BMY - Embedded Expectations Analysis - 2018 09 04
Bristol-Myers Squibb Company (BMY:USA) currently trades below recent averages relative to UAFRS-based (Uniform) Earnings, with a 14.5x Uniform P/E, implying bearish expectations for the firm. Moreover, management has concerns about Opdivo's launch in China, positioning in the lung market, and their outlook and planned strategiesSpecifically, management may be concerned about their ability to execute on strategies going forward, and on opportunities related to ELIQUIS and Opdivo. Also, they may lack confidence in their ability to allocate their resources properly, and to trim their Marketing, Selling, and Administrative (MS&A) expenses going forward. Furthermore, they may lack confidence in their ability to roll out Opdivo in China later this year, and may be concerned about the accrual of their Phase III trial for melanoma. Additionally, they may be concerned about the continuation of medicine pricing weakness and may lack confidence in their ability to sustain their leadership position in the second-line lung market
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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