They offer plenty of upside and solid dividend growth.It's easy to find stocks that are lagging broader equities, even in a bull market like the one we're currently in. It's harder to find beaten-down stocks that still look worth buying and holding onto for a while. Some corporations are condemned to deliver subpar financial results and stock market performances practically in perpetuity.Thankfully, Bristol Myers Squibb (BMY 2.45%) and Pfizer (PFE 1.19%), two drugmakers that are failing to keep pace with br ...

Completed adult cohort enrollment and enrolled multiple patients in the adolescent cohort of the Phase 1/2/3 RUBY clinical trial of reni-cel for severe sickle cell disease On track to present additional clinical data from the RUBY trial and the EdiTHAL trial of reni-cel for transfusion-dependent beta-thalassemia in mid-2024 and additional updates by year-end 2024 Presenting pre-clinical data at ASGCT on in vivo capabilities to support development of transformative in vivo gene editing medicines Strong finan ...

CAMBRIDGE, Mass., May 01, 2024 (GLOBE NEWSWIRE) -- Editas Medicine, Inc. (NASDAQ:EDIT), a clinical-stage gene editing company, today announced a two-year extension to the collaboration with Bristol Myers Squibb (NYSE:BMY) under which the parties may research, develop, and commercialize autologous and allogeneic alpha-beta T cell medicines for the treatment of cancer and autoimmune diseases. The extension also has options to extend the collaboration for up to an additional two years. Under the collaboration, ...

A federal judge in New Jersey on Monday rejected Johnson & Johnson and Bristol Myers Squibb's legal challenges to the Biden administration's Medicare drug price negotiations, ruling that the program is constitutional. The decision is another win for the Biden administration in a bitter legal fight with several drugmakers over the price talks. The ruling also weakens the pharmaceutical industry's strategy of seeking split decisions in lower courts scattered across the U.S., which could escalate the issue to ...

Collaboration combines Repertoire's industry leading DECODE™ platform that uniquely maps the immune synapse to develop T cell targeted immune medicines with Bristol Myers Squibb's world-leading expertise in developing and commercializing innovative immune medicines Repertoire will receive an upfront payment of $65 million and is eligible to receive up to $1.8 billion in milestone and other payments and tiered royalties CAMBRIDGE, Mass., April 29, 2024 /PRNewswire/ -- Repertoire® Immune Medicines, a biotech ...

ISerg Turnaround plays can be highly rewarding for investors willing to go against the grain. This includes names that for one reason or another have been beaten down in price by the market due to perceived risks or memories of management missteps in the past. One such example that I can think of its Kinder Morgan (KMI), which judging by readers' comments, still carries a bad taste after its dividend cut from years ago despite solid and growing operating fundamentals, reasonably low valuation, and divid ...

Financial Data and Key Metrics Changes - The company reported approximately 11% sales increase in Q1 2024 compared to the prior year, with the growth portfolio now representing about 40% of total revenue [15][16] - Non-GAAP EPS guidance remains unchanged, with a reported earnings per share loss of $4.40 due to a one-time charge related to recent acquisitions [22][26] - Cash flow from operations was strong, generating approximately $2.8 billion in the quarter, resulting in about $10 billion in cash and cash equivalents [23] Business Line Data and Key Metrics Changes - Key brands such as Eliquis, Opdualag, Reblozyl, Yervoy, and Breyanzi showed strong performance, with Eliquis growing 12% in the US [15][18] - Opdualag generated strong quarterly sales, primarily driven by market share growth, while Camzyos nearly tripled its sales compared to Q1 of last year [16][18] - Breyanzi's sales growth reflected improved manufacturing capacity and new indications, with a projected robust growth trajectory [20][57] Market Data and Key Metrics Changes - The company experienced competitive pressures in the BCMA space, impacting Abecma's performance, but anticipates growth with the recent KarMMa-3 approval [8][20] - International sales for Revlimid declined due to increased volumes of US generics starting in March, while Reblozyl saw growth from new market launches [19] - Sotyktu achieved approximately 10,000 commercially paid prescriptions, with expectations to double that by Q4 [20][61] Company Strategy and Development Direction - The company is focused on enhancing operational productivity and efficiency, with anticipated cost savings of approximately $1.5 billion by the end of 2025 [13][25] - Strategic acquisitions in Q1 strengthened the long-term growth profile, with a focus on high-potential assets and programs [10][12] - The company aims to return to growth by the end of the decade, with a focus on accelerating growth in the latter half of the decade [37][66] Management's Comments on Operating Environment and Future Outlook - Management remains confident in delivering top-line growth for the year, consistent with previous guidance [14][29] - The impact of the Inflation Reduction Act (IRA) on Eliquis pricing is anticipated to be clarified in September, which will influence future guidance [36][52] - The company is actively engaging with investors regarding long-term guidance amidst industry dynamics [37][66] Other Important Information - The company has discontinued and externalized several clinical assets, focusing on those with the highest potential for growth [25][48] - The company is committed to maintaining its dividend and plans to utilize cash flow to repay approximately $10 billion of debt over the next two years [24] Q&A Session Summary Question: Cost savings allocation between legacy Bristol and recent acquisitions - The majority of the savings are from legacy Bristol, focusing on portfolio optimization and streamlining decision-making [33] Question: Trough level of earnings and growth visibility - Management anticipates seeing an impact starting in 2026, with plans to return to growth before the end of the decade [36] Question: Redeployment of savings focus - Approximately two-thirds of the savings will be allocated to R&D, with significant investments in key growth products [40][41] Question: Impact of IRA on pricing and future guidance - The company will provide more insight on the impact of IRA on Eliquis pricing in September [51][66] Question: Opdualag opportunity in lung cancer - A Phase 3 trial is planned for Opdualag in non-small cell lung cancer, with data expected in the second half of the year [53] Question: CAR T franchise dynamics - Abecma's performance was impacted by pricing dynamics internationally, while Breyanzi is expected to see robust growth due to expanded indications [56][57]

