Bristol Reports In-Line 2Q as Immuno-Oncology Concerns Increase Due to Astra’s Mystic Failure
Bristol-Myers reported second-quarter results in line with both our and consensus expectations, and we don’t expect any significant changes to our $64 fair value estimate. We continue to view the stock as undervalued, with the firm’s immuno-oncology platform underappreciated. Also, despite the Mystic trial setback by AstraZeneca, we don’t see a clear negative read-through for Bristol’s late-stage studies with immuno-oncology drugs Opdivo and Yervoy. Further, we remain confident in the firm’s wid...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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