Goldman Sachs Group, Inc. raised the target price for Bristol-Myers Squibb Company (BMY.US) to $57, emphasizing its risk-return balance.

Goldman Sachs Group, Inc. has raised the target price of Bristol-Myers Squibb Company (BMY.US) from $51 to $57, maintaining a "neutral" rating. The bank stated that Bristol-Myers Squibb Company demonstrates a cautious balance between risk and return: a dividend yield of 4.6%, a payout ratio of around 85%, and even under increased pressure, there is still some room to support dividends. Currently, the patent cliff risk has become a market consensus. To address this challenge, the management has strengthened the research and development pipeline through a series of acquisitions and diversified risks to more target markets. Although this strategy is not a "panacea," it has solidified the company's risk resistance at critical points and improved strategic depth through diversified deployment, providing a more solid support for navigating industry cycles. Bristol-Myers Squibb Company focuses on the research and commercialization of cardiovascular, immune, and oncology drugs, with its product line divided into two categories: - "Growth" drugs still have several years of patent protection; - "Traditional" products are on the verge of losing or have already lost patent exclusivity. Both camps have heavyweight brands leading the way: the growth camp is led by the cancer drug Opdivo, while the traditional camp is supported by Eliquis, despite the latter facing increasingly fierce competitive pressures. Recently, the bulk of the growth has fallen on the shoulders of the growth category drugs - the sales of this sector in the third quarter grew by 18% year-on-year, reaching $6.9 billion, not only offsetting the 12% year-on-year decline in traditional products, but also driving the company's total revenue to increase by 3% to $12.2 billion. It is understood that Bristol-Myers Squibb Company continues to position itself as a global biopharmaceutical company dedicated to discovering, developing, and delivering innovative drugs to serve critically ill patients.