Core Viewpoint - Bristol-Myers Squibb Company (BMY) is set to report its second-quarter 2025 results on July 31, with sales and earnings estimates at $11.38 billion and $1.18 per share, respectively. However, earnings estimates for 2025 and 2026 have seen a decline over the past month [1][5]. Financial Estimates - The current earnings estimate for Q2 2025 is $1.18, down from $1.55 30 days ago, reflecting a decrease of 29.34%. The earnings estimates for 2025 and 2026 have also decreased to $6.37 and $6.03, respectively [2][5]. - BMY has a strong earnings surprise history, beating estimates in the last four quarters with an average surprise of 20.16% [2]. Factors Influencing Q2 Results - Total quarterly revenues are expected to be negatively impacted by declining sales from the legacy portfolio, which includes drugs like Eliquis, Revlimid, and Pomalyst, primarily due to generic competition [4][5]. - Sales for Pomalyst are estimated at $727 million, while Eliquis is projected to generate $3.5 billion in sales [6][7]. Growth Portfolio Performance - The growth portfolio, which includes drugs like Opdivo, Reblozyl, and Camzyos, is expected to partially offset the decline in legacy drug sales. Opdivo sales are estimated at $2.4 billion, while Reblozyl is projected at $546 million [8][10][11]. - New drug Cobenfy for schizophrenia has shown promising sales growth, indicating a positive start for the newly launched product [12][18]. Strategic Initiatives - BMY has announced cost-cutting plans aiming to save $1.5 billion by 2025 and an additional $2 billion annually by 2027, which are expected to improve profitability [5][14]. - The company has entered a strategic collaboration with BioNTech for the co-development of a bispecific antibody, BNT327, which targets solid tumors [19][22]. Stock Performance and Valuation - BMY shares have declined by 14.4% year-to-date, underperforming the industry and the S&P 500 [16]. - The stock currently trades at a price/earnings ratio of 7.84x forward earnings, lower than its historical mean and the large-cap pharma industry average [20].

Core Insights - Bristol Myers Squibb (BMY) has entered a strategic collaboration with BioNTech (BNTX) for the co-development and co-commercialization of the investigational bispecific antibody BNT327, which targets various solid tumors [1][8] - The collaboration involves an upfront payment of $1.5 billion and a total of $2 billion in non-contingent anniversary payments through 2028, which will increase BMY's operating expenses [2][8] - BMY is currently facing revenue pressures from its legacy portfolio due to generic competition affecting drugs like Revlimid and Eliquis [3][8] Financial Impact - The total expenses related to the collaboration are expected to adversely impact BMY's bottom line, with approximately $1.5 billion likely incurred in Q2 [2][8] - BMY's share price has decreased by 15% year-to-date, contrasting with the industry growth of 1.3% [7] - The bottom-line estimates for 2025 and 2026 have been revised downwards, with the 2025 estimate dropping from $6.89 to $6.52 [12] Competitive Landscape - The bispecific antibody market, particularly targeting PD-1 and VEGF, is becoming increasingly competitive, with major players like Merck and Pfizer also developing similar therapies [4][6] - Merck has secured a global license for a novel PD-1/VEGF bispecific antibody, LM-299, while Pfizer has entered a licensing agreement for SSGJ-707, another bispecific antibody targeting the same proteins [5][6] Valuation Metrics - BMY is currently trading at a price/earnings ratio of 7.40x forward earnings, which is below its historical mean of 8.53x and the large-cap pharma industry's average of 14.79x [10]

