Bristol Myers Squibb undervalued despite strong growth and upcoming drug catalysts.

Bristol Myers Squibb (BMY) is currently undervalued by the market despite its Growth Portfolio surpassing Legacy revenues in Q1 2026. The company has four near-term drug catalysts—iberdomide, mezigdomide, milvexian, and Cobenfy—that could trigger a stock re-rating within seven months. Even bearish forecasts support a valuation about 20% higher than current prices, with a solid dividend yield and protected downside. This positions BMY as a promising investment with growth potential beyond its key drug Eliquis.