Investment Thesis
Bristol Myers Squibb balances mature immunology/oncology franchises with a robust pipeline targeting cardiovascular, hematology, and autoimmune indications. The Celltrion, Mirati, and Karuna deals replenish late-decade revenue.
- Next-Wave Launches: Opdualag, Sotyktu, Camzyos, and Abecma drive near-term growth.
- Pipeline Depth: Multiple TYK2, CELMoD, and cell-therapy assets target high-value indications.
- Cost Flexibility: Productivity programs offset LOE headwinds from Revlimid/Eliquis erosion.