With the end of the pandemic, sales of Pfizer’s (PFE) COVID products, Comirnaty and Paxlovid, declined from their peak. However, Pfizer’s non-COVID operational revenues are improving, driven by its key in-line products like Vyndaqel, Padcev and Eliquis, recent launches and newly acquired products like Nurtec and those from Seagen (December 2023).The year 2023 was a record year for Pfizer in terms of new drug approvals. It received nine new medicine/vaccine approvals in 2023 that have begun to contribute to ...

Bristol-Myers Squibb ( BMY ) is a company that was blessed with multiple early mega blockbuster therapies: Eliquis, Opdivo, and Revlimid (via Celgene). Sometimes, mega blockbusters are more of a curse than a blessing. They lead to tremendous financial fortune forHello, I am an individual investor with an interest in bringing diversification of viewpoints to stock analysis and investing. This brings to point the Japanese proverb 他山之石 -ta-zan-no-ishi- which translates to "another-mountain's-rock" and denotes ...

Group 1 - Bristol-Myers Squibb (BMY) has developed multiple early mega blockbuster therapies including Eliquis, Opdivo, and Revlimid, which have significantly contributed to its financial success [1] - The presence of mega blockbusters can also present challenges, as they may lead to over-reliance on a few products, creating potential vulnerabilities for the company [1] Group 2 - The article emphasizes the importance of diversifying knowledge sources in investment analysis, suggesting that a broader perspective can enhance decision-making [1]

This story was originally published on BioPharma Dive. To receive daily news and insights, subscribe to our free daily BioPharma Dive newsletter. Anaptysbio and its partner GSK are suing each other, claiming breach of contract over the big drugmaker’s license to market the likely blockbuster cancer immunotherapy Jemperli. A California-based developer of immune-modulating antibody drugs, Anaptysbio claimed in a Delaware court that GSK violated the terms of its decade-old deal by testing some of its experi ...

Cullen Capital Management, LLC, operating under the name Schafer Cullen Capital Management, Inc. (SCCM), has released its “SCCM Value Equity Strategy” third-quarter investor letter. A copy of the letter can be downloaded here. The US equity market continued the rally in the third quarter, with the S&P 500 returning 8.1% and the Russell 1000 Value surging 5.3%. The value equity strategy returned 6.9% (gross of fees) and 6.8% (net of fees) in the quarter, while the Russell 1000 Value and S&P 500 returned 5.3% ...

Core Viewpoint - The stock market's performance in 2025 is deemed less relevant due to the impact of AI implementation and new policies, suggesting a focus on selecting undervalued stocks rather than broad market trends [2] Group 1: Sonoco Products (SON) - Sonoco Products is identified as a value play with a low price-to-earnings ratio of 6.5 and a 5% dividend yield, despite recent challenges from an acquisition and market conditions [3][5] - The company specializes in both consumer and industrial packaging, and following its acquisition of Eviosys, it has become the largest manufacturer of metal food cans and aerosol packaging [4] - Sonoco has a 42-year history of increasing dividends, although it has faced recent setbacks including high costs and lower demand, leading to a quarterly earnings miss and reduced guidance [6] Group 2: International Paper (IP) - International Paper is trading at a low valuation of six times cash flow and offers a 5% yield, making it a potential contrarian investment [7] - The company has encountered similar issues as Sonoco, including rising input costs and reduced demand, which have led to lowered guidance for 2025 and 2026 [8] - Despite these challenges, the stock's valuation metrics are attractive, with a price-to-earnings growth (PEG) ratio of 0.26 [9] Group 3: Amcor (AMCR) - Amcor is recognized for its 41 years of dividend growth and currently offers a yield exceeding 6%, with a forward price-to-earnings ratio under 11 [10][11] - The company produces various food-related packaging products and is experiencing a merger hangover that has affected its stock price [12] - Amcor's recent financial reports indicate struggles with weak volumes, but its valuation metrics remain appealing compared to previous assessments [11][12] Group 4: Bristol-Myers Squibb (BMY) - Bristol-Myers Squibb is highlighted for its low valuation at under eight times earnings and a 5.2% dividend yield, despite concerns over patent expirations [13] - The company has a robust portfolio of over 30 products, including key cancer treatments, and has reported strong quarterly results [14] - Partnerships and a promising pipeline are expected to mitigate risks associated with patent cliffs, making it an attractive investment option [15]

