Bristol-Myers Squibb (BMY) Stock Today: Celgene Lawsuit Shock, ASH 2025 Momentum and 2026 Forecasts

On December 2, 2025, Bristol-Myers Squibb (NYSE: BMY) found itself at the center of two very different storylines: a revived $6.7 billion Celgene lawsuit and strong hematology data at ASH 2025. Together with a hefty dividend and low valuation multiples, these cross-currents are shaping how investors see BMY stock heading into 2026.

BMY Stock Snapshot on 2 December 2025

Closing price:$48.25, down 1.89% on the day (‑$0.93), marking a third straight daily loss. ^[1]
Trading range: Intraday low/high of $48.22–$49.18; volume around 14.5 million, below the 50‑day average of 16.6 million shares. ^[2]
52‑week range:$42.52–$63.33; BMY now trades about 24% below its 52‑week high set in March. ^[3]
Market cap: roughly $98 billion. ^[4]
Beta: around 0.30, making it a relatively defensive mega‑cap pharma name. ^[5]

On a day when the S&P 500 rose 0.25% and the Dow gained 0.39%, BMY underperformed peers: Johnson & Johnson ticked up slightly, while Pfizer and Abbott fell less than Bristol-Myers. ^[6]

For investors watching Google News and Discover, the headline drivers are clear: legal risk is weighing on a cheap, high‑yield pharma stock that’s simultaneously showcasing a robust next‑generation pipeline.

The Big Negative: Judge Revives the $6.7 Billion Celgene CVR Lawsuit

On December 1, 2025, a U.S. federal judge in New York rejected Bristol-Myers Squibb’s attempt to dismiss a lawsuit tied to so‑called contingent value rights (CVRs) issued in its 2019 $80.3 billion acquisition of Celgene. ^[7]

What the case is about

As part of the Celgene deal, BMS agreed to pay former Celgene shareholders $9 per CVR if three drugs – Breyanzi (liso‑cel), ozanimod and ide‑cel (Abecma) – received timely FDA approvals. ^[8]
The trustee UMB Bank, on behalf of CVR holders, claims BMS failed to use “diligent efforts” to secure approvals and delisted the CVRs prematurely, effectively blocking investors from enforcing their rights. ^[9]
Breyanzi was ultimately approved five weeks after the contractual deadline, a key point in the case. ^[10]

The ruling:

U.S. District Judge Jesse Furman allowed core claims – including breach of contract and breach of the implied covenant of good faith and fair dealing – to proceed. ^[11]
Some counts were dismissed, but the judge confirmed UMB’s standing to sue and rejected BMS’s argument that its conduct couldn’t constitute an “event of default.” ^[12]
BMS has three weeks from the ruling to respond formally. ^[13]

Why this matters for BMY stock

The claim seeks $6.7 billion plus interest – a material amount even for a ~$98B company. ^[14]
Even if a settlement ultimately comes at a discount, the case adds legal overhang and could influence capital allocation (buybacks, further deals) until resolved. TS2 Tech+1
The suit comes on top of a recent $239 million settlement linked to older Celgene disclosures about psoriasis and MS drugs Otezla and Zeposia. ^[15]

In short, the lawsuit is a real but binary risk: either BMS negotiates a manageable settlement, or the chance of a large adverse judgment remains in the background as a valuation overhang.

The Big Positive: ASH 2025 Data and Breyanzi Momentum

Counterbalancing the legal noise, Bristol-Myers is using ASH 2025 to showcase the depth of its hematology pipeline.

ASH 2025: 95+ data presentations

On December 1, the company announced it would present more than 95 data disclosures, including 27 oral presentations, across its hematology portfolio at the 67th American Society of Hematology (ASH) meeting. ^[16]

Key highlights include: ^[17]

Iberdomide (a CELMoD® agent) showing deep and sustained responses in newly diagnosed multiple myeloma, including strong minimal residual disease (MRD) negativity in transplant‑ineligible patients.
Golcadomide, another first‑in‑class CELMoD for lymphoma, delivering durable high complete response rates in aggressive B‑cell lymphoma and promising activity in follicular and diffuse large B‑cell lymphoma.
A first‑in‑class BCL6 ligand‑directed degrader (BMS‑986458) demonstrating encouraging efficacy and tolerability in relapsed/refractory non‑Hodgkin lymphoma.
Long‑term Breyanzi data reinforcing durable benefit and survival in large B‑cell lymphoma (LBCL) and follicular lymphoma (FL) cohorts.