For the quarter ended March 2024, Bristol Myers Squibb (BMY) reported revenue of $11.87 billion, up 4.7% over the same period last year. EPS came in at -$4.40, compared to $2.05 in the year-ago quarter.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.Since these metrics play a cru ...

Bristol-Myers Squibb Company (BMY) reported an adjusted loss per share of $4.40, narrower than the Zacks Consensus Estimate of a loss of $4.53 per share. In the year-ago quarter, BMY posted adjusted earnings per share of $2.05.The year-over-year deterioration can be attributed to higher acquired IPRD costs, reflecting the impact of recent acquisitions and an increase in operating expenses.  The bottom-line was also negatively impacted due to higher interest expenses resulting from new debt issuance to fund ...

[Part I—FINANCIAL INFORMATION](index=3&type=section&id=Part%20I%E2%80%94FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Bristol-Myers Squibb reported Q1 2024 revenues of $11.87 billion, up 5%, but a net loss of $11.91 billion due to a $12.95 billion Acquired IPRD charge [Consolidated Statements of Earnings](index=3&type=section&id=Consolidated%20Statements%20of%20Earnings) Q1 2024 total revenues increased 5% to $11.87 billion, but a net loss of $11.91 billion resulted from a $12.95 billion Acquired IPRD charge Consolidated Statements of Earnings (Q1 2024 vs Q1 2023) | Financial Metric | Q1 2024 (in millions) | Q1 2023 (in millions) | | :--- | :--- | :--- | | **Total Revenues** | **$11,865** | **$11,337** | | Total Expenses | $23,381 | $8,567 | | *Acquired IPRD* | *$12,949* | *$75* | | (Loss)/Earnings before income taxes | ($11,516) | $2,770 | | Net (loss)/earnings attributable to BMS | **($11,911)** | **$2,262** | | **Diluted (Loss)/Earnings per share** | **($5.89)** | **$1.07** | [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets reached $99.03 billion and liabilities $82.48 billion as of March 31, 2024, driven by acquisitions and increased debt, reducing shareholders' equity Consolidated Balance Sheet Highlights | Account | March 31, 2024 (in millions) | December 31, 2023 (in millions) | | :--- | :--- | :--- | | **Total Assets** | **$99,031** | **$95,159** | | Goodwill | $21,738 | $21,169 | | Other intangible assets | $32,760 | $27,072 | | **Total Liabilities** | **$82,483** | **$65,674** | | Long-term debt | $49,487 | $36,653 | | **Total BMS Shareholders' equity** | **$16,490** | **$29,430** | [Consolidated Statements of Cash Flows](index=5&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow was $2.83 billion, while investing activities used $19.62 billion for acquisitions, largely funded by $14.64 billion in financing activities Cash Flow Summary (Q1 2024 vs Q1 2023) | Cash Flow Activity | Q1 2024 (in millions) | Q1 2023 (in millions) | | :--- | :--- | :--- | | Net cash provided by operating activities | $2,834 | $2,970 | | Net cash used in investing activities | ($19,618) | ($210) | | Net cash provided by/(used in) financing activities | $14,644 | ($3,050) | | **Decrease in cash, cash equivalents and restricted cash** | **($2,185)** | **($277)** | [Notes to Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail BMS's single segment operation, major Q1 2024 acquisitions (Karuna, RayzeBio, Mirati), a SystImmune collaboration, $13.0 billion debt issuance, and ongoing legal proceedings - BMS operates as a single business segment focused on discovering, developing, and selling innovative medicines, with resource allocation managed at a global corporate level by the CEO[13](index=13&type=chunk) - Acquired Karuna for **$14.0 billion**, resulting in a **$12.1 billion** charge to Acquired IPRD, as its lead asset KarXT represented substantially all of the fair value acquired[29](index=29&type=chunk)[30](index=30&type=chunk) - Acquired RayzeBio for **$4.1 billion** and Mirati for **$4.8 billion**, accounted for as business combinations, adding significant intangible assets and goodwill[32](index=32&type=chunk)[37](index=37&type=chunk) - Entered