Bring tomato and juice to a boil in a large saucepan. Reduce heat; simmer, uncovered, 30 minutes.
Place tomato mixture and basil in a blender or food processor; process until smooth. Return pureed mixture to pan; stir in milk, salt, and pepper. Add cream cheese, stirring well with a whisk, and cook over medium heat until thick (about 5 minutes). Ladle soup into individual bowls; garnish with sliced basil, if desired. Serve with bread.
NOTE: Refrigerate remaining soup in an airtight container for up to 1 week.