Dec. 12, 2025 — Bristol-Myers Squibb Company (NYSE: BMY ) is back in the spotlight heading into year-end as investors weigh a fresh dividend increase, meaningful regulatory milestones in oncology, and a pipeline that has delivered both high-profile wins and frustrating setbacks in 2025. By mid-day Friday, BMY stock traded around $52.50, up roughly 2.5% , reflecting a market that’s starting to re-price near-term catalysts even as longer-term questions—patent cliffs, trial readouts, and litigation—remain front and center.
BMY stock price today: what’s moving the shares on Dec. 12
The most immediate “today” driver is Wall Street sentiment . On Friday, Guggenheim upgraded Bristol-Myers Squibb to Buy from Neutral and set a $62 price target , a notable shift for a mega-cap pharma name that’s spent much of 2025 fighting skepticism around pipeline execution. [1]
At the same time, the stock is also being supported by a set of company-led headlines earlier this month—especially those tied to shareholder returns (dividends) and regulatory progress (FDA review timelines) . [2]
The big Bristol-Myers Squibb news investors are digesting right now
1) BMY dividend increase: higher payout, long streak
Bristol-Myers announced its board approved a quarterly dividend of $0.63 per share , payable Feb. 2, 2026 to shareholders of record Jan. 2, 2026 . The company said the new rate is a 1.6% increase from last year and represents the 17th consecutive year of dividend increases (and the 94th consecutive year of paying a dividend). [3]
With the annualized dividend rate at $2.52 and the stock around $52.50 , the implied dividend yield is roughly 4.8% (based on today’s trading level). [4]
2) FDA grants Priority Review for Opdivo label expansion in Hodgkin lymphoma
On Dec. 11, Bristol-Myers said the US FDA accepted and granted Priority Review for a supplemental application for Opdivo (nivolumab) plus AVD chemotherapy in previously untreated advanced classical Hodgkin lymphoma , and set a target action date of April 8, 2026 . [5]
For BMY stock watchers, this matters because the market is looking for sustainable oncology growth levers that can help offset pressure from older, larger franchises over time—especially as the industry enters the most competitive phase yet for immuno-oncology combinations. [6]
3) Breyanzi momentum: a new US approval plus Europe expansion
BMS’s cell therapy franchise produced a meaningful regulatory win on Dec. 4 : the FDA approved Breyanzi (lisocabtagene maraleucel) for adults with relapsed/refractory marginal zone lymphoma after at least two prior systemic therapies. In the cited study cohort, the company highlighted an overall response rate of 95.5% and a complete response rate of 62.1% (with longer-term durability metrics also emphasized). [7]
In Europe, Bristol-Myers also reported an expanded European Commission approval for Breyanzi in relapsed/refractory mantle cell lymphoma (after at least two lines including a BTK inhibitor), supported by TRANSCEND trial response data. [8]
Taken together, these updates reinforce why investors still treat BMS as one of the most credible large-cap players in cell therapy manufacturing + commercialization , even as competition intensifies across hematologic cancers.
4) Cobenfy and Alzheimer’s psychosis: delay, but the study continues
One of the most closely watched pipeline narratives for BMY stock in late 2025 has been Cobenfy (already approved for schizophrenia in adults), which Bristol-Myers is developing across Alzheimer’s-related neuropsychiatric conditions.
On Dec. 3, the company said it identified trial execution irregularities at a small number of sites in the Phase 3 ADEPT-2 study for psychosis associated with Alzheimer’s disease dementia. BMS will exclude data from those sites from the primary analysis and enroll additional patients , following consultation with the FDA and a recommendation from the Data Monitoring Committee to continue the trial. Bristol-Myers also said additional ADEPT program results are expected by the end of 2026 . [9]
Market reaction has been unusual but telling: some analysts interpreted “continue and expand” as a sign the interim review didn’t reveal a problem serious enough to halt the program, which helped support shares at the time. [10]
A pipeline reality check: milvexian and the “two-sided” Factor XI story
Not all 2025 pipeline headlines were positive. In mid-November, Bristol-Myers and Johnson & Johnson stopped the Phase 3 Librexia ACS trial of milvexian (a Factor XIa inhibitor) after an independent interim analysis found the study unlikely to meet its primary efficacy endpoint . The companies reported no new safety concerns and emphasized that Librexia AF (atrial fibrillation) and Librexia STROKE studies continue , with data expected in 2026 . [11]
Why this still matters on Dec. 12: investors increasingly view 2026 as the “make-or-break window” for whether Factor XI inhibitors can deliver the long-promised benefit of anticoagulation with improved bleeding risk profiles—especially in atrial fibrillation and stroke prevention settings. And market attention has been heightened further by competitor trial news that, at times, has created “spillover moves” in BMY shares. [12]
ASH 2025 and the hematology push: targeted protein degradation + cell therapy
Bristol-Myers spent early December reinforcing its hematology narrative around the American Society of Hematology meeting. In a Dec. 1 release, the company said it would present more than 95 data disclosures at ASH 2025, including oral presentations, spanning multiple myeloma, lymphomas, and myeloid diseases —with highlights across CELMoD programs, targeted protein degradation, and longer-term Breyanzi data. [13]
BMS also hosted a hematology-focused investor event on Dec. 11 to walk investors through development strategy and recent data—an explicit sign the company sees hematology as a key component of its next-generation portfolio story. [14]
Legal overhang: the Celgene era is still generating headlines
For some investors, the most underappreciated risk in BMY stock isn’t scientific—it’s legal and financial noise connected to Celgene-era assets and disclosures.