a strategic collaboration with SystImmune for co-development of BL-B01D1, paying an **$800 million** upfront fee which was expensed as Acquired IPRD[26](index=26&type=chunk) - Issued **$13.0 billion** in senior unsecured notes in February 2024 to partially fund the RayzeBio and Karuna acquisitions[80](index=80&type=chunk) - Ongoing patent litigation for Eliquis in multiple European countries, with mixed outcomes; the UK patent was found invalid, while French, Norwegian, Swedish, and Swiss courts upheld validity[109](index=109&type=chunk)[111](index=111&type=chunk)[117](index=117&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=35&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes 5% revenue growth to the Growth Portfolio, while GAAP EPS declined due to IPRD charges from acquisitions, increasing net debt to $45.6 billion [Executive Summary](index=35&type=section&id=Executive%20Summary) BMS completed major acquisitions and collaborations in Q1 2024, secured key product approvals, initiated a $1.5 billion cost-saving plan, and reported 5% revenue growth despite a GAAP EPS loss - Completed three major acquisitions in Q1 2024: Karuna (psychiatric/neurological), RayzeBio (radiopharmaceuticals), and Mirati (targeted oncology)[155](index=155&type=chunk) - Executing a strategic productivity initiative to generate approximately **$1.5 billion** in annual cost savings by the end of 2025, reinvesting most of it to fund innovation and growth[156](index=156&type=chunk) Q1 2024 Financial Highlights | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total Revenues | $11.87 B | $11.34 B | | GAAP Diluted (loss)/earnings per share | ($5.89) | $1.07 | | Non-GAAP Diluted (loss)/earnings per share | ($4.40) | $2.05 | [Results of Operations](index=38&type=section&id=Results%20of%20Operations) Total revenues grew 5% to $11.9 billion, driven by the Growth Portfolio, while expenses surged due to a $12.9 billion Acquired IPRD charge and acquisition-related costs Q1 2024 Revenue by Portfolio | Portfolio | Q1 2024 Revenue (in millions) | % Change YoY | | :--- | :--- | :--- | | Growth Portfolio | $4,792 | 8% | | Legacy Portfolio | $7,073 | 2% | | **Total Revenues** | **$11,865** | **5%** | Q1 2024 Key Product Revenue Performance | Product | Q1 2024 Revenue (in millions) | % Change YoY | | :--- | :--- | :--- | | Eliquis | $3,720 | 9% | | Opdivo | $2,078 | (6)% | | Revlimid | $1,669 | (5)% | | Reblozyl | $354 | 72% | | Opdualag | $206 | 76% | | Abecma | $82 | (44)% | - Acquired IPRD expense was **$12.95 billion**, primarily from the **$12.1 billion** Karuna asset acquisition and an **$800 million** upfront fee to SystImmune[203](index=203&type=chunk) - Marketing, selling and administrative expenses increased by **$605 million**, largely due to **$426 million** in costs related to recent acquisitions[201](index=201&type=chunk) - Research and development expenses rose by **$374 million**, mainly due to **$451 million** in costs from recent acquisitions[202](index=202&type=chunk) [Financial Position, Liquidity and Capital Resources](index=53&type=section&id=Financial%20Position%2C%20Liquidity%20and%20Capital%20Resources) Net debt increased by $18.5 billion to $45.6 billion due to $20.1 billion in acquisitions, funded by $13.0 billion in new debt, with operating cash flow at $2.8 billion Net Debt Position | Component (in Millions) | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total cash, cash equivalents and marketable debt securities | $10,037 | $12,644 | | Total Debt (Short-term & Long-term) | ($55,677) | ($39,772) | | **Net debt position** | **($45,640)** | **($27,128)** | - Issued **$13.0 billion** of 2024 Senior Unsecured Notes to partially fund the acquisitions of RayzeBio and Karuna[214](index=214&type=chunk) - Cash flow from operating activities decreased slightly to **$2.83 billion**, while cash used in investing activities increased to **$19.62 billion** due to acquisition payments[217](index=217&type=chunk)[218](index=218&type=chunk)[219](index=219&type=chunk) [Product