Goldman Sachs Reiterates Neutral Rating on Bristol-Myers Squibb Co. (BMY)

Goldman Sachs analyst Asad Haider reiterated a Neutral rating and $55.00 price target on Bristol-Myers Squibb Co. (NYSE: BMY).

The analyst comments "BMY's 1Q25 earnings this week (April 24) will feature several crosscurrents where the expected headwinds flagged by the company in the context of negative impacts from Part D redesign across key products, and inventory destocking, have been challenging to quantify. As discussed in our Neutral-rated coverage initiation, the company is facing significant generic impact in its Legacy portfolio as it tries to ramp its Growth portfolio. While we will be interested in management's framing of tariff variables, we are primarily focused on the portfolio cross-currents of LOE erosion vs growth drivers. Here, we will be watching for commercial traction on key Growth portfolio products, updates on the Opdivo Qvantig ramp, and pipeline progress. Investors will also be looking for any shifts in capex priorities in the context of the tariff theme given the company's heightened focus on expense management/cost cuts. More so than earnings, BMY's uneven catalyst path has been a primary focus of our investor conversations. Following last week's update that the Camzyos' Ph 3 label expansion trial did not meet its primary endpoint (a sentiment negative that had the stock down ~3%, despite an immaterial impact to numbers), focus is now on the Ph3 ARISE trial readout for Cobenfy in the adjunctive schizophrenia setting, expected imminently. We've previously noted ~2% upside to the stock on our base case with potentially bigger sentiment-driven moves in our bull/bear cases."

For an analyst ratings summary and ratings history on Bristol-Myers Squibb Co. click here. For more ratings news on Bristol-Myers Squibb Co. click here.

Shares of Bristol-Myers Squibb Co. closed at $49.23 yesterday.

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