Core Insights - Bristol Myers (BMY) shares have been losing momentum in 2025, with a 4.7% decline in a month compared to a 4.8% gain in the industry, closing at $45.11 on October 2, 2025, below the 50-day simple moving average (SMA) of $45.84 [1][2][7] Stock Performance - The stock reached a 52-week high of $63.33 on March 11 but has since been on a downward trend, hitting a 52-week low of $42.96 on July 31, 2025 [2] - Over the past six months, BMY shares have decreased by 10.5%, while the industry has gained 17% [3] Financial Outlook - The outlook for 2025 has disappointed investors, with a cut in EPS guidance to $6.35-$6.65 from a previous $6.70-$7 due to unfavorable impacts from the BNTX deal [4][16] - Revenues from BMY's legacy portfolio fell by 17% in the first half of 2025, with expectations of a decline of approximately 15% to 17% for the full year [8][9] Drug Portfolio Performance - BMY's growth portfolio includes drugs like Opdivo and Reblozyl, which have shown strong performance, with Opdivo sales expected to grow in the mid to high-single-digit range [10][11] - Reblozyl has generated over $1 billion in global sales year-to-date, while Breyanzi sales increased by 134% to $607 million in the first half [12] Debt and Valuation - As of June 30, 2025, BMY had cash and equivalents of $12.6 billion and long-term debt of $44.5 billion, raising concerns about its high debt ratio [14] - BMY is trading at a price/earnings ratio of 7.12X forward earnings, lower than its historical mean of 8.45X and the large-cap pharma industry's 15.70X [17] Market Sentiment - The recent slip below the 50-day SMA indicates bearish sentiment, although BMY is considered a safe haven for long-term investors in the biotech sector [21] - The company's attractive dividend yield of 5.64% is a reason for existing investors to remain invested [21]