Bristol-Myers Squibb (NYSE:BMY | BMY Price Prediction) trades at $60.17 as of writing. The 24/7 Wall St. Price Target is $70.12, implying upside of 16.51% over the next 12 months. The 24/7 Wall St. model rating is buy, with a high (90%) confidence level.
| Metric | Value |
|---|---|
| Current Price | $60.17 |
| 24/7 Wall St. Price Target | $70.12 |
| Upside/Downside | +16.51% |
| Model Rating | BUY |
| Confidence Level | 90% |
Bristol-Myers Squibb is a large-cap pharmaceutical company in portfolio transition. Its Growth Portfolio is accelerating, its pipeline is unusually active, and the stock trades at a forward earnings multiple that looks undemanding relative to peers.
A Strong Year, With Nuance
BMY has outperformed the broader market year-to-date in 2026, up 11.76% YTD versus 2.89% for the S&P 500. Over the past 12 months, BMY rose 25.44% versus 33.48% for the S&P 500. The stock sits close to its 52-week high of $62.25, having recovered from a 52-week low of $41.46.
Q4 2025 earnings produced a headline EPS miss of $1.26 reported versus the $1.63 estimate, a 22.70% miss, driven by a $1.39 billion Acquired IPRD charge tied to the Orbital Therapeutics acquisition that depressed EPS by roughly $0.60 per share.
Revenue told a better story: $12.5 billion, beating estimates by 1.68%. Full-year 2025 non-GAAP EPS came in at $6.15, beating the $6.11 estimate by 0.58%. The market responded positively, with the stock rising 3.3% on earnings day.
Why Bulls See a Pipeline-Driven Breakout
The bull case centers on the Growth Portfolio and a catalyst-rich pipeline. Growth Portfolio revenue reached $7.39 billion in Q4 2025, up 16% year-over-year, now representing more than 50% of total revenue. Breyanzi grew 49%, Camzyos 59%, and Opdualag 38% in Q4. Eliquis, the largest product, guided for 10-15% worldwide revenue growth in 2026.
Pipeline catalysts are stacked across the back half of 2026. Iberdomide carries an FDA priority review with a decision expected in August 2026. Milvexian is in pivotal AF and stroke prevention trials. Admilparant has pivotal IPF data expected in 2026. Cobenfy is advancing in Alzheimer’s Disease Psychosis.
CEO Christopher Boerner stated: “2026 is data-rich, and we are advancing a truly differentiated pipeline with multiple pivotal readouts expected in the back half of the year. Our core business is strong and growing, and we have the potential to achieve industry-leading, sustainable growth into the 2030s and beyond.”
UBS raised its price target to $70, while the bull scenario in our model points to $78.05 by April 2027.
The Risks Worth Watching
The bear case centers on legacy erosion and a heavy debt load. Revlimid declined 55% in Q4 2025, Sprycel fell 60%, and Abraxane dropped 52%. U.S. generic pomalidomide entry was expected in Q1 2026.
The 2026 revenue guidance of $46 billion to $47.5 billion implies a decline from 2025’s $48.194 billion. Debt stands at approximately $49 billion, a legacy of the Celgene acquisition. Several clinical programs missed endpoints in 2025, including Camzyos in non-obstructive HCM and Opdualag in adjuvant melanoma.
Bulls counter that gross profit expanded 24.88% in 2025 despite flat revenue, and the productivity initiative targets $3.5 billion in savings by 2027. The revenue decline reflects portfolio transition, not deterioration.
The bear scenario in our model implies a price of $60.28 by April 2027, essentially flat from today.
The Bottom Line
The $70.12 price target reflects a business where the Growth Portfolio is accelerating, the pipeline is differentiated, and valuation remains compressed. The company has raised its dividend for 17 consecutive years, paying a $2.52 annual dividend.
At roughly 9x forward earnings, the valuation setup, pending the Iberdomide FDA decision and milvexian trial data in the back half of 2026, remains a key focus for investors.
| Year | 24/7 Wall St. Price Target |
|---|---|
| 2026 | $70.12 |
| 2027 | $76.00 |
| 2028 | $83.00 |
| 2029 | $91.00 |
| 2030 | $100.88 |
These projections assume Bristol-Myers Squibb executes its Growth Portfolio transition and delivers on key pipeline catalysts through 2030. The five-year base case targets $100.88 by April 2031.
Significant upside or downside could result from pipeline success or failure in cardiovascular and oncology programs, or from changes in pharmaceutical pricing policy.
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