What Changed In Bristol Myers Squibb’s Story?
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Bristol Myers Squibb (BMY) stock trades at 14.2 times earnings, against 22.8 for the S&P 500. Even at that discount, shareholders need to know exactly what they are buying, and management’s account of the business has moved. On its fiscal Q4 2024 call in February 2025, management spoke of extending the reach of its immuno-oncology franchise of cancer medicines. So what does management talk up now?
Bristol Myers Squibb Now Talks Up New Drug Platforms
During its fiscal Q3 2026 call on October 29, 2026, management made the case for two newer platforms. It said recent results strengthened its conviction in CELMoDs, a class of drugs stemming from what it calls its targeted protein degradation platform. Management said the company is a clear leader in this field. It voiced the same conviction in radiopharmaceuticals as a platform, and said more than $170 million is going into a new radiopharmaceutical manufacturing facility in Indiana.
The earlier emphasis on immuno-oncology made sense at the time. The CEO has not dropped it: in the October Q&A he cited Opdivo Qvantig as an immuno-oncology advance, alongside pipeline drugs such as pumitamig. Opdivo, the company’s largest cancer drug, brought in $9.3 billion in fiscal 2024, accounting for 19.3% of company revenue.
The CELMoDs have a clear first job. On the fiscal Q2 2026 call in July 2026, management said its goal was to make the CELMoDs foundational in multiple myeloma, a blood cancer, replacing Revlimid and Pomalyst, two of the company’s older cancer therapies, in second-line treatment over time.
How Big Is Opdivo Next To Revlimid And Pomalyst?
Opdivo remains far larger than either of those drugs, and Opdivo’s sales rose 8.0% in fiscal 2025 to $10.0 billion. The latest quarter proved weaker. Opdivo’s revenue fell 6% from a year earlier to $2.4 billion in fiscal Q3 2026, which management said primarily reflected continued conversion to Opdivo Qvantig, a newer form of the drug. Qvantig brought in $334 million in that quarter, and management said it is now annualizing at over $1.3 billion.
The new platforms are much earlier in their lifecycles. The first CELMoD has won accelerated FDA approval, management said on the October call, and mezigdomide, the second, has an FDA decision date of May 13, 2027. The approved drug is Zenbexus (iberdomide). The drugs the CELMoDs aim to replace are shrinking fast. Revlimid’s sales fell 48.9% in fiscal 2025 to $2.95 billion, and Pomalyst’s fell 22.9% to $2.73 billion.
What The Shift Means For Bristol Myers Squibb Holders
For a shareholder, the shift looks more reassuring than concerning. Opdivo still grew in fiscal 2025, and management tied the third-quarter dip mainly to the move to Qvantig. The CELMoDs target a part of the business that is shrinking, stepping in for Revlimid and Pomalyst right where Bristol Myers Squibb appears to need new sales most.
The concern is that Opdivo still shrank in the latest quarter, while one of the CELMoDs that management now talks up is still waiting for an FDA decision. Taken together, Opdivo and Qvantig sales are the measure to watch when Bristol Myers Squibb reports fiscal Q4 2026, expected in February 2027. In fiscal Q3 2026, the two brought in about $2.7 billion together.
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