Bristol-Myers Squibb: The CAR-T Giant The Market Is Undervaluing

Bristol Myers Squibb faces a major patent cliff but is well-equipped with a robust pipeline and significant CAR-T optionality. BMY trades at a discounted 9.4x forward P/E, reflecting patent cliff fears, yet offers 15-20% base case upside plus a 4.3% dividend yield. The 2026 catalyst stack includes Milvexian, Iberdomide, Cobenfy, and Sotyktu, any of which could drive a rerating to 10x-11x forward P/E.