BMY Gains 19.4% Year to Date: Should You Buy, Sell or Hold the Stock?
Bristol Myers Squibb Company BMY has delivered a strong performance year to date, with its shares gaining 19.4% compared with the industry’s growth of 6.3%.
This biotech giant has outperformed both the sector and the S&P 500 during this time frame. Strong quarterly results and encouraging pipeline progress have boosted investor sentiment and supported the stock’s performance.
BMY Outperforms Industry, Sector & S&P 500 Index
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Against this backdrop, let us examine BMY’s fundamentals to assess whether the stock makes for a prudent investment opportunity.
BMY’s Growth Portfolio Drives Sustainable Top-Line Expansion
Bristol Myers’ Growth Portfolio is the cornerstone of its top-line growth, spanning key brands including Opdivo, Opdivo Qvantig, Orencia, Yervoy, Reblozyl, Camzyos, Breyanzi, Opdualag, Zeposia, Abecma, Sotyktu, Krazati and Cobenfy. The portfolio generated approximately 56% of total revenues in the first half of 2026, highlighting its importance to the company’s growth strategy.
Growth is led by the immuno-oncology franchise, while newer products, including Camzyos, Breyanzi and Reblozyl, continue to gain momentum and help offset declines in the legacy portfolio.
Although sales of blockbuster immuno-oncology drug Opdivo declined, primarily due to the ongoing shift to the subcutaneous Opdivo Qvantig in the United States, strong uptake of Qvantig across approved tumor types is helping cushion the decline. Qvantig has already surpassed $1 billion in annualized revenues.
Opdualag continues to benefit from strong global demand and its leading position as a first-line melanoma standard of care in the United States.
Reblozyl, developed in partnership with Merck MRK, is delivering strong growth, supported by solid uptake in first-line MDS-associated anemia, sustained demand in the second-line setting and increasing penetration among first-line RS-negative patients.
Breyanzi is also generating solid sales momentum, fueled by its differentiated profile and growing demand across approved large B-cell lymphoma indications in the United States and international markets.
Cardiovascular drug Camzyos continues to gain traction, supported by promotional efforts, a growing base of new prescribers and deeper penetration in community settings.
In immunology, Sotyktu is an important growth driver, with its recent approval in psoriatic arthritis expanding its commercial opportunity in rheumatology. Ongoing Phase III studies in systemic lupus erythematosus and Sjögren’s disease could further expand its addressable market if successful.
Meanwhile, newer products such as Cobenfy for schizophrenia provide additional long-term growth potential, with early launch momentum and opportunities for label expansion.
Overall, the broad-based performance of these growth brands provides Bristol MyersBMY-- with multiple avenues to support top-line growth and offset pressure from its legacy portfolio.
BMY’s Legacy Portfolio Faces Continued Generic Headwinds
BMY’s legacy portfolio continues to face headwinds from generic competition, particularly affecting key products such as Revlimid, Pomalyst, Sprycel, and Abraxane, resulting in a 5% revenue decline in the first half of 2026.
The segment also includes Eliquis, co-developed with Pfizer (PFE). Eliquis continues to deliver strong, demand-driven growth, nearly offsetting declines across the remainder of the portfolio due to generic competition.
BMY now expects Eliquis revenues to grow 20-25%, up from its prior guidance of 10-15%, supported by strong global demand, helping partially mitigate the overall segment decline.
The company now anticipates the total legacy portfolio revenue decline to be in the range of 4-6%.
BMY’s Recent Pipeline Progress Impressive
BMY’s recent pipeline progress strengthens its long-term growth prospects and could help offset pressure from its legacy portfolio.
The FDA recently granted accelerated approval to iberdomide, in combination with daratumumab and hyaluronidase-fihj and dexamethasone (ZDd), under the brand name Zenbexus, for adults with multiple myeloma who have received at least one prior line of therapy. Zenbexus is the first FDA-approved cereblon E3 ligase modulator (CELMoD), representing a novel class of cereblon-modulating protein degraders for multiple myeloma.
BMY also has a new drug application under FDA review for investigational CELMoD mezigdomide, in combination with carfilzomib and dexamethasone. The application has a target action date of May 13, 2027.
The company recently reported positive phase II results from the registrational QUINTESSENTIAL study evaluating arlocabtagene autoleucel (arlo-cel) in heavily pretreated patients with relapsed and refractory multiple myeloma (RRMM). Arlo-cel is a potential first-in-class autologous GPRC5D-directed CAR T-cell therapy.
The data are particularly encouraging because arlo-cel targets GPRC5D, potentially giving BMYBMY-- an opportunity to address patients previously treated with BCMA-directed therapies.
BMY is also advancing several candidates with multi-billion-dollar commercial potential, including milvexian, an oral Factor XIa inhibitor; admilparant, an LPA1 antagonist; and pumitamig, a PD-L1 x VEGF-A bispecific antibody.
BMY also continues to pursue strategic acquisitions and collaborations to expand its pipeline. The acquisition of Orbital Therapeutics adds OTX-201, a preclinical RNA CAR-T therapy designed to reprogram cells in vivo for autoimmune diseases, along with Orbital’s RNA platform.
In 2025, Bristol Myers partnered with BioNTech to co-develop the bispecific antibody pumitamig for solid tumors. Early phase II data in triple-negative breast cancer showed encouraging antitumor activity and manageable safety with chemotherapy. By targeting both PD-L1 and VEGF-A, pumitamig could offer a differentiated approach in solid tumors and provide another potential long-term growth opportunity for BMY.
BMY’s Valuation & Estimate Revision
Going by the price/earnings ratio, BMY is inexpensive as of now. Shares currently trade at 9.81x forward earnings, higher than its mean of 8.68x but lower than the large-cap pharma industry’s 18.02x.
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The Zacks Consensus Estimate for 2026 EPS has moved north to $6.86 from $6.32 in the past 60 days, while that for 2027 has increased to $6.44 from $6.09.
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Stay Invested in BMY Stock
Bristol Myers’ recent performance reflects improving momentum across its Growth Portfolio, driven by strong demand for Opdivo Qvantig, Reblozyl, Camzyos, Breyanzi and Opdualag, along with better-than-expected Eliquis sales.
The company’s decision to raise its 2026 revenue and earnings guidance following its second-quarter results points to a favorable near-term operating outlook.
Pipeline progress provides a longer-term growth opportunity, with Zenbexus, mezigdomide, arlo-cel and other candidates potentially expanding BMY’s presence across multiple therapeutic areas. Strategic deals and acquisitions also add to the pipeline’s potential, although several programs are still in development and carry clinical and regulatory risks.
However, we believe much of the near-term optimism is already reflected in BMY’s shares. The legacy portfolio remains under pressure from generic competition, with declines in Revlimid, Pomalyst, Sprycel and Abraxane expected to continue weighing on overall sales.
Given this backdrop, a cautious stance appears warranted. New investors may consider a wait-and-watch approach for more attractive entry points, while existing shareholders could continue to hold positions, supported by a dividend yield of approximately 3.9%.
BMY currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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