How Bristol-Myers Squibb Stock Gained 30%
Between November 2025 and early February 2026, Bristol-Myers Squibb (BMY)’s stock soared 34%, fueled solely by a surge in its P/E multiple despite steady revenue and margins. Behind this climb: a strong earnings beat, mixed portfolio shifts, key product wins, and a surprising trial setback. Let’s explore the story.
Below is an analytical breakdown of stock movement into key contributing metrics.
| 11082025 | 2062026 | Change | |
|---|---|---|---|
| Stock Price ($) | 46.1 | 62.0 | 34.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 48,034.0 | 48,034.0 | 0.0% |
| Net Income Margin (%) | 12.6% | 12.6% | 0.0% |
| P/E Multiple | 15.6 | 20.9 | 34.3% |
| Shares Outstanding (Mil) | 2,036.0 | 2,036.0 | 0.0% |
| Cumulative Contribution | 34.3% |
So what is happening here? The stock price jumped 34%, driven entirely by a 34% rise in the P/E multiple, as revenue and net margin stayed flat. Let’s dive into what’s behind this shift.
Here Is Why Bristol-Myers Squibb Stock Moved
- Q4 2025 Earnings Beat: Q4 2025 adjusted EPS of $1.26 beat estimates of $1.15; revenues of $12.5B also beat.
- Growth Portfolio Surge: Growth Portfolio revenue increased 16% to $7.4B, driven by key drugs like Opdivo and Eliquis.
- Legacy Portfolio Decline: Legacy Portfolio revenue fell 15% due to generic competition for Revlimid and Sprycel.
- Key Product Approvals: FDA approved Breyanzi in Dec 2025; Opdivo received priority review for Hodgkin lymphoma.
- Milvexian Trial Failure: Milvexian, a key pipeline candidate, failed a Phase III test in November 2025.
Our Current Assesment Of BMY Stock
Opinion: We currently find BMY stock fairly priced. Why so? Have a look at the full story. Read Buy or Sell BMY Stock to see what drives our current opinion.
Risk: A good way to gauge risk with BMY is to check how much it fell during major market downturns. The stock dropped about 44% in the Dot-Com Bubble and 43% in the Global Financial Crisis. Even in less severe sell-offs like the 2018 correction and Covid pandemic, it still declined 35% and 31%, respectively. The inflation shock dragged it down over 38%. So, while BMY might seem solid, these numbers remind us that tough market conditions can hit even steady names pretty hard.
BMY stock may have seen strong gains recently, but investing in a single stock without detailed, thorough analysis can be risky. The Trefis High Quality (HQ) Portfolio, with a collection of 30 stocks, has a track record of comfortably outperforming its benchmark that includes all 3 — the S&P 500, S&P mid-cap, and Russell 2000 indices. Why is that? As a group, HQ Portfolio stocks provided better returns with less risk versus the benchmark index; less of a roller-coaster ride, as evident in HQ Portfolio performance metrics.