Core Insights - Bristol Myers Squibb's growth portfolio performed strongly in Q3 2025, offsetting declines in legacy drug sales [1][8] - The growth portfolio includes key drugs such as Opdivo, Reblozyl, and Breyanzi, contributing significantly to revenue [1][4] Growth Portfolio Performance - Opdivo remains the top revenue generator, with strong sales driven by its launch in MSI-high colorectal cancer and growth in first-line non-small cell lung cancer in the U.S. [2] - Opdivo Qvantig's approval for subcutaneous use has enhanced the immuno-oncology portfolio, with projected global sales growth in the high single-digit to low double-digit range [3] - Reblozyl is annualizing over $2 billion in sales, driven by demand in various treatment settings [4] - Breyanzi sales have surpassed $1 billion, reflecting strong growth in large B-cell lymphoma [4] - Camzyos sales are increasing due to robust demand, and Cobenfy has shown encouraging initial uptake with $105 million in sales year to date [5] Competitive Landscape - The immuno-oncology market is competitive, with Merck's Keytruda dominating and accounting for around 50% of Merck's pharmaceutical sales [6] - Pfizer is also a significant player in oncology, with a diverse product portfolio including antibody-drug conjugates and biosimilars [7] Financial Performance and Valuation - Bristol Myers' shares have declined by 13.2% year to date, contrasting with the industry's growth of 15.9% [10] - The company is trading at a price/earnings ratio of 8.07x forward earnings, lower than its historical mean and the large-cap pharma industry's average of 16.42x [12] - The Zacks Consensus Estimate for 2025 earnings per share has remained unchanged, while estimates for 2026 have decreased [13]

Core Insights - Bristol Myers Squibb (BMY) has seen a 7.2% increase in stock price over the past month, outperforming the industry growth of 3.8% and the S&P 500 Index [1][2][8] - The company's strong performance is attributed to better-than-expected Q3 results driven by increased demand for key drugs such as Opdivo, Breyanzi, Reblozyl, and Camzyos, leading to an upward revision in revenue guidance [3][8] - Despite recent gains, BMY's year-to-date stock performance has been disappointing, with a decline from a 52-week high of $63.33 in March to a low of $42.52 in late October [4] Financial Performance - BMY's Growth Portfolio, which includes drugs like Opdivo and Reblozyl, reported an 18% year-over-year sales increase, totaling $6.9 billion [5] - Opdivo sales in the U.S. are driven by strong launches in specific cancer indications, while global sales are expected to grow in the high single-digit to low double-digit range [6][8] - The thalassemia drug Reblozyl has annualized sales exceeding $2 billion, and Breyanzi's sales are also strong, exceeding $1 billion annually [9][10] Drug Approvals and Pipeline - BMY's recent approval of Opdivo Qvantig for subcutaneous use has enhanced its immuno-oncology portfolio, with strong initial uptake [6] - The company has also launched Cobenfy, a new treatment for schizophrenia, which has generated $105 million in sales year-to-date and is expected to contribute significantly to revenue in the future [10][11] Legacy Portfolio and Challenges - The Legacy Portfolio continues to decline, with a 12% decrease in sales to $5.4 billion, primarily due to generic competition affecting drugs like Revlimid and Pomalyst [12] - BMY anticipates a further decline of approximately 15% to 17% in the Legacy Portfolio by 2025 [13] Strategic Collaborations and Acquisitions - BMY announced the acquisition of Orbital Therapeutics for $1.5 billion, which will add a promising RNA immunotherapy candidate to its pipeline [14][15] - The company has also partnered with BioNTech for the co-development of a bispecific antibody targeting cancer, indicating a focus on innovative treatment approaches [16][17] Valuation and Estimates - BMY's current price/earnings ratio stands at 7.67x, below its historical mean and the large-cap pharma industry's average of 15.57x, suggesting it may be undervalued [18] - The Zacks Consensus Estimate for 2025 EPS has slightly decreased to $6.48 from $6.51 over the past month [20] Investment Outlook - BMY's strong performance in the first nine months of 2025, driven by key drugs, positions it as a relatively safe investment in the biotech sector [22] - The company offers an attractive dividend yield of 5.31%, which may appeal to existing investors [22]

