Bristol Posts In-Line 1Q With Opdivo and Eliquis Growth Offsetting Mature Drug Declines
Bristol-Myers Squibb reported first-quarter results largely in line with our and consensus expectations, and we don’t expect any major changes in our fair value estimate. We continue to view the company as undervalued, with recent concerns about immuno-oncology drug Opdivo losing future market share overdone. Further, based on its leading position in several immuno-oncology markets, continued strength in cardiovascular drug Eliquis, and an emerging pipeline, we continue to view the company as ha...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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