Analyst Consensus ?
ConsensusHold41 ratings
Bullish1843.9%
Neutral2151.2%
Bearish24.9%
1 unmapped firm rating excluded from the percentages.
Bristol-Myers Squibb Company · BMY · FY2024 Q1 · Calendar Q2 2024
BMS growth portfolio expands as cost savings fund pipeline investment
Bristol-Myers Squibb's Q1 update supports a transition thesis: growth products and pipeline progress are expanding while cost savings are intended to fund further investment. The evidence is constructive, but the thesis remains dependent on execution against launches and trials while the company manages IRA pricing, patent and competitive pressures.
Reported Before market openNYSEHealthcare
$122.05B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$-4.40
Consensus $-4.41
EPS surprise
+0.2%
Reported versus consensus
Reported revenue
$11.87B
Consensus $11.48B
Revenue surprise
+3.3%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-8.5%
Event window
SPY move
-0.4%
Same window
Abnormal move
-8.1%
Stock minus SPY
Volume
4.0×
Versus trailing sessions
Subsequent drift
-7.1%
Up to 20 sessions
BMYSPY benchmark
Ask FN2 about BMY FY2024 Q1
Transcript, numbers and history already loaded
Why did BMY fall 8.5% after beating EPS estimates in FY2024 Q1?What changed in BMY's guidance and outlook in FY2024 Q1?Give me the bull and bear case for BMY after FY2024 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, the growth portfolio was described as contributing about 40% of revenue; four acquisitions had closed, the $1.5 billion savings program was on track, and pipeline activity had advanced. Guidance was maintained. The shares fell 8.51% relative to the benchmark reaction window and declined a further 7.07% over the subsequent drift period, based on the supplied market-reaction facts.
Guidance delta
Unchanged: low-single-digit revenue growth, gross margin around 74%, operating margin around 37%, and non-GAAP EPS guidance of $7.10-$7.40.
Key takeaways
- Q1 sales grew roughly 11% year over year, with the growth portfolio contributing about 40% of revenue.
- Management highlighted progress across Opdualag, Breyanzi, KarXT, RayzeBio and Milvexian.
- The $1.5 billion productivity program is targeting savings by 2025, with most actions expected to be realized in 2024.
- The main counterweights are IRA pricing, patent expirations and competition in BCMA therapies.
Management priorities
- Scale the growth portfolio and advance pipeline programs, including Opdualag, Breyanzi, KarXT and RayzeBio.
- Realize the productivity program and reinvest the majority of savings in high-return R&D projects.
- Continue debt repayment of approximately $10 billion over two years.
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Beat
Miss
Match
Analyst 52W Price Targets
$59.75Current
$37Low
$64.28Average
$92High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 18, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Oct 13, 2026 |
| Cantor Fitzgerald | Neutral | Neutral | Maintain | Oct 8, 2026 |
| Morgan Stanley | Underweight | Underweight | Maintain | Oct 7, 2026 |
| Leerink Partners | Market Perform | Outperform | Downgrade | Oct 5, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Sep 16, 2026 |
| HSBC | Hold | Hold | Maintain | Sep 10, 2026 |
| Argus Research | Buy | Hold | Upgrade | Aug 5, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Aug 3, 2026 |
| Truist Securities | Buy | Buy | Maintain | Jul 31, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jul 31, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jul 31, 2026 |
| Guggenheim | Buy | Buy | Maintain | Jul 31, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jul 10, 2026 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | Jan 9, 2026 |
