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Core Viewpoint - Bristol Myers Squibb Company (BMY) has shown a positive performance recently, recovering from a 52-week low of $39.35, with shares rising 16.2% over the past three months, outperforming the industry and S&P 500 [1][2] Group 1: Financial Performance - BMY's second-quarter results exceeded expectations, driven by strong sales from newer drugs and consistent growth in the immuno-oncology drug Opdivo, which helped offset declines in sales of older drugs [1][3] - The company raised its annual earnings guidance following the second-quarter results, indicating improved financial outlook [1] - In the first half of 2024, Eliquis, Opdivo, and Revlimid accounted for nearly 61% of BMY's total sales of $24.1 billion, highlighting the importance of these drugs to the company's revenue [6] Group 2: Drug Portfolio and Growth Drivers - Newer drugs such as Opdualag, Reblozyl, and Breyanzi have performed well, stabilizing revenue amid generic competition for legacy drugs [3] - The collaboration with Merck on Reblozyl has been particularly successful, and the drug is expected to significantly contribute to BMY's revenue in upcoming quarters [3] - BMY is pursuing strategic acquisitions to enhance its drug pipeline, including the acquisition of Karuna Therapeutics, which adds a schizophrenia treatment candidate under review [4] Group 3: Challenges and Strategic Initiatives - BMY faces challenges from generic competition affecting key drugs like Revlimid and anticipates similar pressures on Eliquis and Opdivo in the future [5][6] - A strategic cost-reduction plan announced in April 2024 aims to save approximately $1.5 billion by the end of 2025, focusing on key growth brands and operational optimization [7] - As of June 30, 2024, BMY's total debt-to-total capital ratio was 75.4%, raising concerns about the company's high debt levels amid its acquisition strategy [8] Group 4: Valuation and Market Position - Despite recent gains, BMY's shares are still at the low end of their 52-week range and below their all-time high from November 2022, trading at a price/sales ratio of 2.14x, lower than the industry average [9] - The Zacks Consensus Estimate for 2024 earnings per share has increased to $0.77 from $0.55 over the past 60 days, reflecting a positive adjustment following the company's raised guidance [11] Group 5: Conclusion - While BMY has shown signs of recovery, the company faces significant challenges ahead, and the sustainability of its recent performance remains uncertain [13] - For current investors, maintaining their position may be prudent given the attractive dividend yield of 4.87% [13]

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These dividend payers could more than double their payouts in the decade ahead.Despite a lousy market performance during the week ended Sept. 6, the past 20 months have been an extraordinary time for most investors. The benchmark S&P 500 index has soared 40.9% since the end of 2022.A rough start to the month of September was a harsh reminder that markets rarely rise steadily. After over a year and a half of strong gains, another bear market could be around the corner.In precarious times like these, investin ...

Core Viewpoint - Bristol-Myers Squibb Company (BMY) reported strong Q2 results, leading to a significant share price increase and a positive outlook for the company despite concerns about long-term EPS trajectory [1][4][15] Financial Performance - BMY achieved Q2 non-GAAP EPS of $2.07, exceeding Wall Street expectations by $0.44 [4] - Revenue for Q2 was $12.2 billion, reflecting a 9% year-over-year increase, with a 13% increase in the US market [4] - Management raised FY 2024 EPS guidance to a range of $0.60 to $0.90, indicating confidence in future performance [4] Valuation Metrics - BMY's trailing 12-month free cash flow yield is now at 12.9%, suggesting potential for dividend increases [4] - Current dividend yield stands at 4.8%, which is considered high [4] - Despite a recent rally of over 20%, the stock remains undervalued with a projected price near $76 based on normalized EPS of $6.90 [8][10] Technical Analysis - BMY's stock broke out from a downtrend resistance line following the July earnings update, indicating a bullish trend [13][14] - The 50-day moving average is poised to cross above the 200-day moving average, signaling a potential bullish golden cross [13] - Support levels are identified between $46 and $48, while resistance is noted in the mid-$50s [13][14] Industry Context - The Health Care sector is showing strong momentum in the second half of the year, with BMY's performance contributing to this trend [2] - Upcoming industry conferences may provide further updates and potential volatility for BMY shares [3][10]

Summary of Bristol-Myers Squibb Company (NYSE:BMY) Conference Call Company Overview - **Company**: Bristol-Myers Squibb Company - **Event**: Wells Fargo 2024 Healthcare Conference - **Date**: September 6, 2024 - **Key Participant**: Adam Lenkowsky - Chief Commercialization Officer Core Industry Insights Financial Performance - The company reported a strong second quarter with good momentum in its growth portfolio, particularly with products like Breyanzi, Reblozyl, Opdualag, and Camzyos [3][4] - Anticipated growth in the second half of the year is expected to be consistent with the first half [3] Product Pipeline and Regulatory Updates - Upcoming PDUFA dates include: - KarXT on September 26, 2024, which targets schizophrenia [4] - Nivolumab subcutaneous formulation at the end of December 2024 [4] - A series of key data readouts are expected over the next 24 months, including lung data for Opdualag at ESMO [4] KarXT Launch Insights - KarXT is positioned as the first new mechanism for schizophrenia in 70 years, with efficacy comparable to Zyprexa but fewer side effects [7] - Anticipated launch in 2025, with expected 80% access by the first half of next year [9] - Long-term potential is viewed as a multibillion-dollar opportunity with plans for additional indications [9] Sotyktu Product Dynamics - Sotyktu's access improved from 25% to 65% in 2024, with expectations for further improvement by January 2025 [17] - Challenges include patient drop-off due to access issues, but optimism remains for growth as data readouts are expected [19][20] Breyanzi Market Position - Breyanzi is expected to continue strong performance with new indications and a capacity unconstrained supply [22] - The product is viewed as best-in-class CAR T therapy, with plans for expansion into international markets [23] Camzyos Growth and Challenges - Initial challenges included educating physicians on the REMS program, but growth has been steady with a strong uptake curve [25][26] - Continued focus on community cardiology practices to enhance prescribing rates [29] Opdivo Long-term Outlook - Expected mid-single-digit growth for Opdivo, with new indications driving future growth [39] - Plans to convert 30% to 40% of the business from IV to subcutaneous formulations [40] Additional Considerations Part D Redesign Impact - The redesign is expected to be favorable for Eliquis, with the coverage gap elimination benefiting the product [34] - However, there will be offsets from products like Revlimid and Pomalyst due to increased generics [35] IRA Impact - The IRA is viewed as unfavorable for patients and pharmaceutical innovation, but manageable for Eliquis [37][38] Future Growth Catalysts - Exciting opportunities in the pipeline include KarXT, Milvexian, and NEX-T CD19, which are expected to drive long-term growth [45][48][49] Overall Company Sentiment - The company is optimistic about its growth trajectory and pipeline, with a focus on delivering sustainable growth in the long term [51]

