Bristol-Myers Squibb stock (US1078421011): new multiple myeloma data and China deal keep focus on pipeline and valuation

Bristol-Myers Squibb shares in the United States stayed on investors’ radar on Friday after the New Jersey-based group reported positive late-breaking Phase 3 data for its CELMoD candidate mezigdomide in relapsed or refractory multiple myeloma, underscoring the importance of its oncology pipeline for long-term growth.

According to a company press release from Princeton, New Jersey, Bristol-Myers Squibb said the Phase 3 SUCCESSOR-2 trial tested a combination of mezigdomide with carfilzomib and dexamethasone (MeziKd) against carfilzomib and dexamethasone alone (Kd) in patients with relapsed or refractory multiple myeloma.

The group reported that MeziKd achieved a median progression-free survival of 18.0 months versus 8.3 months for Kd alone, corresponding to a hazard ratio of 0.48 (p<0.0001) and a more than 50% reduction in the risk of disease progression or death compared with standard of care, based on the data released on 05/29/2026.

Management highlighted that the safety profile of the investigational regimen was consistent with the known profiles of its components in the study population, and said detailed results are planned for presentation at an upcoming medical congress.

The stock, which trades on the New York Stock Exchange under the ticker BMY, last closed at USD 56.91 with an intraday move of around 1% on 05/29/2026, according to MarketScreener, placing the US-listed shares firmly within the range seen over the past several weeks.

As of 05/29/2026, the average analyst price target compiled by MarketScreener stood at about USD 62.96, indicating that recent pipeline headlines, including the mezigdomide readout and China partnership news, are being weighed against patent expiries and competition in key franchises.

Earlier in May 2026, UBS reiterated its rating on Bristol-Myers Squibb, citing the breadth of the pipeline and specifically pointing to the importance of late-stage oncology assets, according to a note summarized by Investing.com, which also referenced the company’s sizable partnership with China’s Hengrui Pharma.

The stock is also actively traded by European investors via secondary listings and trading venues in Germany, where BMY can be accessed in euros on platforms such as Tradegate, offering an additional route for exposure to the US biopharmaceutical group.

The Phase 3 mezigdomide data arrived after Bristol-Myers Squibb and Jiangsu Hengrui Pharmaceuticals announced a collaboration worth up to USD 15.2 billion to develop and commercialize a portfolio of oncology and immunology assets, including 13 early-stage candidates that could feed the US group’s long-term pipeline, according to an overview of the deal reported by Investing.com on 05/2026.

Sector observers noted that the Hengrui agreement marks an expansion of Bristol-Myers Squibb’s presence in China’s biopharmaceutical ecosystem, with BioWorld describing the cooperation on 05/29/2026 as part of a broader trend of global drugmakers partnering with innovative Chinese firms.

The company said the mezigdomide SUCCESSOR-2 results support further discussions with regulators regarding potential registration pathways in relapsed or refractory multiple myeloma, although any submission timing will depend on the full data package and interactions with agencies like the FDA and EMA.

In parallel, institutional investors have been adjusting their positions: MarketBeat reported on 05/29/2026 that Intech Investment Management LLC increased its Bristol-Myers Squibb holdings by 569.8% in the fourth quarter to more than 1.09 million shares, valued at about USD 59.1 million at the time of the filing, underlining continued interest in the name from US-based asset managers.

The stock remains actively listed on the NYSE and there has been no completed take-private or delisting transaction, with regular earnings reports, pipeline updates and analyst notes continuing to drive trading in the United States and abroad.

The company’s latest pipeline update indicates that management is relying on a mix of internal R&D and external partnerships, such as the Hengrui deal, to offset pressure from loss of exclusivity on legacy blockbusters in oncology and cardiovascular disease.

As investors digest the mezigdomide data and assess how it fits into the broader multiple myeloma treatment landscape, attention is also turning to the timing and content of the next quarterly earnings release, where management is expected to provide updated commentary on R&D spending, capital allocation and the contribution of newer launches.

The stock’s valuation metrics, including its earnings multiple and dividend yield, remain central to how the market discounts long-term cash flows from the company’s evolving product mix relative to other large-cap US biopharma peers.

As of: 05/29/2026

By the editorial team - specialized in equity coverage.

Bristol-Myers Squibb: core business model

Bristol-Myers Squibb focuses on discovering, developing and marketing patented prescription medicines in oncology, hematology, cardiovascular disease and immunology, with sales primarily driven by a portfolio of specialty drugs addressing serious chronic and life-threatening conditions.

Valuation metrics and multiples for Bristol-Myers Squibb

On 05/29/2026, MarketScreener data showed Bristol-Myers Squibb shares closing at USD 56.91 on the NYSE, with an average target price of USD 62.96 across covering analysts, implying that the market is weighing near-term patent headwinds against the potential of newer launches and late-stage pipeline assets when assigning valuation multiples.

While detailed real-time valuation ratios such as the price-earnings and EV/EBITDA multiples fluctuate with both earnings expectations and share price moves, the presence of a regular dividend and cash flow from established brands tends to differentiate Bristol-Myers Squibb’s profile from earlier-stage biotech peers that rely more heavily on future approvals and capital markets access.

Conclusion

The latest SUCCESSOR-2 trial data for mezigdomide in relapsed or refractory multiple myeloma gives Bristol-Myers Squibb another potential pillar in its oncology pipeline, while reinforcing the group’s US-based research strength and presence on the NYSE. At the same time, the multibillion-dollar collaboration with Hengrui in China and ongoing analyst focus on earnings, cash flow and dividends feed directly into how the market values the stock relative to other large biopharma names. Investors following Bristol-Myers Squibb will be watching future regulatory milestones, detailed trial readouts and earnings commentary to gauge how effectively the company can translate its pipeline and partnerships into sustainable long-term growth.

Disclaimer: This article does not constitute investment advice. The comprehensive scope of this informative article was made possible through the use of a.i.. Stocks are volatile financial instruments.