Bristol-Myers Squibb Company (BMY) Stock Analysis

Research · Sep 3, 2026

[BMY] Bristol-Myers Squibb Thesis 2026: Growth Portfolio Offsets Legacy Product Decline

Bristol-Myers FY25 (Dec 31, 2025) at $48.19B revenue (-0.2%). Growth Portfolio +17% ($24-25B) offsetting -$4B legacy decline. Top growth: Eliquis +6% Q4 (+23% Q3); Opdivo +7% Q4; Camzyos +57% Q4; Breyanzi +47% Q4 (FDA approved 5 cancer types); Cobenfy $51M Q4. Operating income $12.70B; Net income $7.05B (vs -$8.95B FY24 Karuna IPR&D charge); Diluted EPS $3.45. FCF $12.85B (-8%). Dividends $5.05B (+4%); $0 buybacks. Total debt $47.14B (-$4B). $2B cost savings: $1B delivered FY25, $1B FY26-FY27. 6 registrational readouts expected FY26. 10 analysts: 4 Buy / 6 Hold; consensus $64.70, range $54-$75. Recent: Piper Sandler $66→$75; Guggenheim $62→$72; Cantor $45→$54.

Research · Apr 28, 2026

LLY: $2.3B Ajax Buy Hedges Mounjaro Patent Cliff

Eli Lilly's $2.3 billion Ajax Therapeutics acquisition reveals a critical divergence in large-cap pharma M&A strategy that the market has mispriced. While Merck and Pfizer scramble to replace patent cliff revenue with expensive blockbuster acquisitions, Lilly is buying rare-disease optionality from a position of GLP-1 strength. Long LLY versus short MRK/PFE targets 8-12% relative return over six months as earnings reveal the cost of desperate dealmaking.