Core Viewpoint - Bristol-Myers Squibb (BMY) has shown significant recovery in its stock price, appreciating by 26.56% from $39.35 to $49.80 since July, indicating strong underlying value despite previous losses [1][5][13] Financial Performance - BMY reported Q2 2024 revenue of $12.2 billion, a 9% year-over-year increase, exceeding analyst expectations by $680 million [5][6] - The company generated $1.68 billion in net income in Q2, reversing a significant loss of -$11.91 billion in Q1 due to acquisition costs [1][5] - Non-GAAP EPS improved from -$4.40 in Q1 to $2.07 in Q2, marking a $6.47 swing quarter-over-quarter [5][6] Debt and Interest Rate Environment - BMY has $48.86 billion in long-term debt, with recent unsecured senior notes issued at interest rates between 4.95% and 5.65% [7][10] - Anticipated rate cuts could allow BMY to refinance its debt, reducing interest expenses and enhancing profitability [7][10] - The market is projecting a significant likelihood of rate cuts, which could positively impact BMY's financials moving forward [7][10] Dividend and Shareholder Returns - BMY maintains a dividend yield of 4.8%, with a commitment to returning cash to shareholders through its dividend program [12][13] - The company has a history of dividend growth, with a 5-year average growth rate of 7.77% [12] Market Position and Valuation - BMY is trading at less than 10 times next year's earnings, which is considered undervalued compared to peers [1][10] - The stock's current valuation is viewed as attractive, especially given the potential for future earnings growth and yield [10][13] Product Pipeline and Regulatory Approvals - BMY has gained regulatory approvals for several products, including Breyanzi, Krazati, and Augtyro, and is advancing in clinical trials across various therapeutic areas [6][12] - The company has raised its guidance for 2024, expecting diluted EPS to be between $0.60 and $0.90, up from previous estimates [6]

Company Performance - Bristol Myers Squibb (BMY) stock closed at $49.80, reflecting a -0.32% change from the previous day, underperforming the S&P 500's daily loss of 0.3% [1] - The stock has increased by 7.44% over the past month, outperforming the Medical sector's gain of 4.56% and the S&P 500's gain of 3.42% [1] Upcoming Earnings - The upcoming earnings release is highly anticipated, with projected earnings per share (EPS) of $1.58, indicating a 21% decrease from the same quarter last year [1] - Revenue is expected to be $11.29 billion, which is a 2.97% increase from the prior-year quarter [1] - For the full year, earnings are projected at $0.77 per share and revenue at $46.82 billion, representing changes of -89.75% and +4.04% respectively from the prior year [1] Analyst Estimates - Recent modifications to analyst estimates indicate changing business trends, with positive revisions reflecting analysts' confidence in the company's performance [2] - The Zacks Rank system, which incorporates estimate changes, currently ranks Bristol Myers Squibb at 3 (Hold) [2] - Over the last 30 days, the Zacks Consensus EPS estimate has increased by 0.2% [2] Valuation Metrics - Bristol Myers Squibb has a Forward P/E ratio of 64.74, which is significantly higher than the industry's average Forward P/E of 23.2 [3] - The company's PEG ratio stands at 12.95, compared to the Medical - Biomedical and Genetics industry's average PEG ratio of 2.15 [3] - The Medical - Biomedical and Genetics industry has a Zacks Industry Rank of 84, placing it in the top 34% of over 250 industries [3]

Bristol-Myers Squibb Company (NYSE:BMY) Morgan Stanley 22nd Annual Global Healthcare Conference September 5, 2024 1:05 PM ET Company Participants Chris Boerner - Chief Executive Officer David Elkins - Executive Vice President and Chief Financial Officer Conference Call Participants Terence Flynn - Morgan Stanley Terence Flynn Okay, great. Thanks for joining us everybody. I’m Terence Flynn, the U.S. Biopharma Analyst here at Morgan Stanley. Before we get started for important disclosures, please see the Morg ...

Bristol-Myers Squibb Company (NYSE:BMY) Morgan Stanley 22nd Annual Global Healthcare Conference September 5, 2024 1:05 PM ET Company Participants Chris Boerner - Chief Executive Officer David Elkins - Executive Vice President and Chief Financial Officer Conference Call Participants Terence Flynn - Morgan Stanley Terence Flynn Okay, great. Thanks for joining us everybody. I’m Terence Flynn, the U.S. Biopharma Analyst here at Morgan Stanley. Before we get started for important disclosures, please see the Morg ...