.
Medicare: negotiated prices, out-of-pocket savings, and new pilot models
The pressure isn’t only coming from voluntary deals.
Reuters reported (Dec. 18) that an AARP study suggested Medicare enrollees could pay about 50% less out of pocket in 2026 for some drugs—including Eliquis—as negotiated IRA prices begin to flow through benefit designs; Reuters also noted the Medicare out-of-pocket drug spending cap is set at $2,100 per year in 2026. [14]
And Reuters also reported CMS is rolling out two Medicare pilot programs that aim to align certain drug prices with those in comparable countries:
- GLOBE, starting October 1, 2026 for Part B drugs
- GUARD, starting January 1, 2027 for Part D drugs [15]
Even when these policies take years to implement, markets often discount them early—particularly for companies with large U.S. exposure to mature blockbuster products.
Dividend update: BMY raises the payout going into 2026
Dividend investors have a clear, company-confirmed anchor. On December 10, 2025, Bristol Myers announced its board declared a $0.63 quarterly dividend, payable February 2, 2026 to stockholders of record January 2, 2026. [16]
The company said:
- This represents a 1.6% increase vs. last year’s quarterly rate
- The implied fiscal 2026 annual dividend rate is $2.52 per share
- It marks the 17th consecutive year of dividend increases and the 94th consecutive year of paying a dividend [17]
That dividend trajectory is a key reason BMY remains widely discussed as a defensive healthcare holding—particularly when growth stocks are volatile.
Forecasts and targets: what the Street and models are implying right now
Because BMY sits at the intersection of policy risk and “value/income” demand, forecasts vary widely depending on which factor an analyst emphasizes: pricing pressure vs. pipeline catalysts vs. competitive resilience.
Analyst price targets and consensus positioning
- Guggenheim: reiterated Buy with a $62 price target (Dec. 23 coverage via Investing.com). [18]
- BofA Securities: Benzinga’s tracker says BofA set a $61 price target and upgraded the stock to Buy (report date listed as Dec. 15, 2025). [19]
- MarketBeat (page updated Dec. 23, 2025): describes a consensus “Hold” (6 buys, 14 holds, 1 sell) and lists an average price target around $54.62, i.e., close to the prevailing trading price at the time of update. [20]
A note on quantitative/model forecasts
CoinCodex (updated Dec. 23, 2025) published a model-driven forecast suggesting BMY could reach $55.22 by January 22, 2026, while labeling its sentiment “Bullish.” [21]
Model outputs like these can be useful for gauging recent momentum and volatility assumptions—but they are not the same as fundamental forecasts (pricing power, product cycle durability, regulatory outcomes).
Fundamentals check: what BMY last reported—and what investors are still debating
BMY’s most recent quarterly performance continues to shape how investors frame the stock today.
Reuters reported that in third-quarter results (Oct. 30, 2025), Bristol Myers:
- Beat revenue expectations with $12.22 billion in revenue
- Posted adjusted EPS of $1.63
- Reported Opdivo sales of $2.53 billion (+7%)
- Reported Eliquis sales of $3.75 billion (+25%)
- Said its “growth portfolio” rose 18% to $6.9 billion
- Raised its full-year revenue forecast to $47.5–$48.0 billion (per Reuters’ reporting) [22]
But Reuters also noted the company is still absorbing the impact of generic competition, with legacy products like Revlimid sharply declining and other cancer drugs facing similar pressure. [23]
That’s the tension at the heart of the BMY debate: the company has meaningful growth drivers, but investors want to see durable replacement revenue—especially as policy and pricing narratives evolve.
Risks investors are tracking closely (legal, clinical, and competitive)
Beyond pricing policy, there are additional risk threads that can periodically reprice sentiment:
- Litigation tied to the Celgene deal: Reuters reported a U.S. judge ruled Bristol Myers must face a $6.7 billion lawsuit claiming it delayed approvals for certain drugs tied to Celgene contingent value rights (CVRs). [24]
- Clinical development uncertainty: Reuters reported Bristol Myers and J&J stopped a late-stage trial of milvexian in acute coronary syndrome after an interim review, removing a potential opportunity in that specific indication. [25]
- Camzyos vs. Myqorzo competitive dynamics: Reuters’ coverage of Cytokinetics’ FDA approval frames a real competitive fight emerging in oHCM in early 2026. [26]
Key dates and “watch items” for BMY stock into early 2026
Here are the calendar points most likely to matter for near-term positioning and headlines:
- January 1, 2026: Bloomberg Law reports the IRA negotiated prices are set to take effect starting this date. [27]
- January 2026: Reuters reports Cytokinetics plans a U.S. availability timeframe for Myqorzo in January, setting up the next phase of Camzyos competitive scrutiny. [28]
- January 2, 2026 (record date) / February 2, 2026 (pay date): BMY’s next dividend payment schedule at $0.63 per share. [29]
- February 5, 2026: Bristol Myers will report Q4 2025 results and host a conference call at 8:00 a.m. ET, per the company’s press release. [30]
- Longer-dated policy catalysts: CMS pilot program timelines begin Oct. 1, 2026 (GLOBE) and Jan. 1, 2027 (GUARD), which markets may increasingly price as details firm up. [31]
Bottom line for December 23, 2025: why BMY is a “policy-meets-value” stock right now
On a day when BMY is trading near the mid-$50s, the stock’s narrative is being pulled by three forces at once:
- Drug pricing and legal headlines are intensifying—from a Supreme Court request tied to Medicare negotiations to broader MFN-style dealmaking and new CMS pilot program frameworks. [32]
- Competition is rising in a visible growth category (oHCM), but at least one major analyst (Guggenheim) argues BMY remains well positioned with Camzyos. [33]
- Income support remains strong with a raised dividend and clear payout dates heading into 2026. [34]
For investors and readers following Bristol-Myers Squibb stock today, the near-term question isn’t whether headlines will keep coming—it’s which theme dominates next: policy pressure, pipeline/competitive execution, or the durability of BMY’s cash flows and dividend story.
References
1. investors.bms.com, 2. investors.bms.com, 3. news.bloomberglaw.com, 4. news.bloomberglaw.com, 5. www.investing.com, 6. www.investing.com, 7. www.investing.com, 8. www.investing.com, 9. www.reuters.com, 10. www.nasdaq.com, 11. www.nasdaq.com, 12. www.whitehouse.gov, 13. apnews.com, 14. www.reuters.com, 15. www.reuters.com, 16. news.bms.com, 17. news.bms.com, 18. www.investing.com, 19. www.benzinga.com, 20. www.marketbeat.com, 21. coincodex.com, 22. www.reuters.com, 23. www.reuters.com, 24. www.reuters.com, 25. www.reuters.com, 26. www.reuters.com, 27. news.bloomberglaw.com, 28. www.reuters.com, 29. news.bms.com, 30. investors.bms.com, 31. www.reuters.com, 32. news.bloomberglaw.com, 33. www.investing.com, 34. news.bms.com
