Bristol Myers Squibb's Iberdomide Application Receives FDA Priority Review
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 17 2026
0mins
Source: seekingalpha
- FDA Priority Review: Bristol Myers Squibb announced that its marketing application for iberdomide, an experimental therapy for multiple myeloma, has received priority review from the FDA, marking a significant advancement in the blood cancer treatment landscape.
- Target Action Date: The FDA has set August 17, 2026, as the target action date for the New Drug Application, a timeline that will directly influence the company's future market strategy and financial performance.
- Clinical Trial Support: The application is backed by data from the ongoing Phase 3 EXCALIBER-RRMM study, aimed at providing new treatment options for patients with relapsed or refractory multiple myeloma, demonstrating the company's continued investment in research and development.
- Disease Response Evaluation: The application focuses on the endpoint related to minimal residual disease (MRD), which has become a critical measure for evaluating treatment response in multiple myeloma, reflecting the company's commitment to clinical efficacy and its competitive positioning in the market.
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Analyst Views on BMY
Wall Street analysts forecast BMY stock price to fall
20 Analyst Rating
8 Buy
11 Hold
1 Sell
Moderate Buy
Current: 59.550
Low
37.00
Averages
55.86
High
68.00
Current: 59.550
Low
37.00
Averages
55.86
High
68.00
About BMY
Bristol-Myers Squibb Company is a global biopharmaceutical company. It is engaged in the discovery, development, and delivery of transformational medicines for patients facing serious diseases in areas: oncology, hematology, immunology, cardiovascular, neuroscience and other areas. Its growth portfolio includes Opdivo (nivolumab), Opdivo Qvantig (nivolumab and hyaluronidase-nvhy), Orencia (abatacept), Yervoy (ipilimumab), Reblozyl (luspatercept-aamt), Breyanzi (lisocabtagene maraleucel), Opdualag (nivolumab and relatlimab-rmbw), Camzyos (mavacamten), Zeposia (ozanimod), Abecma (idecabtagene vicleucel), Sotyktu (deucravacitinib), Krazati (adagrasib), and Cobenfy (xanomeline and trospium chloride). Its other growth products include Augtyro, Onureg, Inrebic, Nulojix, and Empliciti. Its legacy portfolio includes Eliquis (apixaban), Revlimid (lenalidomide), Pomalyst/Imnovid (pomalidomide), Sprycel (dasatinib), and Abraxane (paclitaxel albumin-bound particles for injectable suspension).
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Bristol Myers Squibb Shares Rebound but Risks Remain
- Patent Cliff Risk: Bristol Myers Squibb faces a daunting patent cliff, with sales of its blood cancer drug Revlimid sharply declining due to generic competition, while its top-selling drugs Eliquis and Opdivo will lose U.S. patent exclusivity in 2028, potentially leading to significant future revenue declines.
- Acquisition Integration Challenges: The company acquired Mirati Therapeutics, Karuna Therapeutics, and RayzeBio in 2023, and while these acquisitions may enhance growth prospects, they also introduce integration and clinical risks that could impact short-term financial performance.
- Growth vs. Legacy Drug Conflict: Although Bristol Myers Squibb emphasized in its 2026 Q1 earnings report that its growth portfolio constitutes the majority of total revenue, legacy drugs still account for approximately 46% of revenue, and with total revenue increasing by only 1% on a constant-currency basis, there is a risk that new drugs may not offset losses from older blockbusters.
- Investor Risk Appetite: For risk-averse investors, Bristol Myers Squibb may not be an ideal choice, while patient long-term investors might find the 4.2% dividend yield appealing, indicating that the stock could still be attractive under certain investment styles.
See More
Bristol Myers Squibb Faces Daunting Patent Cliff
- Patent Cliff Risks: Bristol Myers Squibb's blood cancer drug Revlimid is experiencing a sharp decline in sales due to generic competition, and its two top-selling products, Eliquis and Opdivo, are set to lose U.S. patent exclusivity by 2028, posing significant revenue challenges ahead.
- Limited Growth Potential: Although the company has made acquisitions of Mirati Therapeutics, Karuna Therapeutics, and RayzeBio in 2023 to enhance growth prospects, its legacy drugs still account for approximately 46% of total revenue, with overall revenue growth stagnating at just 1%, indicating that new drugs may not offset losses from older blockbusters.
- Diverging Investor Sentiment: Risk-averse investors may find Bristol Myers Squibb's stock unattractive, while patient investors could be drawn to its 4.2% dividend yield, despite the company's fortunes not expected to improve significantly in the short term.
- Poor Market Performance: Despite a rebound of about 11% after a decline, Bristol Myers Squibb's shares remain below their early March peak, with a forward P/E ratio of only 9.4 suggesting potential undervaluation, but investors should remain cautious of integration and clinical risks.
See More
BMY Shares Snap Six-Day Gain with Minor Decline
- Stock Decline: Bristol-Myers Squibb (BMY) saw a minor decline of 0.15% on Friday, closing at $59.46 after six consecutive days of gains, indicating short-term market volatility.
