Bristol Myers Squibb (BMY Quick QuoteBMY - Free Report) and Gilead Sciences, Inc. (GILD Quick QuoteGILD - Free Report) are two leading biotech players with diversified portfolios and a strong global presence.

Bristol Myers Squibb has built a robust portfolio comprising drugs for oncology, hematology, immunology, cardiovascular, neuroscience and other therapeutic areas.

In contrast, Gilead Sciences is best known for its leadership in HIV treatment, while also maintaining a broad portfolio across liver diseases, hematology/oncology and inflammation/respiratory conditions.

Both companies hold dominant positions in their core markets and have strong track records of delivering shareholder returns, making a comparison between the two stocks less straightforward. A closer look at their fundamentals, growth prospects, risks and valuations can help investors better understand the key differences between them.

The Case for BMY

Bristol Myers Squibb’s growth portfolio remains the cornerstone of its revenue trajectory, led by key therapies such as Opdivo, Opdivo Qvantig, Orencia, Yervoy, Reblozyl, Camzyos, Breyanzi, Opdualag, Zeposia, Abecma, Sotyktu, Krazati and Cobenfy.

The portfolio generated approximately 56% of total revenues in the first half of 2026, highlighting its importance to the company’s growth strategy.

Growth is led by the immuno-oncology franchise, with newer products such as Camzyos, Breyanzi and Reblozyl gaining momentum and helping offset declines in the legacy portfolio.

Although sales of blockbuster immuno-oncology drug Opdivo declined, primarily due to the ongoing shift to the subcutaneous Opdivo Qvantig in the United States, strong uptake of Qvantig across approved tumor types is helping cushion the decline. Qvantig has already surpassed $1 billion in annualized revenues.

Opdualag continues to benefit from strong global demand and its leading position as a first-line melanoma standard of care in the United States.

Reblozyl, developed in partnership with Merck, is delivering strong growth, supported by solid uptake in first-line MDS-associated anemia, sustained demand in the second-line setting and increasing penetration among first-line RS-negative patients.

Breyanzi is also generating solid sales momentum, fueled by its differentiated profile and growing demand across approved large B-cell lymphoma indications in the United States and international markets.

Cardiovascular drug Camzyos continues to gain traction, supported by promotional efforts, a growing base of new prescribers and deeper penetration in community settings.

In immunology, Sotyktu is an important growth driver, with its recent approval in psoriatic arthritis expanding its commercial opportunity in rheumatology. Ongoing phase III studies in systemic lupus erythematosus and Sjögren’s disease could further expand its addressable market, if successful.

Newer products such as Cobenfy for schizophrenia provide additional long-term growth potential, with early launch momentum and opportunities for label expansion.

However, the portfolio transition remains a key challenge. Legacy products, including Eliquis, Revlimid, Pomalyst, Sprycel and Abraxane, still account for 44% of revenues and continue to face significant erosion following the loss of exclusivity for Revlimid, Pomalyst, Sprycel and Abraxane.

BMY’s recent pipeline progress strengthens its long-term growth prospects and could help offset pressure from its legacy portfolio.

The FDA recently granted accelerated approval to iberdomide, in combination with daratumumab and hyaluronidase-fihj and dexamethasone (ZDd), under the brand name Zenbexus, for adults with multiple myeloma who have received at least one prior line of therapy. 

BMY is also advancing several candidates with multi-billion-dollar commercial potential, including milvexian, an oral Factor XIa inhibitor; admilparant, an LPA1 antagonist; and pumitamig, a PD-L1 x VEGF-A bispecific antibody.

BMY continues to pursue strategic acquisitions and collaborations to expand its pipeline. The acquisition of Orbital Therapeutics adds OTX-201, a preclinical RNA CAR-T therapy designed to reprogram cells in vivo for autoimmune diseases, along with Orbital’s RNA platform.

In 2025, Bristol Myers partnered with BioNTech to co-develop the bispecific antibody pumitamig for solid tumors. Early phase II data in triple-negative breast cancer showed encouraging antitumor activity and manageable safety with chemotherapy. 

Bristol Myers is focusing on cost optimization to support margins. However, its aggressive deal-making strategy has significantly increased leverage. As of June 30, 2026, the company reported a debt-to-capital ratio of 65.9%, with $11.5 billion in cash and equivalents versus $42.1 billion in long-term debt, highlighting a key financial risk alongside its growth ambitions.

The Case for GILD

Gilead has a market-leading HIV franchise anchored by flagship therapies, Biktarvy for treatment and Descovy for prevention. The business continues to provide a strong foundation for growth, with Biktarvy maintaining its position as a leading HIV treatment across major markets, while Descovy benefits from continued demand in HIV prevention.

