Bristol Posts Strong Third Quarter and Issues Favorable Cost Outlook as Shares Look Undervalued
Bristol reported strong third-quarter results, exceeding both our and consensus expectations, but we don’t expect any major changes to our $71 fair value estimate. We continue to view the stock as undervalued as the market appears to have grown too pessimistic on cancer drug Opdivo due to the failed CheckMate026 study. However, we continue to believe Opdivo will hold a strong position in non-small cell lung cancer, or NSCLC, through combination treatment with Yervoy. Further, Opdivo will likely ...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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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