BRISTOL MYERS SQUIBB CO (BMY)

Price—Loading quote

AI: Fair-priced

Price checkThe shares look reasonably priced, but expiring drug protections prevent a clear bargain.

The accessible live quote showed $63.70 off-hours at the research timestamp. With 2.036 billion shares, that implies a $129.7 billion market value. The latest four reported quarters produced $9.3 billion of net income and $11.4 billion of free cash flow—cash left after operations and capital spending—equal to an 8.8% cash yield. Adding $34.4 billion of net debt puts total business value near 14.3 times that cash. Management’s 2026 profit forecast excluding specified acquisition and other items implies about 9.2 times earnings. These are modest prices, but major 2028 drug-protection losses make Fair-priced safer than calling it a clear bargain.

Big pictureCash generation has stayed strong, while debt remains large but is moving down.

Annual operating cash flow ranged from $13.1 billion to $16.2 billion in 2020-25 despite acquisition-related net losses in 2020 and 2024. In 2025, $14.2 billion of operating cash became $12.8 billion of free cash flow and covered $5.0 billion of dividends 2.5 times. Debt fell from $49.6 billion at end-2024 to $43.1 billion by June 2026, though net debt stayed $34.4 billion. Earlier buybacks helped the implied diluted share count fall about 2% from 2023 to 2025; repurchases then stopped, while 2025 stock compensation was a modest $0.55 billion.

Business strengthNew medicines are growing quickly enough to soften, but not erase, older-drug declines.

Second-quarter 2026 revenue rose 6% to $13.0 billion. The company’s newer-medicine group increased 15% to about $7.6 billion, or 59% of sales; Reblozyl, Camzyos and Breyanzi each beat analyst expectations. Yet Eliquis supplied $4.48 billion, up 22%, while Opdivo fell 3% and Revlimid fell 49%. Eliquis and Opdivo face important protection losses around 2028, so current cash is not fully durable. Demand for serious-disease medicines is less tied to economic swings, but patent expirations create abrupt product cycles. Research spending near $10 billion yearly and Zenbexus approval support replacement potential.

What could change the storySuccessful launches could create upside, while weak replacements would expose today’s price.

The bullish case needs newer medicines to keep growing near double digits, Zenbexus and later launches to replace Eliquis and Opdivo, and surplus cash to reduce debt. If management’s 2026 adjusted profit forecast of $6.75-$7.00 per share holds near $63.70, the roughly nine-times price leaves upside. The bearish case is that Eliquis strength is temporary: delayed milvexian and Cobenfy trial results, weak launches, or faster older-drug erosion could push free cash flow below its roughly $11 billion recent pace. Today’s price therefore assumes a manageable, not painless, transition after protections expire.

$63.70 price considered

AI: News

Outlook raised after strong quarterSales beat expectations, and management sharply raised its 2026 revenue and profit forecasts.

On July 30, Bristol Myers reported $12.97 billion of quarterly revenue, up 6%, and adjusted earnings of $2.04 a share versus the $1.59 analyst average. Adjusted earnings exclude specified acquisition and other items. Management lifted 2026 revenue guidance to $49-$50 billion from $46-$47.5 billion and adjusted earnings guidance to $6.75-$7.00 from $6.05-$6.35. Shares rose about 1% that day after gaining as much as 3%, a reaction consistent with stronger near-term cash expectations.

Merger rumor quickly fadedA reported AstraZeneca tie-up briefly lifted Bristol shares before a source denied ongoing talks.

On August 3, Axios summarized a Financial Times report that AstraZeneca had discussed a combination with Bristol Myers that could create a company worth roughly $400 billion; Bristol shares rose around 4% at the open. On August 5, Reuters reported that a senior source close to the matter said no discussions were ongoing. The timing suggests takeover speculation influenced trading, but does not prove it caused every move. Without a transaction, value again depends on Bristol’s own launches, patents and cash generation.

Zenbexus wins early approvalA new blood-cancer medicine gained conditional approval, strengthening Bristol’s replacement-drug pipeline.

On August 13, the U.S. Food and Drug Administration granted accelerated approval to Zenbexus with two other medicines for multiple myeloma after at least one earlier treatment. In the key comparison, 41% of patients had no detectable remaining cancer and a complete response, versus 21% with the comparison regimen. This creates a new revenue opportunity as Revlimid shrinks, but approval remains conditional on confirming longer-term patient benefit. No reliable standalone stock reaction was available, and serious infection and blood-clot risks could limit uptake.

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Free cash flow

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue	$48.19B	$48.30B	$45.01B	$46.16B	$46.38B	$42.52B	$26.14B	$22.56B	$20.78B	$19.43B	$16.56B	$15.88B	$16.39B	$17.62B	$21.24B	$19.48B	$18.81B	$17.71B	$15.62B
Gross profit	—	—	—	—	—	$30.75B	$18.07B	$16.09B	$14.68B	$14.48B	$12.65B	$11.95B	$11.77B	$13.01B	$15.65B	$14.21B	$13.67B	—	—
Research & development	$9.95B	$11.16B	$9.30B	$9.51B	$10.20B	$10.05B	$6.15B	$6.33B	$6.47B	$5.01B	$5.92B	$4.53B	$3.73B	$3.90B	$3.84B	$3.57B	$3.65B	$3.51B	$3.16B
Net income	$7.05B	−$8.95B	$8.03B	$6.33B	$6.99B	−$9.02B	$3.44B	$4.92B	$1.01B	$4.46B	$1.56B	$2.00B	$2.56B	$1.96B	$3.71B	$3.10B	$10.61B	$5.25B	$2.17B
Basic EPSper diluted share	$3.47	-$4.41	$3.88	$2.97	$3.15	-$3.99	$2.02	$3.01	$0.61	$2.67	$0.94	$1.21	$1.56	$1.17	$2.18	$1.80	$5.35	$2.64	$1.09
Diluted EPSper diluted share	$3.46	-$4.41	$3.86	$2.95	$3.12	-$3.99	$2.01	$3.01	$0.61	$2.65	$0.93	$1.20	$1.54	$1.16	$2.16	$1.79	$5.34	$2.62	$1.09

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys4$512.4K disclosed value

Sells (SEC code S)6$4.56M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Apr 1, 2026Form 4	Elkins David VEVP, Chief Financial Officer	SellCommon Stock, $0.10 par value	4.5K	$62.05	$278.0K	159.2K
Apr 1, 2026Form 4	Elkins David VEVP, Chief Financial Officer	SellCommon Stock, $0.10 par value	25.5K	$61.60	$1.57M	163.7K
Sep 2, 2025Form 4	Elkins David VEVP, Chief Financial Officer	SellCommon Stock, $0.10 par value	56.0K	$47.33	$2.65M	167.4K
Aug 2, 2025Form 4	Short Bartie WendyEVP, Corporate Affairs	SellCommon Stock, $0.10 par value	378	$44.23	$16.7K	5.1K
May 9, 2025Form 4	Hickey BenjaminPresident, RayzeBio Org.	SellCommon Stock, $0.10 par value · indirect	97.39	$38.01	$3.7K	0

Review ownership filings at SEC.gov ↗

BRISTOL MYERS SQUIBB CO (BMY)

Financial charts

Financial statements

Insider buys & sells