Management explicitly frames these programs as the “next‑generation” hematology portfolio, built on more than two decades of expertise in targeted protein degradation and cell therapy. ^[18]

Breyanzi: expanding CAR‑T footprint

Breyanzi (lisocabtagene maraleucel, or liso‑cel) is increasingly central to BMY’s growth story:

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, marking its fourth EU indication. ^[19]
- In the TRANSCEND MCL cohort, Breyanzi achieved an 82.7% overall response rate with a 71.6% complete response rate, and 41.2% of patients remained in response at 24 months. ^[20]
In the U.S., the FDA has granted Priority Review for Breyanzi in relapsed/refractory marginal zone lymphoma (MZL), based on the TRANSCEND FL trial. ^[21]
- The MZL cohort delivered an overall response rate of about 95.5% with a ~62% complete response rate, and 2‑year follow‑up shows high progression‑free and overall survival. ^[22]
- A Prescription Drug User Fee Act (PDUFA) date of December 5, 2025 has been set, making this a near‑term FDA catalyst. ^[23]

If approved in MZL, Breyanzi would be positioned as a multi‑indication CAR‑T franchise across LBCL, FL, MCL and potentially MZL, supporting management’s claim that it can be a multi‑billion‑dollar asset over time. ^[24]

Fundamentals: 2025 Guidance and the Growth vs. Legacy Split

Despite the stock’s weak performance, operational results have been solid in 2025.

Q3 2025 results

For the quarter ended September 30, 2025, BMS reported: ^[25]

Revenue:$12.22 billion, up about 3% year‑over‑year (2% at constant currency), beating consensus estimates around $11.75B.
Non‑GAAP EPS:$1.63, above the ~$1.52 consensus, though down from $1.80 in the prior year quarter.
GAAP EPS:$1.08, up from $0.60 a year earlier, reflecting lower one‑time charges.
The “growth portfolio” (newer products like Opdivo, Reblozyl, Camzyos and Breyanzi) grew around 18% to $6.9B, while the “legacy portfolio” declined about 12% to $5.4B as older blockbusters face increasing pressure.

Full‑year 2025 guidance

Management raised its 2025 revenue outlook and reiterated earnings guidance: ^[26]

Net revenue: now expected at $47.5–$48.0 billion, up from earlier guidance in the mid‑$45B range.
Non‑GAAP EPS:$6.40–$6.60, including an estimated ‑$0.80 per share net impact from upfront R&D charges and licensing income.
Consensus models tracked by MarketBeat point to full‑year EPS around $6.74, modestly above the midpoint of guidance. ^[27]

This split – strong double‑digit growth in newer products offsetting declines in legacy brands – is exactly how Wall Street frames BMY today: a company managing a patent cliff while trying to grow into a new portfolio mix.

Dividend and Valuation: High Yield, Low Multiple

For income‑oriented investors, the appeal of BMY is straightforward.

A 5%+ dividend from a mega‑cap pharma

BMS pays a quarterly dividend of $0.62 per share, or $2.48 annualized. ^[28]
At $48.25, that implies a forward yield around 5.0–5.2%, well above the S&P 500 average. ^[29]
Dividend.com and other income‑focused screens highlight BMY as a high‑yield “blue chip” with 17 consecutive years of dividend increases and a payout ratio in the low‑80% range based on current earnings. ^[30]

Cheap by several valuation lenses

On a trailing basis (last twelve months), BMY trades at: ^[31]

P/E (GAAP): about 16x earnings.
Forward P/E (non‑GAAP): around 7–8x 2025 EPS.
Dividend yield: ~5%.

Several independent analyses highlight BMY as undervalued:

ChartMill and other value screens flag BMY’s adjusted P/E near 7.5x, below both the broader market and most large‑cap pharma peers trading in the high teens. ^[32]
A two‑stage discounted cash‑flow model from Simply Wall St pegs fair value at about $117.66 per share, implying the stock trades at a ~58% discount to that estimate – though DCF results are highly assumption‑sensitive. ^[33]
Barron’s recently argued that Bristol Myers is “too cheap to ignore,” emphasizing that it trades near seven times earnings despite multiple growth drivers. ^[34]
At the same time, another camp on Seeking Alpha stresses that the low multiple largely reflects a well‑telegraphed patent cliff and trial disappointments, and may persist without clear top‑line growth. ^[35]

For now, the market appears to agree with the cautious view: cheap valuation, but not obviously mispriced given the risks.

