Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Written in the first person by Warren and Charlie. We rely only on regulatory filings, earnings disclosures, developments since the last filing, and the current market price. We reach our own conclusions and reference no other investor's holdings. Bristol-Myers Squibb closed at $64.86 on July 30, 2026, giving the company roughly $132 billion of equity value on its 2.043 billion shares. The stock jumped on a genuinely good second quarter — revenue of $13.0 billion (+6%), non-GAAP earnings of $2.04 per share, and a full-year guidance raise to $49–50 billion in revenue and $6.75–7.00 in non-GAAP EPS. At those numbers the shares trade for about 9.4 times forward earnings and yield roughly 3.9% — statistically cheap, and cheap for a reason. Here is our problem, and it is the problem that has kept us out of big pharmaceutical stocks for our entire careers.
Recent filings analysed: 8-K (2026-07-30), 10-Q (2026-07-30), 8-K (2026-05-08), 8-K (2026-04-30).
Stock screener · Superinvestor 13F holdings · Analyst sentiment · Market valuation