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    Is Bristol Myers Squibb (BMY) Quietly Recasting Its Post-Patent Story With Opdivo And KarXT Moves?

    Simply Wall St·01/08/2026 06:25:29
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    • Bristol-Myers Squibb recently secured approval for a new subcutaneous formulation of Opdivo, advanced its KarXT plus KarX-EC Phase 3 autism program, and reached a U.S. agreement to supply Eliquis free to Medicaid while donating active ingredient to a government reserve.
    • Together, these moves highlight how Bristol-Myers Squibb is trying to refresh its growth drivers beyond upcoming patent expiries while expanding into pediatric neuropsychiatry.
    • Now we’ll consider how the new subcutaneous Opdivo approval and pipeline updates may reshape Bristol-Myers Squibb’s existing investment narrative.

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    Bristol-Myers Squibb Investment Narrative Recap

    To own Bristol-Myers Squibb, you need to believe its newer medicines and pipeline can offset pressure from major patent expiries and pricing reforms. The recent Opdivo subcutaneous approval and KarXT autism trial plan support that story, but do not materially change the near term focus on how the Eliquis Medicaid agreement and upcoming 2026 guidance will shape expectations for future earnings.

    Among the latest updates, the new subcutaneous formulation of Opdivo stands out because it directly touches one of Bristol-Myers Squibb’s most important oncology franchises. While it does not remove the longer term patent cliff risk, it could influence how investors think about the durability of the company’s cancer portfolio as they weigh upcoming trial readouts and the broader shift toward newer revenue drivers.

    Yet behind these developments, investors should still pay close attention to how upcoming patent expiries could affect Bristol-Myers Squibb’s ability to...

    Read the full narrative on Bristol-Myers Squibb (it's free!)

    Bristol-Myers Squibb's narrative projects $41.3 billion revenue and $9.2 billion earnings by 2028.

    Uncover how Bristol-Myers Squibb's forecasts yield a $53.55 fair value, a 6% downside to its current price.

    Exploring Other Perspectives

    BMY 1-Year Stock Price Chart
    BMY 1-Year Stock Price Chart

    Twelve members of the Simply Wall St Community place Bristol-Myers Squibb’s fair value between US$48 and about US$127.94, illustrating very different expectations. Against that backdrop, the reliance on a handful of key drugs and looming patent expiries may influence how you weigh these contrasting views on the company’s longer term earnings power.

    Explore 12 other fair value estimates on Bristol-Myers Squibb - why the stock might be worth 15% less than the current price!

    Build Your Own Bristol-Myers Squibb Narrative

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.