Wall Street Forecasts: “Hold” Ratings and Modest Upside

Analysts as a group are neutral to cautiously constructive on BMY.

Ratings and price targets

According to StockAnalysis, 11 analysts rate BMY a “Hold”, with an average 12‑month price target around $55.8, implying roughly 16% upside from $48.25. ^[36]
MarketBeat, which tracks a broader group of 19 brokerages, also shows a consensus “Hold” rating: 15 Hold, 4 Buy, and no Sell ratings. The average target price is about $54.4–$54.6, or ~10–13% above current levels. ^[37]
TipRanks reports a similar average target near $53.7, with around 9–10% upside. ^[38]

Put differently: Wall Street sees BMY as a high‑yield stock with mid‑single‑digit to low‑double‑digit capital appreciation potential, but not a consensus “must‑own” growth story.

What models say about 2026

Based on consensus estimates aggregated by sources such as StockAnalysis and the Street data cited in recent coverage: Simply Wall St+3TS2 Tech+3StockAnalysis+3

Revenue is expected to be roughly flat to slightly down from about $48B in 2025 to the mid‑$40B range in 2026 as key products face generic and biosimilar competition.
EPS is generally modeled to dip modestly, from around $6.4–$6.6 in 2025 toward the low‑$6 range in 2026 before any re‑acceleration later in the decade.

Analysts essentially see BMY as a “carry the dividend and wait” stock: investors are paid to be patient while the newer pipeline (cell therapy, CELMoDs, BioNTech immuno‑oncology, milvexian) proves whether it can offset patent erosion.

Institutional Positioning: Smart Money Both Buying and Selling

Recent 13F filings and fund disclosures show mixed institutional flows:

Arrowstreet Capital increased its holdings in BMY by about 428% in Q2, adding more than 9.1 million shares to reach 11.3 million in total. ^[39]
Round Hill Asset Management boosted its stake by 191% to 45,717 shares, making BMY its 23rd largest holding (about 1.4% of the portfolio). ^[40]
Wealthedge Investment Advisors opened a new 96,686‑share position, with BMY now representing about 1.9% of its holdings. ^[41]
On the other hand, Boston Partners slashed its position by 97.3%, selling roughly 3.76 million shares and leaving just 105,459 shares (about $4.9M). ^[42]
Shelton Capital Management reduced its stake by about 19.8% to 367,963 shares. ^[43]

Overall, about 76% of BMY shares are held by institutions and hedge funds, underscoring its status as a core large‑cap holding even as opinions diverge on its near‑term upside. ^[44]

Pipeline Beyond Hematology: Milvexian, BioNTech Deal and Alzheimer’s Bet

While ASH 2025 headlines focus on blood cancers, BMY’s broader pipeline also matters for the stock’s long‑term story.

Milvexian and the Factor XIa race

Milvexian, a Factor XIa inhibitor developed with Johnson & Johnson, remains one of BMY’s potential blockbuster bets – but with caveats.

In mid‑November, BMS and J&J terminated the Phase 3 Librexia ACS trial in acute coronary syndrome after an interim analysis found it was unlikely to meet its primary endpoint. ^[45]
Two other late‑stage studies – Librexia‑STROKE and Librexia‑AF – are continuing, with data expected in 2026. ^[46]
Recent positive Phase 3 results from Bayer’s rival Factor XIa inhibitor asundexian in stroke patients have re‑energized interest in the class, with analysts noting that success for Bayer could also de‑risk milvexian if its remaining trials succeed. ^[47]

The ACS failure dented sentiment – Barron’s highlighted it as “yet another trial disappointment” – but investors still see milvexian as a high‑risk, high‑reward cardiovascular asset. ^[48]

BioNTech partnership: a $11.1B bet on next‑generation immuno‑oncology

In June 2025, BMS agreed to pay up to $11.1 billion to partner with BioNTech on pumitamig (BNT327 / BMS‑986545), a PD‑L1/VEGF‑A bispecific antibody aimed at small cell lung cancer and other tumors. ^[49]

The deal included around $1.5 billion upfront, with additional milestones and cost‑sharing across Phase 3 trials. ^[50]
Phase 2 data in extensive‑stage small cell lung cancer showed tumor shrinkage in over 75% of evaluated patients with a manageable safety profile, prompting rapid expansion into Phase 3. ^[51]
BioNTech has already raised its 2025 revenue guidance on the back of payments from BMS, underscoring the partnership’s financial scale. ^[52]

Investors view the BioNTech alliance as BMY’s bid to stay competitive in post‑Keytruda oncology, but the program is still several years from potential commercialization.

