We're increasing our price target on Bristol Myers after earnings and guidance top forecasts

February 5, 2026

TL;DR

Bristol Myers Squibb reported Q4 revenue of $12.5 billion, up 1% year-over-year, exceeding expectations.
Q4 EPS was $1.26, surpassing analyst estimates of $1.12.
The company provided a 2026 forecast that exceeded Wall Street expectations.
Sales from the growth portfolio increased 17% year-over-year, offsetting a 15% decline in the legacy portfolio.
New schizophrenia drug Cobenfy shows promising uptake, surpassing comparators in its first year.
Eliquis, the company's largest drug, saw 8% annual sales growth despite impending European exclusivity loss.
Bristol Myers Squibb is on track to achieve approximately $1 billion in cost savings in 2025 and another $1 billion over the next two years.
The company anticipates multiple late-stage study updates in the coming years, which could drive further stock upside.
The price target was increased to $62 from $50, while maintaining a hold-equivalent rating.

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