Shares of pharmaceutical giant Bristol-Myers Squibb (NYSE:BMY) have soared more than 40% since the start of 2013, and investor confidence in this high-flying stock is still high. However, in the world of health care investing, catalysts can either push shares up further or cool the market's optimism.

In the following video, a segment from the The Motley Fool's health care show Market Checkup, analysts Max Macaluso and David Williamson discuss three key catalysts that Bristol-Myers investors must watch. Among them are results from its oncology pipeline, the Food and Drug Administration decision on its type 2 diabetes drug Forxiga -- which it shares with AstraZeneca (NYSE:AZN) and could compete with Johnson & Johnson's (NYSE:JNJ) Invokana in the U.S. market -- and its virology program, which has lost ground to biotech Gilead Sciences (NASDAQ:GILD).

David Williamson has no position in any stocks mentioned. Max Macaluso, Ph.D. owns shares of Gilead Sciences. The Motley Fool recommends Gilead Sciences and Johnson & Johnson. The Motley Fool owns shares of Johnson & Johnson. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.