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Is Bristol-Myers Squibb Still An Undervalued Biopharma Play?

Bristol-Myers Squibb & Co. (NYSE:BMY) is gearing up to announce its second-quarter 2025 earnings on July 31, with expectations for adjusted earnings of $1.585 per share on sales of $11.31 billion, according to data from Benzinga Pro.

While revenue and underlying earnings per share estimates for the current quarter and full-year 2025 have seen slight downward revisions, the U.S. pharma giant anticipates a low-single-digit percentage increase in total revenue for the later 2020s, primarily driven by updated assumptions for its cancer drug Yervoy.

The upcoming earnings call is expected to shed light on the performance of key products, future milestones, and the impact of U.S. drug pricing policies on the broader industry.

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Bank of America Securities (BofA) updated the company’s earnings model. For the second quarter, BofA’s total revenue estimates and EPS decline by more than 1%, with no significant changes; for 2025, there are no major changes, revenue and underlying earnings per share decrease by more than 1%.

For the later 2020s, total revenue estimates increase by a low-single-digit percentage, primarily related to updated loss-of-exclusivity assumptions ...