Core Insights - Bristol Myers (BMY) is focusing on expanding its pipeline due to the negative impact of generics on its legacy portfolio, particularly Revlimid, Pomalyst, Sprycel, and Abraxane [1] - The FDA has granted Fast Track Designation to BMS-986446, an anti-MTBR-tau antibody in phase II development for early Alzheimer's disease [1][10] - BMY's neuroscience portfolio has been enhanced by the FDA approval of xanomeline and trospium chloride (Cobenfy) for schizophrenia, with initial sales of $62 million in the first half of 2025 [2][3] Neuroscience Pipeline - Cobenfy is undergoing registrational trials for Alzheimer's disease, including studies on psychosis, agitation, and cognitive impairment, and is also in a phase III study for bipolar 1 disorder [4] - The drug is expected to be a significant growth driver for BMY as it seeks label expansions into new indications [4] - BMY's neuroscience pipeline includes candidates for neurodegenerative diseases (BMS-986495) and treatments for multiple sclerosis, mood, and anxiety disorders [5] Competitive Landscape - BMY's Alzheimer's candidates will face competition from existing products like Eli Lilly's Kisunla and Biogen and Eisai's Leqembi upon potential approval [6] - Eli Lilly's Kisunla was approved for early symptomatic Alzheimer's disease, and ongoing trials are evaluating its efficacy in preclinical stages [7][8] Financial Performance - BMY's shares have declined by 17.1% year-to-date, contrasting with the industry's growth of 10.4% [9] - The company is trading at a price/earnings ratio of 7.24X forward earnings, below its historical mean of 8.45X and the large-cap pharma industry's average of 15.87X [11] - The bottom-line estimate for 2025 has increased to $6.51 from $6.46, while the estimate for 2026 has decreased to $6.06 from $6.07 [13]

This story was originally published on BioPharma Dive. To receive daily news and insights, subscribe to our free daily BioPharma Dive newsletter. MapLight Therapeutics on Monday advanced plans to go public with the help of a little-used regulatory workaround that would allow it to price a new stock offering during a federal government shutdown. The biotechnology company, which is developing drugs for neurological diseases, said in a statement that it plans to sell 14,750,000 shares at $17 apiece in a com ...

Bristol-Myers Squibb Company (NYSE:BMY) is included among the 11 Best Affordable Dividend Stocks to Buy Now. Investing Smart: Bristol-Myers Squibb (BMY) Among the Best Affordable Dividend Stocks Bristol-Myers Squibb Company (NYSE:BMY) is an American pharmaceutical giant that operates in multiple countries and is based in New Jersey. In the second quarter, the company’s growth portfolio recorded double-digit sales, and at least seven products recorded more than 20% sales increase. Among them, cancer cell ...

Market Overview - The federal government shutdown has entered its third day with no resolution, yet the stock market continues to reach all-time highs, with the S&P 500 achieving its 29th record-high close since early April [1] - The Nasdaq experienced a modest decline, marking its 30th record close on Thursday, while both indices recorded four positive weeks out of the last five [1] Sector Performance - The healthcare sector was the strongest performer for the week, driven by significant gains in life sciences firm Danaher (over 16%) and drugmaker Eli Lilly (nearly 16%) following President Trump's deal with Pfizer [1] - Utilities and information technology sectors followed, benefiting from the ongoing artificial intelligence trade, with utilities boosted by power demands for AI data centers [1] Company Highlights - **Nike**: The company reported quarterly earnings that exceeded Wall Street expectations, with revenue increasing by 1% instead of the previously forecasted mid-single-digit decline. This improvement is attributed to CEO Elliott Hill's turnaround strategy [1] - **Bristol Myers Squibb**: The company saw a surge in stock prices amid a relief rally in large-cap drug names but was trimmed for cash to pursue better opportunities. The long-term outlook depends on a key trial for its schizophrenia drug, Cobenfy [1] - **Boeing**: The stock was purchased after a drop in gains related to easing FAA restrictions, which could allow for increased production and improved free cash flow. However, the debut of the new 777X jet has been delayed to early 2027 [1] - **Costco**: A small purchase of additional shares was made despite recent rough patches, as the company continues to show consistent market share gains and durable growth [1] Analyst Ratings - **Wells Fargo**: Morgan Stanley downgraded the stock to hold, citing a lack of near-term catalysts and limited upside due to the Fed's interest rate cuts. However, the company is diversifying its revenue streams beyond net interest income [1] - **GE Vernova**: RBC Capital Markets downgraded the stock to hold, reducing the price target due to challenges in the wind turbine business and valuation concerns [2] - **Apple**: Jefferies downgraded Apple to underperform, suggesting that demand for the latest iPhone models is already priced in. However, there is skepticism about the downgrade due to Jefferies' frequent rating changes and belief in Apple's potential for future innovation [2]