- Analyst Ratings: Seeking Alpha's Quant Rating gives BMY a Hold rating of 3.37, with an A+ for profitability but a D- for growth, reflecting market caution regarding its future growth prospects.
- Analyst Opinions: Among 29 analysts, 10 rated BMY as a Buy, 18 as Hold, and 1 as Strong Sell, indicating a divergence in market sentiment, particularly as the company faces a major patent cliff.
- Future Catalysts: Analyst Joseph Minton highlighted that BMY's robust pipeline and CAR-T optionality position it for potential re-rating opportunities in 2026, with forward P/E ratios possibly reaching 10-11x, showcasing long-term investment value.
See More
Bristol Myers Squibb Showcases New Drug Research Results
- Successful Clinical Trials: Bristol Myers Squibb presented late-breaking results from the Phase 3 SUCCESSOR-2 trial of mezigdomide at the 2026 ASCO Annual Meeting, demonstrating its efficacy in relapsed or refractory multiple myeloma patients, potentially introducing a new treatment option in this area.
- Diverse Drug Pipeline: The company will also showcase various candidates including pumitamig, iza-bren, iberdomide, and golcadomide, highlighting their potential across different tumor types, thereby reinforcing its leadership position in oncology therapeutics.
- Innovative Treatment Combinations: During the meeting, Bristol Myers Squibb will emphasize innovative treatment combinations across multiple tumor types, aiming to provide meaningful options for cancer patients and enhancing the company's competitive edge in a crowded market.
- Global Collaborative Research: Collaboration with BioNTech will present the first global data for a PD-1 or PD-(L)1 x VEGF bispecific immunomodulator in previously untreated non-small cell lung cancer, further expanding the company's research impact on a global scale.
See More
Bristol Myers Squibb's Stock Lacks Confidence Despite Strong Fundamentals
- Valuation Advantage: Bristol Myers Squibb's stock trades at approximately 10 times forward earnings, making it the cheapest among its 11 peers in the S&P 500, reflecting low market confidence in its future growth prospects.
- Attractive Dividend Yield: With only 8% stock returns so far this year, the dividend yield has surpassed 4%, second only to Pfizer in the pharmaceutical sector, appealing to income-seeking investors.
- Rapid Growth of New Products: In Q1 2026, Bristol Myers Squibb generated $11.5 billion in revenue, a 3% year-over-year increase, with its growth portfolio rising 12%, demonstrating resilience against patent expiration risks.
- Cost Control Measures: The company anticipates achieving approximately $2 billion in annual cost savings by 2027 through restructuring and productivity initiatives, further enhancing its financial health and market competitiveness.
See More
Bristol Myers Squibb Valuation Low but Growth Prospects Positive
- Strong Revenue Outlook: Bristol Myers Squibb anticipates revenue of up to $47.5 billion in 2023, demonstrating robust competitiveness in the pharmaceutical market, although facing patent expiration pressures, it is expected to maintain stable revenue growth.
- Cost Control Initiatives: Management plans to save approximately $2 billion annually by 2027 through restructuring and productivity improvements, which will enhance the company's profitability and improve cash flow.
- Rapid New Drug Growth: The company's new product portfolio achieved a 12% growth in Q1 2026, reaching $6.2 billion, with Breyanzi and Camzyos revenues increasing by 56% and 97% respectively, showcasing success in innovative drug development.
- Attractive Dividend Yield: Despite lackluster stock performance, Bristol Myers Squibb's dividend yield has surpassed 4%, ranking second in the pharmaceutical sector, attracting income-seeking investors and reflecting market caution regarding its future growth.
See More
Bristol Myers Squibb Shares Rebound but Risks Remain
- Patent Cliff Risk: Bristol Myers Squibb faces a daunting patent cliff, with sales of its blood cancer drug Revlimid sharply declining due to generic competition, while its top-selling drugs Eliquis and Opdivo will lose U.S. patent exclusivity in 2028, potentially leading to significant future revenue declines.
- Acquisition Integration Challenges: The company acquired Mirati Therapeutics, Karuna Therapeutics, and RayzeBio in 2023, and while these acquisitions may enhance growth prospects, they also introduce integration and clinical risks that could impact short-term financial performance.
- Growth vs. Legacy Drug Conflict: Although Bristol Myers Squibb emphasized in its 2026 Q1 earnings report that its growth portfolio constitutes the majority of total revenue, legacy drugs still account for approximately 46% of revenue, and with total revenue increasing by only 1% on a constant-currency basis, there is a risk that new drugs may not offset losses from older blockbusters.
- Investor Risk Appetite: For risk-averse investors, Bristol Myers Squibb may not be an ideal choice, while patient long-term investors might find the 4.2% dividend yield appealing, indicating that the stock could still be attractive under certain investment styles.
