Bristol-Myers Squibb undervalued amid patent cliff fears; growth and new drugs offer upside.

Bristol-Myers Squibb is considered undervalued at 8.9 times forward earnings due to exaggerated concerns about patent expirations for key drugs Eliquis and Opdivo in 2028 and 2029. The company's Growth Portfolio now accounts for 55% of revenue and grew 17% in fiscal year 2025, with expectations for continued double-digit growth into 2026. Important upcoming catalysts include the FDA decision on iberdomide in August 2026 and Phase 3 trial results for milvexian, both of which have multi-billion dollar potential. The analyst sets a price target of $68, implying a 24% upside plus a 4.6% dividend yield, suggesting the market underestimates Bristol-Myers Squibb's ability to replace lost revenue.