Opdivo debate continues outside 1st line lung
Despite near resolution of the 1L NSCLC debate, we remain concerned with the highly competitive landscape in pending non-NSCLC indications including renal, liver, head & neck and small cell lung cancer. With mix-shift weighing on gross margins and restrained opex spending already factored in, we see FY19-22 EPS CAGR < 10%. We revise down our DCF price target to $49 and maintain Underweight.Bristol-Myers Squibb is engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of biopharmaceutical products. The company's products are sold worldwide, primarily to wholesalers, specialty distributors, retail pharmacies, hospitals, government entities and the medical profession. The company manufactures products in the United States and Puerto Rico and has manufacturing operations in two foreign countries. The company has products in the following therapeutic classes: hematology, oncology, cardiovascular and immunology. The company's pharmaceutical products include chemically-synthesized or small molecule drugs and products produced from biological processes, called biologics.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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