Bristol-Myers Squibb CompanyNYSE: BMY
Health Care · Pharmaceuticals
$53.78
-2.72%
Vol: 5.6M
Research Digest
Thursday, June 18, 2026
Bristol Myers Squibb real-world kidney cancer data signaling durable immunotherapy momentum hit within the last 24 hours as its growth portfolio offsets the Eliquis patent cliff.
Within the last 24 hours, Bristol Myers Squibb released real-world kidney cancer data described as signaling durable immunotherapy momentum, alongside advancing a Phase 1 liver study for new drug BMS-986435 and fresh real-world data on its heart drug mavacamten (Camzyos). The company's growth portfolio rose about 12% to $6.2 billion in Q1 2026, with Camzyos nearly doubling to $314 million and Breyanzi up 56%; newer drugs now make up 54% of sales. Near-term catalysts include an iberdomide FDA Priority Review with an August 17, 2026 PDUFA date and seven registrational readouts in 2026, including milvexian, Cobenfy in Alzheimer's psychosis and admilparant in IPF. Shares trade near $56 yielding about 4.5%. The bear case is the looming Eliquis patent cliff, with unlimited generic competition threatening a rapid decline in legacy revenue. Analysts average a Hold with a ~$63 target.
Previous Market Intelligence
13 daysJun 17No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 16No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 15No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 14No significant overnight updatesNeutral▶
No material news in the last 48 hours.
May 21Bristol Myers Squibb announced strategic AI collaboration with Anthropic on May 20, deploying Claude across 30,000+ employees for drug development workflows.Positive▶
On May 20, 2026, Bristol Myers Squibb announced the integration of Anthropic's Claude across 30,000+ employees, going beyond conversational AI tools toward agents embedded directly in drug development workflows. On May 12, BMS and Hengrui Pharma announced a global strategic collaboration and license agreement covering 13 early-stage oncology, hematology and immunology programs, with a potential deal value up to $15.20 billion including $600 million upfront plus milestones and tiered royalties; closing is expected in Q3 2026. BMS reaffirmed 2026 guidance of $46B-$47.5B revenue and non-GAAP EPS of $6.05-$6.35, noting trend toward the upper end. Consensus rating across 14 analysts is Buy with shares around $58.48.
May 20Bristol Myers Squibb strikes up to $15.2B Hengrui collaboration spanning 13 oncology, hematology, and immunology programsMixed▶
Bristol Myers Squibb and China's Hengrui Pharma announced a global strategic collaboration and license agreement covering 13 early-stage assets in oncology, hematology, and immunology. The structure includes four oncology/hematology assets from Hengrui, four immunology assets from BMS, and five jointly-developed assets, with potential deal value of up to $15.2B, $600M upfront, milestone payments, and tiered royalties. The deal is expected to close in Q3 2026. The agreement signals deeper Western/Chinese pipeline integration and adds external innovation as BMY navigates slow revenue growth (Q1 2026 revenue $11.5B, +3%; non-GAAP EPS -12%). Analysts remain cautious citing 4% projected revenue decline over next 12 months and LRP visibility concerns.
May 19Bristol Myers Squibb announces $15.2 billion licensing deal with China's Hengrui Pharmaceuticals to bolster oncology and immunology pipelineMixed▶
Bristol Myers Squibb unveiled a cross-continent collaboration with China's Hengrui Pharmaceuticals on May 15, 2026, worth up to $15.2 billion, to co-develop roughly a dozen drugs across oncology and immunology, with four BMS-discovered candidates being sent to Hengrui for early-stage trials in China. The deal is designed to replenish BMS's pipeline as it faces patent cliffs and a projected 4% revenue decline over the next year, with analysts noting only a 1.4% five-year revenue CAGR. The company is also advancing Navlimetostat through a key Phase 1 tablet study, completed an Afimetoran-Famotidine interaction study, and announced a strategic collaboration with Tempus AI. The bear case is that BMS's growth portfolio still must offset legacy revenue declines, and large licensing deals carry execution and clinical risk. The stock trades at $57 with a 4.4% dividend yield, reflecting valuation discount.
May 18Bristol Myers Squibb and Hengrui Pharma strike $15.2B global licensing deal on May 12 for 13 oncology, hematology and immunology programs with $600M upfrontMixed▶
On May 12, 2026, Bristol Myers Squibb and China's Hengrui Pharma announced strategic collaboration and license agreements covering 13 early-stage oncology, hematology, and immunology programs, with potential value up to $15.2 billion and $600 million upfront from BMS. The deal includes four Hengrui oncology/hematology assets, four BMS immunology assets, and five jointly-discovered programs, signaling deeper cross-border integration between Western and Chinese drug development. BMS shareholders also re-elected all 11 directors at the May 5 annual meeting and approved executive pay. Q1 revenue grew 3% but non-GAAP EPS fell 12%, though management maintained guidance of $46B-$47.5B revenue. Bear case: sales have remained flat over the last two years with projected 4% decline in coming 12 months, EPS down 1.7% annually over five years, and shares hit seven consecutive days of losses ending May 11 at $55.64.
