Bristol Myers Squibb (NYSE: BMY) has struggled to manage the loss of exclusivity now that some of its top-selling drugs are facing competition from generics. Disappointing results from the pharmaceutical giant have pressured the stock in recent years; it's currently down about 34% from its record high in 2022.

The backdrop is concerning. But the good news is that the company's latest update signaled what could be the start of a long-awaited turnaround. Here are two reasons why Bristol Myers Squibb stock could make a great addition to your portfolio now.

Drugmakers constantly search for the next blockbuster drugs to treat common diseases. A medical breakthrough can benefit patients and provide significant commercialization potential worldwide.

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Source Fool.com