Bristol-Myers Squibb Company (NYSE: BMY) has struggled to regain investor confidence as sales growth slows and key drug patents near expiration. The stock trades around $44/share, near its 52-week low, after a difficult stretch for earnings and sentiment. Despite this, Bristol-Myers still generates strong cash flow and maintains a healthy balance sheet, giving it flexibility to support dividends and buybacks.
Recently, the company announced new data from its Camzyos heart failure treatment showing strong long-term results, and it received an FDA priority review for Reblozyl to expand its use in anemia patients. These developments highlight Bristol-Myers’ continued focus on advancing its cardiovascular and hematology pipelines, areas seen as critical for offsetting losses from older drugs like Eliquis and Opdivo.
This article explores where Wall Street analysts expect Bristol-Myers stock to trade by 2027. We have gathered consensus price targets and valuation model data to outline the stock’s potential path. These figures reflect current analyst estimates and are not TIKR’s own predictions.
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Analyst Price Targets Suggest Modest Upside
Bristol-Myers trades near $44/share, while the average analyst price target is around $53/share, implying roughly 21% upside over the next year. Forecasts remain wide, reflecting uncertainty around the company’s growth path:
- High estimate: ~$68/share
- Low estimate: ~$34/share
- Median target: ~$51/share
- Ratings: 3 Buys, 3 Outperforms, 19 Holds, 1 Underperform, 1 Sell
Analysts generally see modest upside from current levels. The valuation already reflects much of the near-term risk, but a smoother pipeline transition or stronger-than-expected drug launches could lift sentiment.
For investors, Bristol-Myers looks like a low-risk income play that could outperform if execution on new therapies strengthens through 2026 and 2027.
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Bristol-Myers: Growth Outlook and Valuation
The company’s fundamentals remain steady but not particularly inspiring:
- Revenue is forecast to decline about 4% annually through 2027
- Operating margins expected near 35%
- Shares trade at roughly 7x forward earnings, below their long-term average
- Based on analysts’ average estimates, TIKR’s Guided Valuation Model using a 7x forward P/E suggests about $45/share by 2027
- That implies ~4% total upside, or around 1.6% annualized returns
These figures suggest Bristol-Myers is a value and dividend hold rather than a growth stock. The low multiple provides downside protection, but earnings headwinds and patent expirations limit meaningful price appreciation.
For investors, BMY offers income stability and resilience in volatile markets, yet the stock may stay range-bound until its next-generation products prove they can restore growth momentum.
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What’s Driving the Optimism?
Bristol-Myers still generates strong cash flow and enjoys leadership in oncology, immunology, and cardiovascular care. Treatments like Camzyos and Sotyktu are expanding into new markets, while Reblozyl recently received FDA priority review for broader use in anemia, showing steady progress in its next wave of growth drivers.
The company’s cost discipline and share repurchase program also support shareholder returns. With margins holding near 35% and cash flow funding both R&D and dividends, Bristol-Myers maintains flexibility even in a slow-growth environment.
For investors, these strengths suggest the business is resilient enough to protect income and gradually rebuild confidence if new therapies gain traction over the next few years.
Bear Case: Growth and Pipeline Execution
Even with solid margins, Bristol-Myers faces pressure from expiring patents on Eliquis and Opdivo, which together represent a large share of current revenue. Replacing those sales will take time, and success depends on how quickly new treatments scale commercially.
Competition is also intensifying as rivals like Merck, Pfizer, and AstraZeneca launch new drugs in overlapping categories. That creates added risk if Bristol-Myers’ development programs underperform or pricing power weakens.
For investors, the main concern is execution. The stock looks cheap for a reason. Without visible earnings recovery, it could remain range-bound even as the company maintains its dividend strength.
Outlook for 2027: What Could Bristol-Myers Be Worth?
Based on analysts’ average estimates, TIKR’s Guided Valuation Model using a 7x forward P/E suggests about $45/share by 2027. That represents roughly 4% total upside from current levels, or 1.6% annualized returns.
While the outlook is modest, it reflects Bristol-Myers’ defensive appeal. The stock offers a dividend yield near 6%, steady margins, and reliable free cash flow. Investors are paying a low multiple for stability rather than growth.
For investors, Bristol-Myers looks like a steady dividend compounder trading close to fair value. Upside from here likely depends on how well its new product launches offset patent losses and whether management can re-ignite sustainable top-line growth by 2027.
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