May 15Bristol Myers Squibb announced a $600M upfront, up-to-$15.2B licensing deal with China's Hengrui Pharma for 13 early-stage oncology, hematology and immunology programs on May 12.Mixed▶
On May 12, 2026, Bristol Myers Squibb announced a major global strategic collaboration with Hengrui Pharma covering 13 early-stage programs in oncology, hematology, and immunology, with a $600M upfront payment and a potential total deal value of $15.2 billion if all milestones are met. The deal materially expands BMS's pipeline as it confronts a projected ~4% revenue decline next year. Shareholders re-elected all 11 directors and approved executive pay at the May 5 annual meeting but rejected a proposal for an independent board chair. BMS also presented at BofA Healthcare Conference on May 14. The stock fell 0.9% to $55.64 on May 11, a seventh consecutive day of losses, though it remains up 13.6% over six months.
May 14Bristol Myers Squibb strikes $15.2B Hengrui Pharma licensing deal for 13-program pipeline boostMixed▶
On May 12, 2026, Bristol Myers Squibb announced strategic collaboration and license agreements with China-based Hengrui Pharma covering 13 early-stage programs across oncology, hematology, and immunology. The deal includes a $600 million upfront payment with potential total value of up to $15.2 billion in milestones, expected to close in Q3 2026. The agreement is positioned to address looming patent expirations and bolster long-term growth. Shares slid 0.9% to $55.64 on May 11, the seventh consecutive day of losses, despite a Q1 2026 revenue print of $11.5 billion. BMY will present at the Bank of America Securities Healthcare Conference on May 14. Bears note that licensing 13 early-stage assets adds substantial development risk and milestone capital commitments.
May 13Bristol Myers Squibb signs $15.2B licensing deal with Hengrui Pharma for 13 early-stage oncology, hematology, and immunology programs.Mixed▶
BMY announced strategic license and collaboration agreements with China's Hengrui Pharma covering 13 early-stage drug programs with potential total value up to $15.2B, including $600M upfront and up to $950M through 2028. The deal materially broadens BMY's pipeline beyond legacy franchises facing patent cliffs (Eliquis, Revlimid, Opdivo) and accelerates its growth portfolio strategy. Risk: deal economics are heavily back-loaded with milestone-based payments, execution depends on clinical success of early-stage assets, and the transaction won't close until Q3 2026. The deal complements positive Phase 3 Camzyos data in adolescents from the SCOUT-HCM study. Shares have been weak (-3% past week, -5% past month) despite a Q1 beat ($11.5B revenue, $1.58 adj EPS).
May 12Bristol Myers signs $15.2B Hengrui Pharma deal for 13 oncology/immunology programs; EU approves Sotyktu for psoriatic arthritisPositive▶
On May 12, 2026, Bristol Myers Squibb and China's Hengrui Pharma announced strategic global collaboration and license agreements covering 13 early-stage programs in oncology, hematology, and immunology. BMS will pay Hengrui up to $950M upfront, with potential total deal value of approximately $15.2B including option exercises and milestones. Separately, on May 8 the European Commission approved Sotyktu (deucravacitinib) for active psoriatic arthritis in adults, making it the first TYK2 inhibitor authorized in the EU for PsA. Q1 2026 revenues hit $11.5B with growth portfolio offsetting LOE products. Stock fell 0.9% to $55.64 on May 11, marking a 7th straight session of losses. Insiders sold $1.9M of stock with no purchases over past three months. PDUFA for iberdomide in r/r multiple myeloma set for August 17, 2026.
May 11Bristol Myers Squibb wins EU approval May 8 for Sotyktu in psoriatic arthritis, becoming first TYK2 inhibitor authorized in EU for the indication.Positive▶
On May 8, 2026, the European Commission approved Sotyktu (deucravacitinib) for active psoriatic arthritis in adults, making it the first TYK2 inhibitor authorized in the EU for this condition and expanding the drug beyond psoriasis. Shareholders re-elected all 11 directors and approved compensation at the May 5 annual meeting. BMY also launched a Won't Lose brand campaign tied to the FIFA World Cup 2026. The company will present at the Bank of America Healthcare Conference on May 14. Q1 2026 revenues came in at $11.5B with management trending toward the upper end of $46-47.5B full-year guidance. Risk: legacy product erosion still pressures earnings even as the growth portfolio expands.
Sector Peers
| Company | Price | Day | 1M | Fwd P/E | Beta | Mkt Cap |
|---|---|---|---|---|---|---|
| LLYELI | $1,095.88 | -1.45% | +8.9% | 25.0x | 0.52 | $991.6B |
| JNJJOHNSON | $228.45 | -2.46% | +1.8% | 18.4x | 0.26 | $563.8B |
| MRKMERCK | $112.50 | -2.55% | +1.1% | 12.1x | 0.22 | $285.1B |
| PFEPFIZER | $25.10 | -3.18% | +1.0% | 9.2x | 0.29 | $147.7B |
| BMYBRISTOL | $53.78 | -2.72% | -5.2% | 9.0x | 0.24 | $112.9B |
| ZTSZOETIS | $77.70 | +0.57% | -2.1% | 10.4x | 0.74 | $32.4B |
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