- $6.7 billion lawsuit tied to Celgene CVRs: Reuters reported in early December that a US judge rejected Bristol-Myers’ bid to dismiss a $6.7 billion lawsuit alleging the company delayed FDA approvals for three drugs (including Breyanzi) and harmed holders of Celgene contingent value rights (CVRs). [15]
- $239 million settlement over former Celgene shareholder claims: Reuters also reported a $239 million settlement tied to claims former Celgene shareholders were misled about prospects for drugs including Otezla (psoriasis) and ozanimod (now known as Zeposia). Bloomberg Law later reported a federal judge gave preliminary approval to the settlement. [16]
These issues don’t necessarily change the scientific trajectory, but they can influence sentiment, headline risk, and investor patience —especially in a market that’s increasingly unforgiving about “non-operating” surprises.
BMY financial baseline: what the company guided for 2025
A critical part of any BMY stock forecast is anchoring expectations to the most recent company guidance.
In its Q3 2025 update, Bristol-Myers reported:
- Third-quarter revenue of $12.2 billion (up 3%)
- “Growth portfolio” revenue of $6.9 billion (up 18%)
- Non-GAAP EPS of $1.63 for the quarter [17]
The company also raised/updated 2025 guidance , including:
- Total revenues: ~$47.5 to $48.0 billion
- Non-GAAP diluted EPS: $6.40 to $6.60 [18]
Using today’s price near $52.50, that implies the stock is trading at roughly ~8x the company’s 2025 non-GAAP EPS guidance midpoint—one reason value-oriented investors keep it on the radar despite biotech-like pipeline volatility. [19]
BMY stock forecast and analyst outlook: what Wall Street is signaling
Analyst views remain mixed—more “prove it” than “all clear”—but the tone has improved modestly in December as targets edged higher and at least one major shop turned more constructive.
Recent sell-side actions include:
- Guggenheim upgrade to Buy, $62 target (Dec. 12) [20]
- Goldman Sachs raised its price target to $57 from $51 while keeping a Neutral rating (Dec. 2) [21]
- Truist maintained a Buy rating and $65 target after the ADEPT-2 update (Dec. 3) [22]
Consensus aggregators (which can differ by methodology and timing) broadly describe BMY as a Hold/Moderate Hold type of name with price targets clustering in the low-to-mid $50s—suggesting analysts see limited near-term upside without clearer pipeline wins , but also limited downside if cash flows hold up and the dividend remains secure. [23]
What to watch next: the BMY catalysts that matter most into 2026
If you’re following Bristol-Myers Squibb stock into year-end and early 2026, these are the dates and narratives most likely to move shares:
- Opdivo + AVD in classical Hodgkin lymphoma — FDA action date April 8, 2026 . [24]
- Milvexian’s remaining Phase 3 trials — AF and stroke programs continuing, with data expected in 2026 after the ACS trial was discontinued. [25]
- Cobenfy ADEPT program readouts — BMS has indicated additional Alzheimer’s psychosis program results are expected by end of 2026 after expanding enrollment in ADEPT-2. [26]
- Cell therapy expansion pace — Breyanzi’s expanding label footprint (US and Europe) is a real commercial lever, but investors will watch uptake, competition, and margin implications closely. [27]
The bull case vs. bear case for Bristol-Myers Squibb stock right now
Bull case (why BMY could work from here):
- A high dividend yield backed by large-cap cash flows and a long dividend growth streak. [28]
- Multiple “shots on goals” in oncology/hematology (Opdivo expansion pathways; Breyanzi momentum; protein degradation pipeline). [29]
- A valuation narrative that looks inexpensive if guidance holds and if 2026 readouts restore confidence. [30]
Bear case (what can go wrong):
- Pipeline execution risk remains real—2025 has shown how quickly trial headlines can re-rate the stock. [31]
- Litigation tied to Celgene-era matters can create intermittent headline shocks and distract from fundamentals. [32]
- The market is keenly focused on patent and lifecycle pressures across big pharma, meaning “steady” may not be enough without visible new growth engines. [33]
Bottom line for Dec. 12, 2025
Bristol-Myers Squibb stock is entering 2026 with a familiar big-pharma setup: strong cash return (dividend) , meaningful regulatory shots on goal , and a pipeline that can still surprise—both positively and negatively. The December news flow (dividend hike, Opdivo priority review, Breyanzi approvals, and a high-profile analyst upgrade) is helping stabilize the narrative, but the real inflection points are still ahead in 2026—especially Milvexian’s remaining Phase 3 readouts and the evolving Cobenfy story. [34]
References
1. 247wallst.com, 2. news.bms.com, 3. news.bms.com, 4. news.bms.com, 5. news.bms.com, 6. news.bms.com, 7. news.bms.com, 8. news.bms.com, 9. news.bms.com, 10. www.marketwatch.com, 11. news.bms.com, 12. www.marketwatch.com, 13. news.bms.com, 14. news.bms.com, 15. www.reuters.com, 16. www.reuters.com, 17. www.bms.com, 18. www.bms.com, 19. www.bms.com, 20. 247wallst.com, 21. www.tipranks.com, 22. www.investing.com, 23. stockanalysis.com, 24. news.bms.com, 25. news.bms.com, 26. news.bms.com, 27. news.bms.com, 28. news.bms.com, 29. news.bms.com, 30. www.bms.com, 31. news.bms.com, 32. www.reuters.com, 33. www.marketwatch.com, 34. news.bms.com