Core Insights - The PGIM Jennison Health Sciences Fund's second-quarter 2025 investor letter highlights significant volatility in equities, with the S&P 1500 Health Care Index declining 6.9%, underperforming the S&P 500's 10.9% return [1] - Health care providers, life sciences tools, biotechnology, and pharmaceuticals underperformed the index, while healthcare technology and medtech sectors showed gains [1] - Bristol-Myers Squibb Company (NYSE:BMY) is identified as a key stock, with a market capitalization of $89.885 billion and a one-month return of -5.80% [2][3] Company Analysis: Bristol-Myers Squibb Company - Bristol-Myers Squibb focuses on developing drugs across various therapeutic areas, including Cardiovascular Disease, Oncology, Hematology, and Immunology [3] - The company has three major franchises facing patent expirations: Revlimid (generic entry in 2026), Eliquis (generic entry in 2028/29), and Opdivo (biosimilar competition starting in 2029) [3] - The fund initiated a position in BMY due to perceived undervaluation and expectations for its neuropsychiatric asset, Cobenfy, but later reduced its position following negative updates on trial results and a disappointing quarter [3]

Core Insights - Bristol Myers Squibb (BMY) announced positive data from the late-stage study on iberdomide for patients with relapsed or refractory multiple myeloma (RRMM) [1][8] - The phase III EXCALIBER-RRMM study demonstrated statistically significant improvement in minimal residual disease (MRD) negativity rates compared to the control arm [2][8] - The study is designed to assess dual-primary endpoints of MRD negativity and progression-free survival (PFS), with additional secondary endpoints including overall survival (OS) and health-related quality of life [3] Study Details - The EXCALIBER-RRMM study is a multicenter, two-stage, randomized, open-label trial evaluating iberdomide in combination with Darzalex and dexamethasone versus Darzalex, bortezomib, and dexamethasone [1][3] - The safety profile of iberdomide in combination with daratumumab and dexamethasone is consistent with previous studies, and the trial will continue to evaluate PFS and OS [4] - BMY plans to discuss the results with health authorities as iberdomide represents a novel class of medicines called CELMoDs, which may change the treatment landscape for multiple myeloma [5] Portfolio Expansion - BMY's Growth Portfolio includes drugs such as Opdivo, Orencia, and Yervoy, as the company seeks to expand its pipeline due to the adverse impact of generics on its legacy portfolio [6] - BMY's shares have decreased by 17.8% year-to-date, while the industry has grown by 5.2% [6] Collaboration and New Developments - BMY is collaborating with BioNTech on the development of pumitamig, a bispecific antibody for extensive-stage small cell lung cancer, which has shown a 76.3% confirmed objective response rate in interim data [9][10] - The approval of Cobenfy for schizophrenia broadens BMY's portfolio and validates its acquisition of Karuna Therapeutics, representing a new pharmacological approach to treating schizophrenia [11][12]

Core Viewpoint - Bristol-Myers Squibb (BMY) has underperformed the market with a 20% stock price decline this year, while the S&P 500 has increased by 14%, primarily due to challenges in its drug pipeline [2][3] Valuation - BMY stock is currently priced at $45, which is considered attractive given its low valuation metrics compared to the S&P 500 [3] - The price-to-sales (P/S) ratio for BMY is 1.9, while the S&P 500 stands at 3.3; the price-to-free cash flow (P/FCF) ratio is 7.0 compared to 21.1 for the S&P 500; and the price-to-earnings (P/E) ratio is 16.9 versus 24.0 for the benchmark [8][14] Revenue Growth - BMY's revenues have shown variable growth, with a 4.6% increase from $46 billion to $48 billion over the past 12 months, compared to a 5.1% growth for the S&P 500 [8] - The company has experienced an average revenue growth rate of 0.5% over the last three years, significantly lower than the S&P 500's 5.3% [8] Profitability - BMY's operating income for the last four quarters was $7.9 billion, resulting in an operating margin of 16.5%, which is below the S&P 500's 18.6% [15] - The net income for BMY was $5.4 billion, yielding a net income margin of 11.4%, compared to 12.7% for the S&P 500 [15] Financial Stability - BMY's balance sheet is considered solid, with a debt figure of $51 billion and a market capitalization of $92 billion, leading to a debt-to-equity ratio of 55.8%, higher than the S&P 500's 21.0% [15] - The cash-to-assets ratio stands at 12.7%, significantly above the S&P 500's 7.0%, indicating strong liquidity [15] Downturn Resilience - BMY stock has shown moderate resilience during downturns, with a 40.2% decline from its peak in December 2022, compared to a 25.4% decline for the S&P 500 [16] - Historical performance indicates that BMY has fully recovered from past crises, suggesting potential for future recovery [16] Pipeline and Future Prospects - Despite recent pipeline challenges, BMY has a robust pipeline and recent acquisitions, such as 2seventy Bio, which could provide significant upside [17] - The company is co-developing a promising antibody with BioNTech for small-cell lung cancer, which has shown positive mid-stage trial results and a potential peak sales value exceeding $5 billion [17]

