Table of Contents :
• Stock Rating & Target Price
• Investment Thesis
• Fundamental Models Used
• Company Description
• Corporate Timeline
• Key Metrics (KPI ) and Recently Reported Earnings Review
• Business Highlights, Strategic Announcements & Outlook
• Quarter-over-Quarter (Q-o-Q) and Year-over-Year (Y-o-Y) Growth Analysis
• Key Catalysts Driving Growth
• Historical Financial Statement Analysis & CAGR Trends
• Quarterly Key Financial Ratios and Performance Metrics
• Annual Financial Performance Analysis: Horizontal and Vertical Financial Analysis, Trends
• Financial Forecasts
• Annual Forecasts: Income Statement
• Annual Forecasts: Cash Flow Statements
• Net Debt Levels
• A Closer Look at DCF: Our Assumptions and Methodology
• Terminal Value Calculation
• Target Price Analysis
• Valuation Multiples
• Supplementary Valuation Analysis: Multiples Approach
• Scenario/Sensitivity Analysis – Base Case , Bull Case ,Bear Case
• Holistic Peer Review & Trading Comps: Financial Data, Operational Metrics, and Valuation Multiples
• Implied Price Per Share
• Ownership Activity/ Insider Trades
• Ownership Summary
• An analysis of ESG Risk Rating
• Key Professionals
• Key Board Members
• Key Risks Considerations
• Analyst Ratings
• Analyst Industry Views
• Disclosures
Bristol-Myers Squibb: AbbVie’s Bet Falls Short, Strengthening BMY’s Hold on Schizophrenia Market—Impact, Outlook & its 5 Key Catalysts ?
Bristol-Myers Squibb (BMY) delivered a strong Q3 2024, with revenue of $11.89B (+5% YoY) beating estimates by $646.47M and adjusted EPS of $1.80 surpassing forecasts by $0.30. Growth portfolio sales rose 20% (constant currency), driven by COBENFY’s approval and robust gains in Reblozyl (+81%), Breyanzi, and Camzyos. COBENFY’s entry into the $6B U.S. schizophrenia market offers a multibillion-dollar opportunity, with broad Medicaid access expected by 2025. The company’s pipeline remains promising, with high-priority assets like Milvexian (targeting atrial fibrillation) and OPDIVO’s subcutaneous formulation on track for launches by 2025-2027. Legacy product erosion, including SPRYCEL and Revlimid’s European losses, weighed on near-term performance, alongside gross margin compression (-130 bps YoY). Despite IRA pricing pressures, BMY’s growth portfolio now accounts for nearly 50% of revenue, underscoring strategic progress. The $1.2B Karuna acquisition and strong cash flow enable continued debt reduction and external innovation. AbbVie’s recent CNS pipeline setback creates an opportunity for BMY to deepen COBENFY’s market penetration, bolstered by payer pathways and prescriber traction. Can BMY effectively scale COBENFY’s launch while mitigating legacy product erosion and leveraging its pipeline to sustain double-digit growth through the second half of the decade?
