Barclays Initiates Overweight on Bristol Myers with $75 PT, Cites Pipeline Upside
On February 20, Barclays initiated coverage of Bristol Myers with an Overweight rating and $75 price target, citing pipeline “green shoots” despite looming Eliquis and Opdivo patent expirations. Guidance forecasts 2026 revenue of $46–47.5 billion, 10–15% Eliquis growth and $6.05–6.35 EPS, surpassing consensus revenue of $44.2 billion and $6.02 EPS.
1. Barclays Launches Overweight Coverage
On February 20, Barclays began covering Bristol Myers with an Overweight rating and a $75 price target. The firm highlighted early positive data from several pipeline candidates as key upside catalysts despite approaching patent losses on top-selling drugs.
2. Strong 2026 Financial Outlook
In guidance issued February 5, Bristol Myers projected full-year revenue of $46.0–$47.5 billion and 10–15% growth in Eliquis sales. The outlook supports adjusted EPS of $6.05–$6.35, above analysts’ consensus of $44.2 billion revenue and $6.02 EPS.
3. Patent Expirations and Long-Term Risks
Analysts warn that patent expirations on Eliquis and Opdivo could pressure top-line growth beyond 2027, particularly in Europe. Bristol Myers is leveraging price adjustments and discount programs to mitigate revenue declines ahead of generic competition.