Up to Neutral on improved risk/reward
BMY shares have lagged pharma peers YTD due to a series of development setbacks for Opdivo in the key first line lung cancer indication. Although competition looms for the next round of (smaller) tumour types, we take a more constructive view on signs of Opdivo sales resiliency in existing indications, green shoots in the pipeline and much improved risk/reward. Our revised DCF PT moves to $55 ($49 prior) and we upgrade to Neutral. Since our Underweight initiation BMY shares are down 15% vs SPX up 40%.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.
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