See More
Bristol Myers Squibb Faces Daunting Patent Cliff
- Patent Cliff Risks: Bristol Myers Squibb's blood cancer drug Revlimid is experiencing a sharp decline in sales due to generic competition, and its two top-selling products, Eliquis and Opdivo, are set to lose U.S. patent exclusivity by 2028, posing significant revenue challenges ahead.
- Limited Growth Potential: Although the company has made acquisitions of Mirati Therapeutics, Karuna Therapeutics, and RayzeBio in 2023 to enhance growth prospects, its legacy drugs still account for approximately 46% of total revenue, with overall revenue growth stagnating at just 1%, indicating that new drugs may not offset losses from older blockbusters.
- Diverging Investor Sentiment: Risk-averse investors may find Bristol Myers Squibb's stock unattractive, while patient investors could be drawn to its 4.2% dividend yield, despite the company's fortunes not expected to improve significantly in the short term.
- Poor Market Performance: Despite a rebound of about 11% after a decline, Bristol Myers Squibb's shares remain below their early March peak, with a forward P/E ratio of only 9.4 suggesting potential undervaluation, but investors should remain cautious of integration and clinical risks.
See More
BMY Shares Snap Six-Day Gain with Minor Decline
- Stock Decline: Bristol-Myers Squibb (BMY) saw a minor decline of 0.15% on Friday, closing at $59.46 after six consecutive days of gains, indicating short-term market volatility.
- Analyst Ratings: Seeking Alpha's Quant Rating gives BMY a Hold rating of 3.37, with an A+ for profitability but a D- for growth, reflecting market caution regarding its future growth prospects.
- Analyst Opinions: Among 29 analysts, 10 rated BMY as a Buy, 18 as Hold, and 1 as Strong Sell, indicating a divergence in market sentiment, particularly as the company faces a major patent cliff.
- Future Catalysts: Analyst Joseph Minton highlighted that BMY's robust pipeline and CAR-T optionality position it for potential re-rating opportunities in 2026, with forward P/E ratios possibly reaching 10-11x, showcasing long-term investment value.
See More
Bristol Myers Squibb Showcases New Drug Research Results
- Successful Clinical Trials: Bristol Myers Squibb presented late-breaking results from the Phase 3 SUCCESSOR-2 trial of mezigdomide at the 2026 ASCO Annual Meeting, demonstrating its efficacy in relapsed or refractory multiple myeloma patients, potentially introducing a new treatment option in this area.
- Diverse Drug Pipeline: The company will also showcase various candidates including pumitamig, iza-bren, iberdomide, and golcadomide, highlighting their potential across different tumor types, thereby reinforcing its leadership position in oncology therapeutics.
- Innovative Treatment Combinations: During the meeting, Bristol Myers Squibb will emphasize innovative treatment combinations across multiple tumor types, aiming to provide meaningful options for cancer patients and enhancing the company's competitive edge in a crowded market.
- Global Collaborative Research: Collaboration with BioNTech will present the first global data for a PD-1 or PD-(L)1 x VEGF bispecific immunomodulator in previously untreated non-small cell lung cancer, further expanding the company's research impact on a global scale.
See More
Bristol Myers Squibb's Stock Lacks Confidence Despite Strong Fundamentals
- Valuation Advantage: Bristol Myers Squibb's stock trades at approximately 10 times forward earnings, making it the cheapest among its 11 peers in the S&P 500, reflecting low market confidence in its future growth prospects.
- Attractive Dividend Yield: With only 8% stock returns so far this year, the dividend yield has surpassed 4%, second only to Pfizer in the pharmaceutical sector, appealing to income-seeking investors.
- Rapid Growth of New Products: In Q1 2026, Bristol Myers Squibb generated $11.5 billion in revenue, a 3% year-over-year increase, with its growth portfolio rising 12%, demonstrating resilience against patent expiration risks.
- Cost Control Measures: The company anticipates achieving approximately $2 billion in annual cost savings by 2027 through restructuring and productivity initiatives, further enhancing its financial health and market competitiveness.
See More
Bristol Myers Squibb Valuation Low but Growth Prospects Positive
- Strong Revenue Outlook: Bristol Myers Squibb anticipates revenue of up to $47.5 billion in 2023, demonstrating robust competitiveness in the pharmaceutical market, although facing patent expiration pressures, it is expected to maintain stable revenue growth.
- Cost Control Initiatives: Management plans to save approximately $2 billion annually by 2027 through restructuring and productivity improvements, which will enhance the company's profitability and improve cash flow.
- Rapid New Drug Growth: The company's new product portfolio achieved a 12% growth in Q1 2026, reaching $6.2 billion, with Breyanzi and Camzyos revenues increasing by 56% and 97% respectively, showcasing success in innovative drug development.
- Attractive Dividend Yield: Despite lackluster stock performance, Bristol Myers Squibb's dividend yield has surpassed 4%, ranking second in the pharmaceutical sector, attracting income-seeking investors and reflecting market caution regarding its future growth.
See More
