Why Bristol Myers Squibb Stock Topped the Market Today

Bristol Myers Squibb (BMY 1.57%) stock was a rare bright light on a very dim Thursday for American equities. Encouraged by the company's good quarterly and annual earnings release, market players pushed the stock up by more than 3% on a day when the S&P 500 index slumped by more than 1%.

Newer products carried the day

Bristol Myers' fourth quarter of 2025 saw the veteran pharmaceutical company grow revenue by 1% year over year to $12.5 billion. Much of this was attributable to its so-called "growth portfolio," the take for which rose by a robust 15% to bring in $7.4 billion.

Image source: Getty Images.

By contrast, net income not in accordance with generally accepted accounting principles (GAAP) sank across that one-year stretch. It came in at $2.6 billion ($1.26 per share) from the year-ago profit of $3.4 billion.

Analysts tracking Bristol Myers stock were expecting a more dramatic bottom-line swoon, however. They were collectively modeling only $1.12 per share for non-GAAP (adjusted) net income. The company also beat on the top line, as the average pundit projection for revenue was a bit over $12.2 billion.

In its earnings release, the company quoted CEO Christopher Boerner as saying that, in addition to the growth portfolio, it benefited from "a strengthened balance sheet that provides the strategic flexibility to continue investing in growth drivers."

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NYSE: BMY

Bristol Myers Squibb

Today's Change

(-1.57%) $-0.94

Current Price

$59.04

Key Data Points

Market Cap

$122B

Day's Range

$58.33 - $59.65

52wk Range

$42.52 - $62.89

Volume

212K

Avg Vol

14M

Gross Margin

65.89%

Dividend Yield

4.15%

Quite a legacy

Another element of Bristol Myers' earnings release that please investors was full-year 2026 guidance. Management believes the company will earn revenue of $46 billion to $47.5 billion, with adjusted profitability of $6.05 to $6.35 per share. As with the trailing results, these top the consensus analyst estimates ($44.2 billion for revenue, and $6.02 per share for adjusted net income).

Like the investors who bid up the stock on Thursday, I see a lot to like in the quarter's results. I'd be a bit concerned about the legacy portfolio, however, which still remains sizable -- and suffered a 16% decline in revenue during the period.