| UBS | Buy | Neutral | Upgrade | Jan 7, 2026 |
| Goldman Sachs | Neutral | Neutral | Maintain | Dec 2, 2025 |
| Jefferies | Buy | Buy | Maintain | Apr 23, 2025 |
| BMO Capital | Market Perform | Market Perform | Maintain | Nov 12, 2024 |
| TD Cowen | Hold | Hold | Maintain | Oct 7, 2024 |
| Barclays | Underweight | Underweight | Maintain | Oct 7, 2024 |
| Deutsche Bank | Hold | Hold | Maintain | Jul 23, 2024 |
| Redburn Atlantic | Neutral | Buy | Downgrade | Feb 6, 2024 |
| Daiwa Capital | Neutral | Outperform | Downgrade | Nov 2, 2023 |
| William Blair | Market Perform | Outperform | Downgrade | Oct 27, 2023 |
| Atlantic Equities | Overweight | Overweight | Maintain | Jul 28, 2023 |
| Credit Suisse | Neutral | Neutral | Maintain | Apr 28, 2023 |
| Berenberg | Hold | Buy | Downgrade | Sep 14, 2022 |
| Raymond James | Market Perform | Outperform | Downgrade | Jun 6, 2022 |
| Mizuho | Buy | Buy | Maintain | Nov 17, 2020 |
| Societe Generale | Buy | Hold | Upgrade | Nov 16, 2020 |
| CFRA | Buy | Buy | Maintain | May 7, 2020 |
| Gabelli & Co. | Buy | Buy | Maintain | Nov 27, 2019 |
| Bank of America | Neutral | Neutral | Maintain | Oct 10, 2019 |
| Wolfe Research | Outperform | Outperform | Maintain | Oct 24, 2018 |
| Argus | Buy | Buy | Maintain | May 5, 2018 |
| DZ Bank | Hold | Buy | Downgrade | Feb 28, 2018 |
| Leerink Swann | Outperform | Outperform | Maintain | Feb 6, 2018 |
| Hilliard Lyons | Neutral | Upgrade | Oct 28, 2016 | |
| PiperJaffray | Hold | Underperform | Upgrade | Aug 24, 2015 |
| Bernstein | Market Perform | Market Perform | Maintain | May 15, 2014 |
| Cowen & Co. | Outperform | Outperform | Maintain | May 14, 2014 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | May 29, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $59.75. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Jefferies | Akash Tewari | $76 | $57.58 | +27.2% | Oct 12, 2026 |
| Cantor Fitzgerald | Carter Gould | $53 | $59.7 | -11.3% | Oct 8, 2026 |
| Morgan Stanley | Terence Flynn | $41 | $59.7 | -31.4% | Oct 7, 2026 |
| Leerink Partners | Analyst unavailable | $59 | $59.02 | -1.3% | Oct 5, 2026 |
| Goldman Sachs | Asad Haider | $63 | $62.25 | +5.4% | Sep 23, 2026 |
| Piper Sandler | Analyst unavailable | $82 | $63.73 | +37.2% | Sep 16, 2026 |
| HSBC | Analyst unavailable | $65 | $64.41 | +8.8% | Sep 10, 2026 |
| Roth Capital | Analyst unavailable | $75 | $63.47 | +25.5% | Aug 5, 2026 |
| Argus Research | Jasper Hellweg | $75 | $65.89 | +25.5% | Aug 5, 2026 |
| RBC Capital | Trung Huynh | $64 | $64.73 | +7.1% | Aug 4, 2026 |
| Cantor Fitzgerald | Carter Gould | $59 | $63.67 | -1.3% | Jul 31, 2026 |
| Guggenheim | Seamus Fernandez | $75 | $64.86 | +25.5% | Jul 31, 2026 |
| Wells Fargo | Analyst unavailable | $65 | $64.86 | +8.8% | Jul 31, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $54 | $59.2 | -9.6% | Apr 8, 2026 |
| UBS | Michael Yee | $70 | $59.78 | +17.2% | Mar 6, 2026 |
| RBC Capital | Trung Huynh | $60 | $61.6 | +0.4% | Feb 24, 2026 |
| Piper Sandler | Analyst unavailable | $75 | $60.66 | +25.5% | Feb 23, 2026 |
| Barclays | Analyst unavailable | $75 | $60.3 | +25.5% | Feb 19, 2026 |
| Morgan Stanley | Terence Flynn | $40 | $61.86 | -33.1% | Feb 6, 2026 |
| Guggenheim | Analyst unavailable | $72 | $59.52 | +20.5% | Feb 6, 2026 |
| Wells Fargo | Mohit Bansal | $60 | $59.52 | +0.4% | Feb 6, 2026 |
| Piper Sandler | Analyst unavailable | $66 | $55.56 | +10.5% | Jan 28, 2026 |
| Leerink Partners | David Risinger | $60 | $56.39 | +0.4% | Jan 13, 2026 |
| Scotiabank | Louise Chen | $60 | $55.86 | +0.4% | Jan 9, 2026 |
| UBS | Analyst unavailable | $65 | $56.42 | +8.8% | Jan 7, 2026 |
| Morgan Stanley | Analyst unavailable | $37 | $52.63 | -38.1% | Dec 12, 2025 |
