Added to YB: 2026-05-29
Pitch date: 2026-05-27
BMY [bearish]
Bristol-Myers Squibb Company
-1.08%
current return
Author Info
Company Info
Bristol-Myers Squibb Company discovers, develops, licenses, manufactures, markets, distributes, and sells biopharmaceutical products worldwide.
Market Cap
N/A
Pitch Price
$56.97
Price Target
N/A
Dividend
4.41%
EV/EBITDA
7.85
P/E
16.00
EV/Sales
3.14
Sector
Pharmaceuticals
Category
turnaround
A non-consensus thesis: the forthcoming demise of Bristol Myers Squibb.
BMY (short): Faces >50% revenue loss from patent cliffs (Eliquis $14.4B, Opdivo $10B, Revlimid $2.9B all expiring 2026-30). Repurchased $28.3B stock 2019-23 at high prices, now stopped buybacks. Net debt $35.5B, rising despite halted buybacks to fund acquisitions. Spent $3.5B+ on BioNTech's pumitamig (PD-L1/VEGF bispecific) expecting 'multi-billion potential,' but author argues anti-VEGF history shows PFS gains without OS benefit. ASCO results this month on Akeso's ivonescimab will test thesis. If wrong, billions wasted; risks insolvency/loss of independence.
Read full article (10 min)