Bristol Myers Squibb is mispriced as a melting ice cube, despite its Growth Portfolio surpassing Legacy revenues in Q1 2026. BMY's pipeline offers four near-term catalysts—including iberdomide, mezigdomide, milvexian, and Cobenfy—that could force a re-rating within seven months. Even using bearish consensus forecasts, BMY's DCF supports a $68.5/share valuation, about 20% above current levels, with downside well protected.