Core Viewpoint - Investors are increasingly interested in Bristol Myers Squibb (BMY) due to its high dividend yield of 5.5% and a consistent history of dividend growth over 25 years [1][2]. Group 1: Dividend Yield and Comparison - Bristol Myers Squibb offers a substantial dividend yield of 5.5%, significantly higher than the average yield of 1.2% for dividend-paying stocks in the S&P 500 [2]. Group 2: Patent Expirations and Revenue Impact - The company recently lost exclusivity for Revlimid, a cancer therapy that peaked at $12.8 billion in sales in 2021, and will soon lose exclusivity for Eliquis, which accounts for approximately 31% of total revenue [4]. Group 3: Growth Potential from New Treatments - Despite challenges from patent expirations, Bristol Myers Squibb has a promising growth portfolio with at least seven drugs that experienced double-digit sales growth in the second quarter, including Breyanzi, which saw sales more than double [5]. - Anticipated sales for Cobenfy, a new schizophrenia treatment approved by the FDA, are projected to reach $2.6 billion by 2030 [6]. Group 4: Earnings and Dividend Commitment - The company expects earnings per share to be between $6.35 and $6.65 this year, which exceeds the annualized dividend commitment of $2.48 per share, indicating strong financial health [7]. - With a robust lineup of new products, the high-yield dividend is expected to continue growing for at least another decade [7].

Core Viewpoint - Bristol Myers Squibb plans to launch its schizophrenia treatment Cobenfy in the UK in 2026 at a price equal to its US list price [1] Company Summary - The company is preparing for the introduction of Cobenfy, targeting the UK market for schizophrenia treatment [1] Industry Summary - The launch of Cobenfy in the UK represents a strategic move within the pharmaceutical industry, particularly in the mental health treatment sector [1]

Summary of Key Points Group 1: Stock Analysis - Apple: The latest iPhone 17 models are considered a bargain, especially with trade-in values and provider incentives [1] - Amazon: Potential for upside if margin expansion continues, particularly in e-commerce and cloud growth [1] - Abbott Laboratories: Valued at approximately 24 times earnings, seen as a high-quality med tech stock worth holding [1] - Broadcom: Recent profit-taking due to exceeding 5% portfolio weighting, but long-term outlook remains positive [1] - Boeing: Newly added to the portfolio, expected to benefit from trade policies and has significant multi-year upside potential [1] - BlackRock: Described as a "bull market stock," with a focus on fast-growing investments [1] - Bristol Myers Squibb: Awaiting results from upcoming studies on its schizophrenia drug, Cobenfy, which could improve sentiment [1] - Capital One: Anticipating share repurchases post-Discover acquisition, with strong management praised [1] - Costco: Long-term outlook remains positive despite recent struggles attributed to market perception [1] - Salesforce: Current levels are not recommended for buying or selling ahead of the Dreamforce conference [1] - CrowdStrike: Ambitious target of $20 billion in annual recurring revenue set, indicating strong management confidence [1] - Cisco Systems: Continued support despite underperformance, with a solid dividend [1] - DuPont: Progressing towards a planned breakup, with Qnity expected to unlock more value [1] - Danaher: Facing headwinds from China but announced a significant buyback [1] - Disney: Shares have stalled, but theme park business remains strong [1] - Dover: Future outlook remains bright despite recent disappointing earnings [1] - Eaton: Potential for increased business from data centers as AI spending rises [1] - GE Vernova: High valuation justified by demand for energy generation in AI infrastructure [1] - Goldman Sachs: Expected revenue growth in investment banking and attractive wealth management business [1] Group 2: Additional Stock Insights - Home Depot: Likely to trim position due to housing market turnaround not meeting expectations [2] - Honeywell International: Shares lagging until split is complete, but value remains [2] - Linde: Continues to deliver for shareholders despite challenging end markets [2] - Eli Lilly: Position maintained due to strong performance and potential game-changing products [2] - Meta Platforms: Dominance in advertising market bolstered by generative AI [2] - Microsoft: Attractive long-term investment, with potential for trimming positions [2] - Nvidia: Partnership with Intel solidifies its leadership in GPUs [2] - Palo Alto Networks: High valuation justified by leadership in cybersecurity [2] - Starbucks: Promising turnaround plan under new CEO [2] - TJX Companies: Strongest earnings performance seen, recognized as a top retail performer [2] - Texas Roadhouse: Stock performance tied to cattle futures, expected surge in share price [2] - Wells Fargo: Positive outlook with increased buybacks and diversification into fee-based businesses [2]