BMY - Embedded Expectations Analysis - 2019 06 10
Bristol-Myers Squibb Company (BMY:USA) currently trades below recent averages relative to UAFRS-based (Uniform) Earnings, with a 9.5x Uniform P/E, implying bearish expectations for the firm. Moreover, management has concerns about the Celgene integration, the efficacy of OPDIVO, and the progress of their trials.Specifically, management may lack confidence in their ability to maintain ELIQUIS's position as the leading oral anticoagulant, manage the Celgene integration without disrupting operations, and sustain growth across prioritized brands. In addition, they may be exaggerating the demand for first-line renal and second-line lung indications, the efficacy of OPDIVO plus YERVOY for high TMB patients, and the productivity of their translational medicine group. Moreover, they may be concerned about the progress of lupus and melanoma studies, the potential of their I-O/TKI combination and -9ER studies, and the proposed IPI legislation.
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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