and Pipeline Developments](index=54&type=section&id=Product%20and%20Pipeline%20Developments) BMS achieved key regulatory approvals for Abecma, Breyanzi, and Opdivo, advanced its pipeline, but the Zeposia Phase III Crohn's trial did not meet its primary endpoint - **Abecma:** FDA and EC approvals expanded its use to treat adult patients with relapsed or refractory multiple myeloma after two or more prior lines of therapy[222](index=222&type=chunk) - **Breyanzi:** Received accelerated FDA approval for adult patients with relapsed or refractory CLL or SLL after at least two prior lines of therapy[224](index=224&type=chunk) - **Opdivo:** FDA approved its use in combination with cisplatin and gemcitabine for first-line treatment of unresectable or metastatic urothelial carcinoma[225](index=225&type=chunk) - **Krazati:** The Phase III KRYSTAL-12 study met its primary endpoint of progression-free survival in pretreated KRAS G12C-mutated NSCLC[224](index=224&type=chunk) - **Zeposia:** The Phase III YELLOWSTONE trial in moderate-to-severe active Crohn's disease did not meet its primary endpoint of clinical remission at Week 12[227](index=227&type=chunk) [Quantitative and Qualitative Disclosure About Market Risk](index=58&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosure%20About%20Market%20Risk) For market risk disclosures, refer to Item 7A of the company's 2023 Form 10-K, indicating no material changes during the quarter - The report refers to the 2023 Form 10-K for discussion of market risk, indicating no material changes to its exposure to market risks such as interest rate and foreign currency fluctuations during the quarter[232](index=232&type=chunk) [Controls and Procedures](index=58&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of March 31, 2024[233](index=233&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal controls[233](index=233&type=chunk) [Part II—OTHER INFORMATION](index=58&type=section&id=Part%20II%E2%80%94OTHER%20INFORMATION) [Legal Proceedings](index=58&type=section&id=Item%201.%20Legal%20Proceedings) This section incorporates by reference detailed legal proceedings from Note 18, including ongoing patent litigation for Eliquis and various product liability and antitrust cases - The company incorporates information on legal proceedings by reference from Note 18 to the consolidated financial statements[234](index=234&type=chunk) [Risk Factors](index=58&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the company's 2023 Annual Report on Form 10-K were reported - There have been no material changes from the risk factors disclosed in the Company's 2023 Form 10-K[235](index=235&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=59&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Approximately 2.42 million shares were surrendered for tax obligations, with no repurchases under the $5.0 billion authorized buyback program in Q1 2024 - No shares were repurchased under the company's publicly announced stock buyback program during the first quarter of 2024[238](index=238&type=chunk) - The remaining share repurchase capacity under the authorized program was approximately **$5.0 billion** as of March 31, 2024[237](index=237&type=chunk)[238](index=238&type=chunk) [Other Information](index=59&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the first quarter of 2024 - No director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement" during the quarter[239](index=239&type=chunk) [Exhibits](index=60&type=section&id=Item%206.%20Exhibits) Exhibits include documents for the February 2024 $13 billion senior notes issuance and required CEO and CFO certifications - Exhibits filed include documents related to the **$13 billion** senior notes issuance in February 2024, such as the supplemental indenture and forms of the notes[242](index=242&type=chunk) - Standard CEO and CFO certifications (Section 302 and 906) and XBRL data files are also included as exhibits[242](index=242&type=chunk)