| Hey there, Let me share something with you that's been bothering me lately. While AbbVie, GSK, and Eli Lilly are all hitting all-time highs and getting all the attention, there's a Big Pharma name quietly putting together one hell of a turnaround. And the market? Completely asleep at the wheel. Bristol-Myers Squibb. Trading in an accumulation zone between $43 and $48.50 while its fundamentals are screaming for a re-rating. THE GOOD, THE BAD, AND THE UGLYLet's start with what's working—because there's a lot more here than people realize. Revenue came in at $12.22 billion for Q3, up 2.8% year-over-year and beating consensus by $422 million. Not bad for a company everyone wrote off as past its prime. But here's where it gets interesting. Two emerging stars are absolutely crushing it: Breyanzi hit $359 million in sales (up 60.3% year-over-year) and Reblozyl delivered $615 million (up 37.6%). These aren't small drugs anymore—they're becoming major revenue drivers in non-Hodgkin lymphoma and anemia treatment. And Opdivo? Still a workhorse at $2.53 billion in Q3. Plus, the injectable version, Opdivo Qvantig, just launched and did $67 million in sales—seven times higher than its first quarter. That's execution. Non-GAAP EPS came in at $1.63, beating consensus by $0.11. The numbers are there. The growth is there. So why isn't the stock moving? THE KARUNA PROBLEMNow let's talk about the elephant in the room: that $14 billion acquisition of Karuna back in December 2023. I hated this deal then, and I'm not changing my mind now. Cobenfy, the schizophrenia drug that was supposed to be the crown jewel of this acquisition, just failed its Phase 3 ARISE study. It didn't meet primary or secondary endpoints as an adjunctive treatment to antipsychotics. That's not a small miss—that's a fundamental problem. And the Q3 sales? Just $43 million. That's only up 22.9% from the previous quarter and $5 million lower than my base case scenario. For a $14 billion bet, this is unacceptable performance. Here's my concern: Cobenfy might end up like Sotyktu, another drug Bristol-Myers predicted would hit $4 billion in peak sales. Reality? Sotyktu has been stuck around $75 million for four straight quarters. THE BALANCE SHEET TELLS A DIFFERENT STORYBut here's where things get really interesting—and where the market is completely missing the signal. Total debt has dropped $6.4 billion from its peak last year, now sitting around $51 billion. The debt-to-EBITDA ratio? A comfortable 2.66x, well below the 2.7x threshold. And check this out: on November 5, Bristol-Myers issued €5 billion in senior unsecured notes with coupon rates not exceeding 5%—the lowest being 2.973%. That's incredibly attractive financing. Why does this matter? Because when a Big Pharma company can access capital that cheaply, it means the institutional market sees something the retail market doesn't. And the money is flowing in—institutional ownership is climbing. I see two strategic plays here: refinancing older, less attractive debt, and accelerating development of arlo-cel for multiple myeloma and iza-bren for lung cancer and solid tumors. Smart capital allocation when you've got momentum building. TREND RIDER IS WATCHING THIS SETUPSpeaking of momentum—our Trend Rider indicator thrives in exactly these situations. When fundamentals are improving but the stock is stuck in an accumulation zone, that's when the Mount Up signal becomes critical. Trend Rider only fires when five specific criteria align: trend confirmation, volume surge, key zone reaction, momentum strength, and structure validation. It's designed to catch breakouts before they happen—not after the move is already gone. We're tracking nearly 80% accuracy across all markets because the system adapts in real time. Whether it's pharma stocks breaking out of consolidation or any other asset class, Trend Rider times the entry with surgical precision. And right now, we're running a BLACK FRIDAY SPECIAL. Full lifetime access to Trend Rider is 60% OFF—dropping from $497 down to just $197. That includes every future update, all bonuses, and access to our private Telegram group where we share live setups. This discount ends soon. After Black Friday, it jumps back to $997. Don't miss the breakout. THE RISKS YOU NEED TO KNOWI'm not going to sugarcoat it—there are legitimate headwinds here. Abraxane sales collapsed from $253 million in Q3 2024 to just $74 million this quarter. Revlimid continues its patent-cliff decline. And Cobenfy's weak launch is a real problem that could pressure sentiment. If the Karuna acquisition continues to underperform, management credibility takes a hit. And in pharma, credibility is everything when you're asking investors to trust your next move. THE BOTTOM LINEBIAS: BULLISH Bristol-Myers Squibb is trading like a broken stock when the fundamentals are telling a completely different story. Breyanzi and Reblozyl are proving out as legitimate growth drivers. Opdivo remains resilient. The balance sheet is strengthening. And institutional money is starting to pile in. Yes, the Karuna deal looks problematic. Yes, there are legacy products in decline. But those risks are more than priced in at current levels. While the market obsesses over the latest hot pharma names hitting all-time highs, Bristol-Myers is quietly building the foundation for a significant re-rating. When institutional investors are locking in €5 billion in financing at sub-5% rates, they're not doing it because they're worried about the future. They're doing it because they see the turn happening before Wall Street does. This stock is stuck in an accumulation zone for a reason—smart money is loading up while retail stays distracted. The question is whether you'll be positioned when the breakout finally comes. BLACK FRIDAY - S&R PRO SCANNER 60% OFF! Smart Money Support & Resistance Scanner - $197 Get trade alerts on stocks, crypto & forex delivered to your phone! $497 → BLACK FRIDAY: Just $197 (Lifetime Access!) ✓ Breakout & Bounce alerts sent directly to you ✓ 20-30 quality setups per week across all markets ✓ Entry, stop loss & take profit included with every alert ✓ No charts, no indicators, just profitable setups ✓ BONUS: Legacy 9 Stocks + Top 5 Setups + Masterclass + Playbook 🔥 SAVE $300 - LIFETIME ACCESS! 👉 [GET SCANNER FOR $197 NOW] 30-Day Risk-Free Trial | Works on phone, tablet, PC | Real-time Telegram alerts Stay sharp out there, Your Trading Desk TradingStrategyGuides | 
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