Bristol-Myers Squibb (BMY) is transforming itself into a more powerful biopharmaceutical company through the acquisition of Celgene (CELG). Although the stock gained about 21% since the merger was announced in January 2019, the valuation is still lower than many of the company's peers and the Major Drug Manufacturing industry as a whole.

It appears that the Celgene acquisition might not be fully reflected in the stock price. Investors could be skeptical of how large an impact the acquisition will be for Bristol-Myers. The skepticism could also be the result of not having faith in the combined companies' pipeline. Even without pipeline clarity, the largest sellers, Revlimid, Opdivo, and Eliquis are likely to have a strong positive impact on the company's sales over the next few years.

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