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BMY · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Bristol-Myers Squibb Co. (BMY) stock moving?
Bristol-Myers Squibb reported a Q3 2026 beat on October 29, with revenue of $13.1B (up 7%) and Growth Portfolio revenue up 12% to $7.7B, while Legacy Portfolio revenue rose only 1% and faces ongoing generic pressure. Non-GAAP EPS fell to $1.35 from $1.63 due to a $0.58 hit from acquired IPRD charges. The company raised its 2026 revenue outlook to $49.75B-$50.25B but lowered its non-GAAP EPS range to $6.35-$6.55, including a $0.60 per-share IPRD impact. Analysts have been mixed: Goldman Sachs trimmed its target to $61 from $63, while Morgan Stanley kept an Underweight rating and cut its target to $40. Early November brought several pipeline updates, including positive interim Phase 3 data for iza-bren in breast cancer, 56-week Phase 3 pediatric Camzyos data, and the ZENBEXUS launch. Market data show the stock trading in a 60.00-65.54 range over the last 30 days, peaking on Nov 5 before falling back to about 62-63. It closed at 62.80 on Nov 10, and daily volume has dropped from about 15.2M on Oct 22 to about 7.6M, which suggests fading momentum. Benzinga cites a 4.06% dividend yield.
News behind the analysis
- Bristol Myers Squibb Updates 2026 Financial GuidanceBristol Myers Squibb revised its full-year 2026 revenue and EPS guidance to reflect acquired R&D charges. The change was announced alongside its third-quarter results.
- Bristol-Myers Squibb Says AI Is Already Speeding Up Drug Research — And It's Measuring The ImpactBristol-Myers beat Q3 2026 estimates with $13.07B in revenue and raised full-year sales guidance, driven by newer drugs.
- Morgan Stanley Maintains Underweight on Bristol-Myers Squibb, Lowers Price Target to $40Morgan Stanley kept its Underweight rating and cut its price target from $41 to $40, well below the recent share price.
- Goldman Sachs Adjusts Price Target on Bristol-Myers Squibb to $61 From $63Goldman Sachs lowered its price target on Bristol-Myers Squibb from $63 to $61, close to the current share price.
- Bristol Myers Squibb and SystImmune Report Positive Phase 3 Results for Iza-Bren in Breast CancerInterim results from the Phase 3 PANKU-Breast01 study showed reduced risk of disease progression or death for iza-bren in breast cancer.
- Bristol Myers Squibb Selects Polaris Rx to Dispense ZENBEXUSBristol Myers Squibb chose Polaris Rx as a specialty pharmacy for ZENBEXUS (iberdomide), its recently FDA-approved multiple myeloma therapy.
- Bristol Myers Squibb Presents 56-Week Results From Phase 3 SCOUT-HCM Clinical Trial In Late-Breaker Presentation At HCMS Scientific SessionsBristol Myers Squibb presented 56-week Phase 3 data for Camzyos in pediatric patients with symptomatic obstructive hypertrophic cardiomyopathy.
- Tempus AI Says It Is Uniquely PositionedTempus AI beat Q3 earnings estimates and secured $192.5 million in data deals with Bristol Myers Squibb and Pathos.
- Wall Street's Most Accurate Analysts Spotlight On 3 Health Care Stocks Delivering High-Dividend YieldsBenzinga lists BMY with a 4.06% dividend yield among high-yield healthcare stocks with recent analyst ratings.
About Bristol-Myers Squibb Co.
Bristol Myers Squibb is a large global drugmaker based in Princeton, New Jersey. It develops and sells prescription medicines for serious diseases, mainly cancer, blood disorders, immunology, heart disease and neuroscience. What sets it apart is its shift away from older blockbusters like Revlimid and Eliquis toward a newer "Growth Portfolio" of drugs such as Opdivo, Camzyos, Breyanzi and Cobenfy.
How it makes money
Bristol Myers earns almost all of its money selling prescription drugs to wholesalers, hospitals and pharmacies, mostly in the US. In Q3 2026, total revenue was about $13.1 billion. The Growth Portfolio (including Opdivo, Opdualag, Reblozyl, Camzyos, cell therapies and Cobenfy) brought in about $7.7 billion of that, or roughly 59%. Eliquis, a blood thinner co-marketed with Pfizer, is still its biggest single product at about $4.7 billion in the quarter. The company expects 2026 revenue of roughly $50 billion. It also earns some licensing and royalty income.
What usually moves BMY
- Eliquis and Opdivo patent expirations and generic competition
- Growth Portfolio sales momentum (Camzyos, Cobenfy, Reblozyl)
- Clinical trial readouts and FDA approvals
- US drug pricing policy, including Medicare price negotiation
- Acquisitions, licensing deals and related charges