The recent launch of Yeztugo (lenacapavir) provides another important growth opportunity. As the first and only twice-yearly injectable HIV pre-exposure prophylaxis (PrEP) option, Yeztugo offers a significant adherence advantage over daily oral therapies and could expand Gilead’s reach across the growing HIV prevention market. Gilead expects Yeztugo sales to approach $1 billion in 2026, highlighting its potential to become a major contributor to revenues.

Gilead’s HIV business continues to gain momentum, led by Biktarvy, Descovy and the rapidly growing Yeztugo. The company raised its 2026 HIV sales growth outlook to 9-10%, supported by a roughly $4 billion annualized PrEP business.

Gilead recently won FDA approval for Bixlenvo (bictegravir 75 mg/lenacapavir 50 mg), the smallest once-daily single tablet regimen for the treatment of HIV in adults who are virologically suppressed.

The Liver Disease portfolio includes treatments for HCV, chronic hepatitis B virus (HBV) and chronic hepatitis delta virus (HDV). Strong demand for Livdelzi (seladelpar), indicated for the treatment of primary biliary cholangitis, has boosted the liver disease portfolio.

Gilead’s oncology portfolio, comprising the Cell Therapy franchise and breast cancer drug Trodelvy, has diversified its overall business. The breast cancer drug Trodelvy has performed well since its approval. GILD has multiple ongoing studies aimed at further expanding Trodelvy’s label.

However, the Cell Therapy franchise, comprising Yescarta and Tecartus, is currently under pressure due to competitive headwinds in the United States and Europe that are expected to continue. Gilead’s recent aggressive dealmaking strategy, including the acquisitions of Arcellx and Tubulis, underscores its commitment to diversifying beyond its core HIV franchise and expanding into higher-growth oncology and immunology markets.

As of June 30, 2026, Gilead’s total debt-to-total-capital ratio was 0.69X, which compares unfavorably with 0.44X for large-cap pharmas. A higher ratio indicates higher financial risk and vice versa.

A Look at Estimates: BMY versus GILD

The Zacks Consensus Estimate for BMY’s 2026 sales implies a year-over-year increase of 3.4%, while that for earnings per share (EPS) suggests a year-over-year increase of 12.36%. The Zacks Consensus Estimate for 2026 EPS has moved north to $6.91 from $6.34 in the past 60 days, while that for 2027 has moved up to $6.46 from $6.12 in the same time frame.

BMY’s Estimate Movement

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The Zacks Consensus Estimate for GILD’s 2026 sales implies a year-over-year increase of 4.40%, while that for EPS suggests a year-over-year decline of 105.89%. Loss estimates for 2026 have improved to 48 cents in the past 60 days while EPS estimates for 2027 have moved north during the said time frame.

While Gilead’s recent aggressive dealmaking strategy strengthens its long-term pipeline and growth potential, the sizable upfront payments and integration-related costs are pressuring near-term profitability.

GILD Estimate Movement

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Price Performance and Valuation of BMY and GILD

From a price-performance perspective, GILD has fetched better returns than BMY in the year-to-date period. Shares of BMY have gained 16.9%, while those of GILD have increased 22.3%. The industry has gained 6.8% in the said period.

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From a valuation standpoint, as the biotech industry has very few players with approved drugs, we use the P/E ratio of the large-cap pharma industry to compare these companies. Going by the same, GILD is more expensive than BMY. GILD’s shares currently trade at 21.42X forward earnings, higher than 9.58X for BMY. The industry is trading at 18.18X.

Image Source: Zacks Investment Research

GILD and BMY’s attractive dividend yield is a strong positive for investors. However, GILD’s dividend yield of 2.19% is lower than BMY’s 4%.

Which Stock Is a Better Pick for Now?

While BMY carries a Zacks Rank #2 (Buy), GILD has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

BMY’s growth portfolio, led by Opdivo Qvantig, Reblozyl, Breyanzi, Camzyos, Sotyktu and Cobenfy, is gaining momentum. Recent pipeline advances, including Zenbexus, milvexian, admilparant and pumitamig, also provide additional opportunities to offset ongoing erosion in the legacy portfolio.

GILD offers attractive growth opportunities through its HIV franchise, particularly Biktarvy and the newly launched Yeztugo, while its liver disease and oncology businesses provide further diversification. However, competitive pressures in cell therapy, higher valuation and near-term earnings pressure from aggressive dealmaking weigh on its investment case. GILD has outperformed BMY in year-to-date share price performance.

Although BMY faces significant legacy-product erosion and elevated leverage, its robust growth portfolio, attractive valuation, positive estimate revisions, higher dividend yield and more favorable Zacks Rank make it the more compelling choice at present.