Financial Data and Key Metrics Changes - The company reported record royalty revenue of $236 million, a 52% increase year over year, contributing to total revenue of $354 million, which reflects a 22% growth year over year [4][27] - Adjusted EBITDA grew by 35% to $248 million, outpacing top-line growth, showcasing the strength of the royalty-based business model [4][30] - The company raised its full-year 2025 guidance, projecting total revenue of $1.3 billion to $1.375 billion, representing 28% to 35% growth over 2024 [7][31] Business Line Data and Key Metrics Changes - Darzalex Subcutaneous sales increased by 20% to $3.7 billion, with a significant market share gain of approximately 5.7 percentage points across all therapy lines [10][11] - Fesgo generated revenue of approximately $2.3 billion, reflecting a 54% year-over-year increase, with conversion from intravenous therapies reaching 51% [13] - Vyvgart Hytrulo saw total sales increase by 96% year-over-year to $1.13 billion, driven by the subcutaneous formulation enabling self-injection [14][16] Market Data and Key Metrics Changes - The company achieved 13 out of 15 growth catalysts year to date, including new product approvals and expanded indications [5] - The approval of Darzalex Subcutaneous for smoldering multiple myeloma in Europe is expected to expand its market reach significantly [6] - The subcutaneous formulation of Ocrevus is projected to represent an incremental $2 billion opportunity, with analysts estimating total brand sales to reach $10 billion by 2028 [18][19] Company Strategy and Development Direction - The acquisition of Electrovive aims to enhance at-home administration of biologic therapies, expanding the portfolio of drug delivery technologies [8] - The company is focused on patient-centric drug delivery solutions, leveraging its ENHANZE technology alongside new innovations like HyperCon [9] - The strategic goal is to maintain strong momentum in transforming the subcutaneous delivery landscape, with a robust pipeline of future royalty streams [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued strength of the core ENHANZE business and the accelerating momentum across the partner portfolio [34] - The company anticipates sustained royalty contributions from all products through at least 2030, ensuring a robust revenue stream [24] - Management highlighted the importance of ongoing discussions for new ENHANZE agreements, indicating strong interest from potential partners [48] Other Important Information - The company reported a strong balance sheet with cash and marketable securities of $702 million as of September 30, 2025, up from $596.1 million at the end of 2024 [28] - The net debt-to-EBITDA ratio was 0.9 times at the end of the third quarter, indicating a solid financial position [28] Q&A Session Summary Question: Thoughts on capital allocation and debt management - Management indicated a balanced approach to capital allocation, with plans to pay down debt while considering share repurchases and new acquisition opportunities [35][36] Question: Awareness of Electrovive technology among partners - Management noted that there is good awareness of the HyperCon technology among current partners, with strong support for potential collaboration [39] Question: Market growth sources for products - Management highlighted that market growth is coming from both share gains from other therapies and earlier use in treatment [40] Question: Future M&A opportunities - Management stated that while they are actively looking for new opportunities, it is unlikely there will be another acquisition this year following the Electrovive deal [42][43] Question: Updates on pipeline products - Management confirmed that there have not been any public updates from ViiV or Acumen recently, but they are awaiting further information [57]

Core Insights - Bristol Myers Squibb Co. reported Q3 2025 revenues of $12.22 billion, exceeding consensus estimates of $11.81 billion, marking a 3% year-over-year increase [1] Revenue Breakdown - Growth Portfolio revenues reached $6.9 billion, an 18% increase, or 17% when excluding foreign exchange effects, driven by the immuno-oncology portfolio, Reblozyl, Camzyos, and Breyanzi [1] - Legacy Portfolio revenues declined to $5.4 billion, a 12% decrease, or 13% Ex-FX, with Eliquis sales increasing to $3.75 billion, up 25%, but this was offset by the impact of generics on the rest of the Legacy Portfolio [2] Product Performance - Sales of Opdivo increased by 7% to $2.53 billion, while Orencia generated $964 million, up 3%. Yervoy sales rose 15% to $739 million, and Reblozyl saw a 37% increase to $615 million [3] Financial Metrics - Adjusted earnings per share were reported at $1.63, surpassing the consensus of $1.51 [3] - Gross margin on a GAAP basis was 71.9%, and on a non-GAAP basis, it was 72.9%, down from 75.1% and 76.0% respectively from the previous year, indicating a change in product mix [4] Guidance and Market Reaction - The company narrowed its fiscal 2025 earnings guidance to $6.40-$6.60, compared to the consensus of $6.38, and raised its sales guidance to $47.5 billion-$48 billion, above the consensus of $47.33 billion, reflecting strong Growth Portfolio performance [5] - Following the earnings report, Bristol-Myers Squibb shares rose by 4.40% to $44.47 [5]