Core Viewpoint - Bristol-Myers Squibb is preparing to announce its Q2 2025 earnings, with expectations of adjusted earnings of $1.585 per share and sales of $11.31 billion, despite slight downward revisions in revenue and earnings estimates for 2025 [1][2]. Financial Performance - The company anticipates a low-single-digit percentage increase in total revenue for the later 2020s, primarily due to updated assumptions for its cancer drug Yervoy [2][4]. - Bank of America Securities has revised the company's earnings model, showing a decline of more than 1% in total revenue and EPS for Q2, with similar trends for 2025 [3][4]. Product Performance and Market Dynamics - Key products such as Pomalyst, Revlimid, Camzyos, and Orencia are expected to face significant headwinds due to U.S. drug pricing reforms [5]. - The earnings call will focus on the commercial performance of products like Cobenfy, Camzyos, Reblozyl, and Breyanzi, which are crucial for immediate revenue streams [7][8]. Industry Challenges - The evolving landscape of U.S. drug pricing policies, including the 'most favored nation' rule and potential pharma-specific tariffs, poses systemic pressures on the pharmaceutical industry, affecting Bristol-Myers Squibb [6]. - The company is expected to face several challenging years ahead, with anticipated earnings declines driven by generic competition [10]. Valuation Insights - Bristol-Myers Squibb is considered one of the cheaper companies in large-cap biopharma, with a price-to-earnings ratio of 7 to 8 times expected 2025 earnings, comparable to peers like Pfizer, GSK, Biogen, and Merck [9].

Core Insights - Bristol Myers' legacy portfolio, which includes Eliquis, Revlimid, Pomalyst, Sprycel, and Abraxane, experienced a significant revenue decline of 20% in Q1, totaling $5.64 billion, primarily due to generic competition and the redesign of U.S. Medicare Part D [1][8]. Revenue Performance - Eliquis generated sales of $3.56 billion, down 4% year-over-year, impacted by the Medicare Part D redesign, with expectations for sales recovery in H2 2025 as the coverage gap is eliminated [2][8]. - Revlimid's revenues plummeted 44% to $936 million due to lower demand from generic erosion [2]. - Pomalyst sales decreased by 24% to $658 million, while Sprycel saw a 53% decline to $175 million, and Abraxane revenues fell 52% to $105 million, all attributed to generic competition [3][8]. Competitive Landscape - Bristol Myers' growth portfolio includes key drugs such as Opdivo, Orencia, Yervoy, Reblozyl, and others, with a strong focus on oncology [4]. - The company faces significant competition from major pharmaceutical firms like Merck and Pfizer, particularly in the immuno-oncology space, where Merck's Keytruda dominates [4][5][6]. Stock Performance and Valuation - Bristol Myers' shares have declined by 14% year-to-date, contrasting with a slight industry decline of 0.6% [7]. - The company is currently trading at a price/earnings ratio of 7.45x forward earnings, which is below its historical mean of 8.86x and the large-cap pharma industry's average of 15.09x [10]. Earnings Estimates - The Zacks Consensus Estimate for 2025 earnings per share has decreased to $6.76 from $6.89 over the past 60 days, with a similar downward trend for 2026 estimates [12].

Core Insights - Bristol Myers (BMY) is focusing on newer drugs like Opdualag, Reblozyl, and Breyanzi to stabilize its revenue as legacy drugs face generic competition [1][9] - The performance of new drugs is crucial for BMY's growth, with Reblozyl showing strong growth in treating myelodysplastic syndromes-associated anemia [2] - BMY's shares have declined 15% year to date, underperforming the industry, which has seen a decline of 3.4% [8] Revenue and Drug Performance - Legacy drugs such as Revlimid, Pomalyst, Sprycel, and Abraxane are negatively impacted by generic competition and changes in U.S. Medicare Part D [1][9] - Sales of Eliquis, a blood thinner, decreased by 4% in the first quarter due to the Medicare Part D redesign [1] - Opdivo, a leading immuno-oncology drug, has experienced revenue growth primarily driven by volume [3] New Drug Approvals and Market Expansion - BMY has received FDA approval for xanomeline and trospium chloride (Cobenfy), a new treatment for schizophrenia, which is expected to contribute significantly to revenue [3][4] - Reblozyl is anticipated to have a substantial impact on BMY's revenue in the coming decade due to its strong performance [2] Competitive Landscape - The immuno-oncology market is competitive, with Merck's Keytruda dominating and accounting for around 50% of Merck's pharmaceutical sales [5] - Pfizer is also a significant player in oncology, with a diverse product portfolio and recent licensing agreements to enhance its offerings [6][7] Valuation and Earnings Estimates - BMY is trading at a forward earnings multiple of 7.34x, below its historical average of 8.54x and the large-cap pharma industry's average of 14.79x [9][10] - The Zacks Consensus Estimate for BMY's earnings per share has decreased over the past 60 days, indicating a downward trend in earnings expectations [11]

