Despite Bristol Myers Squibb's strong second-quarter results and an upward revision to its full-year 2026 revenue forecast, Morgan Stanley reiterated its "Underweight" rating and a price target of $40. The bank noted that the company's recent growth primarily relies on older drugs that are soon to lose U.S. patent protection, while progress in new drug development, such as trial results for the experimental blood thinner Milvexian and the schizophrenia drug Cobenfy, has been delayed. Morgan Stanley anticipates that Bristol Myers Squibb will face approximately $30 billion in revenue loss due to exclusivity expirations by 2030, potentially leading to shrinking profits in the coming years. This stands in stark contrast to Wall Street's consensus "Moderate Buy" rating and an average price target of $65.37.