Shares of Bristol-Myers Squibb slipped 2.6% on Wednesday as investors positioned ahead of the company’s upcoming fourth-quarter earnings release, scheduled for Thursday. Consensus estimates call for adjusted earnings of $1.23 per share, marking a modest uptick from the prior year’s $1.18. Volume on Wednesday ran 15% above the 30-day average, underscoring heightened trading activity. Analysts have highlighted potential margin pressure from increased commercial production costs and foreign exchange headwinds in the period.

Bristol-Myers Squibb broadened its multi-year cell-therapy manufacturing partnership with Oxford Biomedica, signing a Commercial Supply Agreement for lentiviral vector production in support of its CAR-T pipeline. Under the deal, Oxford Biomedica will scale up commercial output at its Oxford, U.K., and Durham, North Carolina facilities beginning in 2026, subject to regulatory approvals. Management at Oxford Biomedica anticipates "meaningful multi-year revenue" from the arrangement, which carries an initial five-year term and aligns with both firms’ strategic focus on advanced gene therapy modalities.

On January 28, Piper Sandler reiterated an Overweight rating on Bristol-Myers Squibb and raised its 12-month target from $62 to $66, citing growing confidence in the company’s late-stage oncology portfolio and upcoming product launches. The firm noted that recent data from liso-cel (Breyanzi) trials and continued expansion of the CAR-T franchise support upside to consensus sales projections. Piper Sandler’s forecast assumes sustained demand for next-generation immuno-oncology assets and stable gross margins despite anticipated manufacturing scale-up costs.