Neuroscience: Alzheimer’s and beyond

BMS is also building out a neuroscience pipeline, including a tau‑targeting antibody (BMS‑986446) that has attracted attention after regulators granted expedited designations. Analysts note that any early efficacy signal in Alzheimer’s could move sentiment out of proportion to its near‑term financial impact given the size of the indication. TS2 Tech+2Bristol Myers Squibb News+2

Key Risks and Catalysts to Watch (Late 2025–2026)

Here’s what is likely to show up repeatedly in BMY‑related headlines over the next 12–18 months: Barron’s+8TS2 Tech+8Hematology Advisor+8

Breyanzi MZL FDA decision (PDUFA: December 5, 2025)
- A positive decision would add a fifth indication and support the thesis that Breyanzi can become a platform CAR‑T franchise.
Further ASH 2025 and 2026 readouts
- New data on CELMoDs (iberdomide, golcadomide) and degraders like BMS‑986458 will shape confidence in BMY’s hematology renewal story.
Milvexian Phase 3 results in stroke and AF (2026)
- Success could revive the program after the ACS failure and provide a new multi‑billion‑dollar anticoagulant franchise.
BioNTech bispecific data and additional trials
- As pumitamig progresses through Phase 3, interim updates will help investors judge how competitive it might be versus Keytruda‑era therapies.
Evolution of the Celgene CVR lawsuit
- Motions, discovery milestones or any settlement discussions could move the stock simply by reducing legal uncertainty, even if the ultimate payout is sizable.
Ongoing trial outcomes and label expansions across oncology (Opdivo/Yervoy), cardiovascular (Camzyos, milvexian) and immunology (Sotyktu) portfolios.
Macro and political factors
- U.S. drug‑pricing reforms, global healthcare budgets and potential changes to reimbursement frameworks will continue to influence the entire big‑pharma group, including BMY.

How to Frame Bristol-Myers Squibb Stock Today

Putting it all together, the December 2, 2025 picture of BMY looks like this: Barron’s+7TS2 Tech+7StockAnalysis+7

Pros
- High, well‑covered dividend (~5%) from a large, profitable pharma.
- A deep, 48‑compound pipeline spanning more than 40 disease areas, with particular strength in hematology and cell therapy.
- Strong ASH 2025 data and expanding Breyanzi approvals support the idea that the next‑generation portfolio is gaining traction.
- Valuation multiples (especially on a forward, non‑GAAP basis) are well below peers, making BMY a classic value / income name.
Cons
- A looming patent cliff for blockbusters like Eliquis and Opdivo later this decade, with consensus forecasting flat to slightly declining revenue in the near term.
- Execution risk after a string of trial disappointments, including the milvexian ACS failure and earlier setbacks in Cobenfy, Camzyos, Opdualag and Reblozyl programs. ^[53]
- New legal overhang from the $6.7B CVR lawsuit, plus a backdrop of other settlements and state‑level litigation. ^[54]
- Analyst stance remains “Hold”, with only modest upside baked into the average price targets. ^[55]

For income‑focused investors, BMY currently screens as a defensive, high‑yield pharmaceutical stock whose dividend and low valuation help absorb headline risk – provided they are comfortable with pipeline uncertainty and legal risk.

For growth‑oriented investors, it remains more of a “prove‑it” story: the company must demonstrate that Breyanzi, CELMoDs, milvexian, the BioNTech collaboration and neuroscience assets together can offset the erosion of older franchises and reignite sustainable earnings growth.

Either way, BMY is likely to stay visible in Google News and Discover over the coming quarters as court filings, trial readouts and regulatory decisions roll in.

Important: This article is for informational purposes only and does not constitute financial advice, investment recommendation or a solicitation to buy or sell any security. Always do your own research and consider consulting a qualified financial adviser before making investment decisions.