Bristol-Myers Squibb Posts Strong Q1 Led by Immuno Oncology Sales; Shares Look Undervalued
Bristol reported first-quarter results ahead of both our and consensus expectations, but we don’t expect any major changes to our fair value estimate based on the minor outperformance. We continue to view the stock as undervalued with the market underappreciating the company’s potential in immuno oncology. Further, we continue to believe the firm’s strong entrenchment in immuno oncology as well as in other well-positioned therapeutic areas support our wide moat rating for the firm.In the quarte...
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.
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