Bristol-Myers Squibb continues to face pandemic-related challenges and had a particularly weak performance in Q1 2021 given the softness in demand for its multiple myeloma drug Revlimid and immuno-oncology drug Opdivo. The silver lining for the company was the success of its new immuno-oncology drug, Relatlimab for skin cancer treatment and the positive Phase 3 data associated with its immunology drug Deucravacitinib targetting moderate-to-severe psoriasis. This drug could become a major competitor to Amgen’s Otezla. Shareholder concerns remain with the expected end of exclusivity of the company’s 3 core drugs in the coming years and the given the future uncertainty, we give the company a ‘Hold’ rating.
Our Report Structure:
⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
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