Bristol-Myers (BMY) Stock Forecast & Price Target

Bristol-Myers Squibb has demonstrated a robust potential for future growth, with significant increases in the probability of success (PoS) for key drugs, raising the risk-adjusted sales projections for milvexian and iber/mezi to $1.2 billion and $3.6 billion respectively by 2033. The company has benefited from favorable guidance, which exceeded sell-side consensus and alleviated prior concerns, alongside growing investor enthusiasm for its CELMoD products, indicating strong market opportunities. Additionally, Bristol-Myers Squibb maintains a consistent dividend of approximately $2.50, underscoring its commitment to shareholder returns while navigating a promising pipeline supported by cost management and steady performance across its growth portfolio.

Bristol-Myers Squibb faces a significant risk from the potential delay in regulatory approval and launch dates for new products, which could negatively impact future revenues and earnings. The company's valuation is currently below the average forward EV/EBITDA multiple of 11.2x compared to its peers, suggesting a lack of investor confidence. Additionally, ongoing clinical trial uncertainties, including the possibility of delayed or denied approvals and competition that could overshadow new developments, further contribute to the negative outlook on the firm's financial stability.