BMO Capital Adjusts Price Target#
BMO Capital has raised its price target for Bristol-Myers Squibb Co. (NYSE:BMY) to $60.00, up from an undisclosed previous level. The firm maintains a 'Market Perform' rating on the stock, which is currently trading at $60.59, close to its 52-week high of $62.89. This increase follows a significant 34% rise in the stock's value over the past six months.
Eliquis Performance and Revenue Projections#
The adjustment in the price target comes as BMO highlights the strong performance of Eliquis, a blood thinner that exceeded expectations in the first quarter. Management attributed this success to growing demand for the drug. BMO has also updated its revenue projections for 2026, now estimating $16.4 billion, slightly higher than the previous forecast of $16.1 billion. This reflects a slower decline in revenue as the company faces challenges from generic competition and the loss of exclusivity for some products.
Upcoming Clinical Data#
Bristol-Myers Squibb is under pressure to maintain its revenue stream, especially with the anticipated entry of generic drugs like Revlimid and Pomalyst, as well as the loss of exclusivity for Eliquis. Key clinical data for Milvexian, which targets atrial fibrillation and stroke, is expected in the second half of 2026. Additionally, results from studies on Cobenfy Adept-1, 2, and 4 related to Alzheimer’s psychosis are also anticipated during this period.
Strong First Quarter Results#
In its recent financial report for the first quarter of 2026, Bristol-Myers Squibb reported earnings per share of $1.58, surpassing analyst expectations of $1.42 by 11.27%. The company also achieved revenues of $11.49 billion, exceeding the forecast of $10.92 billion. Despite these positive results, the stock experienced a slight decline in pre-market trading. Meanwhile, analysts from Bank of America noted potential positive impacts on Cytokinetics’ ACACIA trial from Bristol’s updates, although they raised concerns about the trial's patient population and mechanistic rationale.