Bristol-Myers Squibb: Declines Have Gone Too Far

Bristol-Myers Squibb's sales are stabilizing, with Q2 net sales up 1% YoY and growth portfolio drugs like Camzyos and Breyanzi showing strong momentum. Despite margin compression and profitability concerns, operating cash flow surged 70% YoY, supporting continued capital returns to shareholders. The company raised its full-year top-line guidance, signaling less severe declines than feared, though profitability remains pressured.