Bristol-Myers Squibb(US:BMY) 智通财经网·2025-12-31 03:52Core Viewpoint - Goldman Sachs raised the target price for Bristol-Myers Squibb (BMY.US) from $51 to $57, maintaining a "Neutral" rating, indicating a careful balance between risk and return with a dividend yield of 4.6% and a payout ratio of approximately 85% [1] Group 1: Financial Performance - The company has faced a consensus risk regarding the patent cliff, prompting management to strengthen its R&D pipeline through a series of acquisitions, diversifying risk across more target markets [1] - The growth segment, led by the cancer drug Opdivo, has several years of patent protection remaining, while traditional products, such as Eliquis, are facing increasing competitive pressure [1] - In Q3, the growth segment's sales increased by 18% year-over-year to $6.9 billion, offsetting a 12% decline in traditional products and driving total revenue growth of 3% to $12.2 billion [1] Group 2: Company Strategy - Bristol-Myers Squibb continues to position itself as a global biopharmaceutical company focused on discovering, developing, and delivering innovative medicines for serious patients [2]