Company Overview - Bristol-Myers Squibb is a leading global specialty biopharmaceutical company focused on developing treatments for severe diseases [12] - The company has a diverse portfolio that includes blockbuster immuno-oncology drug Opdivo and essential immunology and cardiovascular drugs like Orencia and Eliquis [12] Financial Performance - For fiscal 2025, 11 analysts have revised their earnings estimate upwards in the last 60 days, increasing the Zacks Consensus Estimate by $0.10 to $6.85 per share [13] - Bristol-Myers Squibb boasts an average earnings surprise of 20.2% [13] Investment Ratings - The company currently holds a 3 (Hold) rating on the Zacks Rank, with a VGM Score of A [13] - Bristol-Myers Squibb has a Momentum Style Score of B, and its shares have increased by 4.2% over the past four weeks [13] - With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, Bristol-Myers Squibb is recommended for investors' short list [14]

Core Insights - Bristol Myers Squibb (BMY) has entered a strategic collaboration with BioNTech (BNTX) for the co-development and co-commercialization of the bispecific antibody BNT327, targeting multiple solid tumor types [1][9]. Company Developments - BNT327 is a next-generation bispecific antibody that targets PD-L1 and VEGF-A, currently in trials with over 1,000 patients, including phase III studies for extensive stage small cell lung cancer (ES-SCLC) and non-small cell lung cancer (NSCLC) [2][4]. - BMY will make an upfront payment of $1.5 billion to BioNTech, with additional non-contingent anniversary payments of $2 billion through 2028, and up to $7.6 billion in potential milestone payments [3][9]. Financial Performance - BMY's shares have declined by 13.6% year-to-date, compared to a 3.3% decline in the industry [8]. - The company is trading at a price/earnings ratio of 7.31x forward earnings, lower than its historical mean of 8.55x and the large-cap pharma industry's average of 14.95x [10]. Earnings Estimates - The Zacks Consensus Estimate for BMY's 2025 earnings per share has increased to $6.85 from $6.75 over the past 60 days, while the estimate for 2026 has decreased [11].

Core Viewpoint - Zacks Premium offers various tools and resources to help investors make informed decisions and maximize their stock market investments [1][2]. Zacks Style Scores - Zacks Style Scores are complementary indicators that rate stocks based on value, growth, and momentum methodologies, aiding investors in selecting stocks likely to outperform the market in the short term [2][3]. - Stocks are rated from A to F, with A indicating the highest potential for outperformance [3]. Value Score - The Value Score identifies attractive and discounted stocks using ratios such as P/E, PEG, Price/Sales, and Price/Cash Flow [3]. Growth Score - The Growth Score focuses on a company's financial health and future outlook, analyzing projected and historical earnings, sales, and cash flow [4]. Momentum Score - The Momentum Score helps investors capitalize on price trends, utilizing factors like one-week price changes and monthly earnings estimate changes [5]. VGM Score - The VGM Score combines all three Style Scores, providing a comprehensive indicator for investors who utilize multiple investing strategies [6]. Zacks Rank - The Zacks Rank is a proprietary model based on earnings estimate revisions, which has shown strong performance, with 1 (Strong Buy) stocks averaging a +25.41% annual return since 1988, significantly outperforming the S&P 500 [7][8]. - There are over 800 stocks rated 1 or 2, making it essential for investors to use Style Scores to identify the best opportunities [9]. Stock to Watch: Bristol Myers Squibb (BMY) - Bristol Myers Squibb is a leading biopharmaceutical company focused on severe disease treatments, with a strong portfolio including the immuno-oncology drug Opdivo and other essential drugs [11]. - BMY holds a 3 (Hold) Zacks Rank and a VGM Score of A, with a Value Style Score of A due to a forward P/E ratio of 6.8, making it attractive for value investors [12]. - Recent analyst revisions have increased the earnings estimate for fiscal 2025 by $0.14 to $6.89 per share, with an average earnings surprise of 20.2% [12].