| Guggenheim | Analyst unavailable | $62 | $51.2 | +3.8% | Dec 12, 2025 |
| HSBC | Analyst unavailable | $53 | $50.68 | -11.3% | Dec 10, 2025 |
| Scotiabank | Louis Chen | $53 | $50.96 | -11.3% | Dec 4, 2025 |
| Truist Financial | Srikripa Devarakonda | $65 | $50.98 | +8.8% | Dec 3, 2025 |
| Daiwa | Narumi Nakagiri | $42 | $45.85 | -29.7% | Aug 5, 2025 |
| Truist Financial | David Macdonald | $84 | $47.12 | +40.6% | Jul 21, 2025 |
| Jefferies | Akash Tewari | $68 | $48.52 | +13.8% | Apr 23, 2025 |
| Piper Sandler | David Amsellem | $65 | $49.82 | +8.8% | Apr 22, 2025 |
| BMO Capital | Evan Seigerman | $61 | $56.22 | +2.1% | Nov 12, 2024 |
| BMO Capital | Evan David Seigerman | $57 | $54.32 | -4.6% | Nov 1, 2024 |
| BMO Capital | Evan David Seigerman | $48 | $49.56 | -19.7% | Sep 23, 2024 |
| Goldman Sachs | Chris Shibutani | $57 | $50.54 | -4.6% | Jul 29, 2024 |
| Barclays | Carter Gould | $41 | $50.45 | -31.4% | Jul 29, 2024 |
| UBS | Trung Huynh | $43 | $40.68 | -28.0% | Jul 12, 2024 |
| Cowen & Co. | Steve Scala | $67 | $44.11 | +12.1% | May 16, 2024 |
| Deutsche Bank | James Shin | $55 | $49.87 | -7.9% | Jan 30, 2024 |
| BMO Capital | Evan Seigerman | $60 | $49.76 | +0.4% | Nov 27, 2023 |
| Leerink Partners | David Risinger | $66 | $56.24 | +10.5% | Oct 12, 2023 |
| Cantor Fitzgerald | Louise Chen | $75 | $59.67 | +25.5% | Sep 6, 2023 |
| Wells Fargo | Mohit Bansal | $70 | $78.22 | +17.2% | May 18, 2022 |
| BMO Capital | Analyst unavailable | $92 | $75.66 | +54.0% | May 2, 2022 |
| Barclays | Analyst unavailable | $68 | $75.27 | +13.8% | May 2, 2022 |
| Guggenheim | Seamus Fernandez | $80 | $75.27 | +33.9% | May 2, 2022 |
| BMO Capital | Evan Seigerman | $87 | $75.08 | +45.6% | May 2, 2022 |
| Morgan Stanley | Terence Flynn | $64 | $76.5 | +7.1% | Apr 11, 2022 |
| BMO Capital | Evan Seigerman | $81 | $73.79 | +35.6% | Apr 4, 2022 |
| Morgan Stanley | Matthew Harrison | $66 | $73.11 | +10.5% | Mar 28, 2022 |
| BMO Capital | Evan David Seigerman | $74 | $70.52 | +23.8% | Mar 17, 2022 |
| Barclays | Carter Gould | $66 | $56.22 | +10.5% | Oct 28, 2021 |
| Citigroup | Andrew Baum | $75 | $56.89 | +25.5% | Oct 25, 2021 |
| Guggenheim | Seamus Fernandez | $82 | $59.05 | +37.2% | Sep 20, 2021 |
| Societe Generale | Justin Smith | $85 | $63.63 | +42.3% | Sep 7, 2021 |
| Bank of America Securities | Geoff Meacham | $78 | $65.88 | +30.5% | Jul 27, 2021 |
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Start freeCompany context
Snapshot as of publicationBristol-Myers Squibb Company operates as a global biopharmaceutical entity, actively involved in the research, development, licensing, production, and worldwide commercialization of its medicinal portfolio. The company's therapeutic areas span hematology, oncology, cardiovascular health, immunology, fibrotic conditions, neuroscience, and infectious diseases like COVID-19. Its significant pharmaceutical offerings include Revlimid, an oral immunomodulatory agent for multiple myeloma, and Eliquis, an oral anticoagulant crucial for reducing stroke risk and systemic embolism in non-valvular atrial fibrillation, as well as treating deep vein thrombosis and pulmonary embolism. The portfolio also features Opdivo, utilized across various anti-cancer indications; Pomalyst/Imnovid, prescribed for multiple myeloma patients; and Orencia, targeting active rheumatoid arthritis and psoriatic arthritis in adults.…
Historical context
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2024-11-11T06:39:45.180704+00:00
- Polygon adjusted daily market bars · 2026-10-18T11:10:44.197836+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-18T11:10:44.195027+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-18. For educational purposes only; not investment advice.