$BMY 45c exp Jan 2025 is a low-risk bullish trade.

Back in April 2024, BMY announced a ~$1.5bn cost savings initiative by the end of 2025, but the majority of this will be reinvested back into the business. This included an evaluation of the portfolio (BMY discontinued ~12 pipeline programs but added a number of new programs via recent deals), streamlined the organization structure and re-evaluated third-party relationships.