BMY trades against a final fair-value range of $68.85-$100.89, with the midpoint set by the accepted valuation synthesis rather than earlier draft model outputs. Fair value range: low $68.8, high $101, with mid-point at $84.5.
Stock analysis
Bristol-Myers Squibb CompanyBMY Bristol-Myers Squibb Company fair value $85–$101
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§1 Краткое резюме
Composite fair value $85 with high case $101.
Implied upside of 50.5% to fair value.
Moat 6.5/10 · confidence 80/100 · Turnaround.
Trades below fair value with a meaningful cushion to the midpoint.
Fair value
$85
Margin of safety
+33.6%
Confidence
80/100
Moat
6.5/10
Educational analysis only — not financial advice. Always do your own due diligence.
$56.16Price
FV $84.55
High $100.89
BMY trades against a final fair-value range of $68.85-$100.89, with the midpoint set by the accepted valuation synthesis rather than earlier draft model outputs.
Intangible Assets
Intangible Assets
Economies of Scale
Economies of Scale
Cycle upside
Rapid adoption of next-generation biologics and targeted oncology therapies driving multiple expansion.
§2 Медвежий сценарий
Bristol-Myers Squibb is facing a massive loss of exclusivity wave. A failure in executing its new product launches would transform its 9.1x distressed multiple into a value trap, threatening the sustainability of its 70% dividend payout.
Как может разрушиться эта теза
Pipeline Replacement Failure
· High
New assets like Opdualag and Camzyos completely fail to offset the multi-billion-dollar revenue crater from the Revlimid and Eliquis patent cliff.
FV impact
Fair value collapses toward $40.
Severe IRA Margin Compression
· Medium
Regulatory and pricing pressures under the Inflation Reduction Act permanently compress operating margins well below the projected 29%.
FV impact
Limits fair value upside to $60.
Dilutive Desperation M&A
· Low
Management pursues aggressively overpriced acquisitions to patch the pipeline gap, significantly destroying ROIC and elevating debt.
FV impact
Structural multiple compression to 7x.
Сигналы раннего предупреждения для мониторинга
Метрика
Текущее
Триггерный порог
Quarterly sales misses for newly launched pipeline assets.
Based on our latest analysis, BMY looks meaningfully undervalued. The current price is $56.2 versus a composite fair-value midpoint of $84.5 (range $68.8–$101), which implies roughly 50.5% upside to the midpoint.
Our composite fair-value range for BMY is $68.8–$101, with a midpoint of $84.5. The range is triangulated across multiple valuation models (discounted earnings, forward earnings scenarios, peer multiples, and where applicable owner earnings or reverse DCF) and weighted by reliability for Bristol-Myers Squibb Company's archetype.
Our current rating for BMY is Strong Buy with a confidence score of 80/100. BMY is rated Strong Buy at $56.16 versus the reconciled fair value midpoint of $84.55, implying +50.55% upside/downside. Confidence is separately disclosed at 80/100. This is research for educational purposes, not personalized investment advice.
The top risks our latest report flags for Bristol-Myers Squibb Company are: Pipeline Replacement Failure; Severe IRA Margin Compression; Dilutive Desperation M&A. The single biggest risk is Pipeline Replacement Failure: New assets like Opdualag and Camzyos completely fail to offset the multi-billion-dollar revenue crater from the Revlimid and Eliquis patent cliff.
Our current rating for BMY is Strong Buy, issued with a confidence score of 80/100 and a moat score of 6.5/10. The rating reflects the composite fair-value range ($68.8–$101) versus the current price of $56.2.
Bristol-Myers Squibb Company is classified as a turnaround stock. Archetype determines how every downstream parameter — discount rate, terminal growth, deceleration curve, terminal multiple, scenario probability weights, scorecard weights, and which valuation models are prioritized — is calibrated for BMY.
