Bristol Myers Squibb Finance
Bristol Myers Squibb Finance – Bristol-Myers Squibb (NYSE: BMY ) has been on a rollercoaster ride in March 2020. The stock was not spared from the COVID-19 turnover, as shares fell from $66.55 on February 6th to $48.00 on March 20th. Although the stock recovered to close at $55.53 on April 3, BMY is still down 13.49% year-to-date.
However, this sale has opened a very attractive entry point for retail investors in this big pharma company. Although the company is poised to continue posting strong financial results in the coming years and has several promising candidates in its research pipeline, it trades at just 7.52 times forward earnings and has a price-to-earnings-growth (PEG) ratio of 1.38. BMY’s current dividend yield is close to 3.23%, and the company continues to return value to shareholders through share buybacks.
Bristol Myers Squibb Finance
We should also remember that even as the COVID-19 pandemic wreaks havoc on the economy and continues unabated for several months, patients with other life-threatening illnesses will continue to need medication. Accept that there may be temporary supply disruptions. But demand for Bristol-Myers Squibb’s cancer, multiple sclerosis and blood-thinning products certainly won’t be affected dramatically at that time. Governments around the world must also prioritize the supply of essential medicines.
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According to Evaluate Pharma, Bristol-Myers Squibb’s three best-selling drugs, namely Revlimid, Eliquis and Opdivo, are expected to be among the top five best-selling drugs worldwide in 2024. Cancer treatment, Opdivo revenue expected to grow in 2024. The CAGR from 2018 is 6.4% and will reach $6.15 billion in 2024. Blood thinner Eliquis revenue is expected to grow 10.1% to $6.70 billion in 2024. Finally, the blood cancer drug, Revlimid, is expected to experience a decline in revenue at a CAGR. 1.7% to $5.84 billion in 2024.
Eliquis was the best-selling drug in BMY’s portfolio. In 2019, sales of this anticoagulant were $7.9 billion, up 23% year-over-year. In the fourth quarter, sales of the drug rose 19% year-over-year to $2.0 billion. Although Bristol-Myers Squibb shares Eliquis rights with Pfizer ( PFE ), the drug remains a major profit driver.
Eliquis has made rapid inroads in the atrial fibrillation and venous thromboembolism segments. The drug has captured warfarin’s market share in both the U.S. it. and international markets. Eliquis is a much better alternative to warfarin because it does not require monitoring with blood tests.
However, Bristol-Myers’ blockbuster cancer drug Opdivo failed to make an impact in 2019. In 2019, the drug’s sales revenue was $7.2 billion, which is only 7% more than the year before. However, fourth quarter sales fell 2% year-over-year to $1.8 billion. While this drug has seen a solid trajectory in international markets, there has been some pressure in the US.
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Opdivo continues to be one of the preferred treatment options for melanoma in both the metastatic and adjuvant settings. The second-line NSCLC drug market in the United States now comprises nearly a third of the total population. Opdivo-Yervoy is also the standard of care for first-line intermediate and low-risk RCC (renal cell carcinoma). The company remains optimistic about Opdivo’s international market opportunity.
Bristol-Myers Squibb continues to evaluate Opdivo either as monotherapy or in combination with Yervoy in indications such as first-line lung cancer, first-line kidney cancer and adjuvant therapy in some early-stage cancers. The company now expects FDA approval for the Opdivo-Yervoy regimen in the first-line NSCLC indication in May 2020.
Finally, BMY added the multiple myeloma blockbuster Revlimid to its portfolio by acquiring Celgene in an all-cash deal valued at $74 billion in 2019. From the closing of the transaction in November 2019 to the end of December 2019, sales of the drug has already been announced. Worth $1.3 billion. With 2019 pro-forma revenue of $10.8 billion, the drug should become the highest-grossing asset in BMY’s portfolio. Multiple myeloma drug Pomalist and solid tumor drug Abraxane are two other solid additions from the Celgene acquisition. These drugs have already started contributing significantly to BMY’s earnings.
Bristol-Myers Squibb is able to achieve certain regulatory milestones, especially for its cancer treatments. These investigational drugs could be blockbusters in the coming years.
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On March 11, the FDA approved the Opdivo-Iruvi combination regimen for patients with hepatocellular carcinoma who had previously received Bayer’s Nexavar. This is an accelerated approval, while the final approval depends on confirmation tests. Although this is not a very large figure, the increasing incidence and prevalence of liver cancer in the US. it. Makes this segment an attractive market opportunity.
In February 2020, the FDA accepted for priority review BMY’s BLA (Biologics License Application) seeking approval for the company’s autologous CAR (anti-CD19 chimeric antigen receptor) T-cell immunotherapy Lyso-Cel (Lysocabtagene Maraleucel) formulated with purified CD8+. and CD4+ CAR T cells for the treatment of adult patients with R/R (relapsed or refractory) large B-cell lymphoma after at least two prior therapies. The FDA has set a target date for PDUFA (PDUFA Prescription Drug User Fee Act) of August 17, 2020, which is four months earlier than it would have been under the standard review process. The company added this investigational therapy to its portfolio through its acquisition of Celgene.
Like other autologous CAR-T therapies, Lyso-Cell is developed by harvesting immune cells from a patient and then manipulating them to target lymphoma cells that express the CD19 protein. The T cells are genetically modified and their population is increased to the required concentration before being infused back into the patient’s body.
Liso-cel BLA is based on positive data from the Transcend NHL 001 clinical trial, where Liso-cel demonstrated an ORR (objective response rate) of 73% of 256 treated patients and 53% reported a complete response. The median OS (overall survival) was 21.1 months, which is commendable considering that it is very difficult to treat.
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In December 2019, BMY and Bluebird Bio (BLUE) reported positive results in the pivotal phase 2 study Karma evaluating Ide-Cel in r/r multiple myeloma. Ide-Cel has another promising CAR-T therapy in the company’s research pipeline.
Bristol-Myers Squibb was also able to expand the Reblozyl brand. In April 2020, the FDA approved Reblozyl (luspatercept-aamt), the first and only EMA (erythroid maturation agent) for the treatment of anemia in which the erythropoiesis-stimulating agent does not work and requires 2 or more units of red blood cells within . 8 weeks. In adult patients with very low to intermediate risk MDS-RS (myelodysplastic syndromes with ring sideroblasts) or MDS/MPN-RS-T (myelodysplastic/myeloproliferative neoplasm with ring sideroblasts and thrombocytosis).
Reblozyl was previously approved by the FDA to treat anemia in patients with beta-thalassemia who require regular blood cell transfusions. The drug was added to the company’s portfolio through the acquisition of Celgene. Celgene has estimated $2.0 billion in peak sales for Reblozyl in the beta-thalassemia indication. An expanded label for Reblozyl to treat anemia due to MDS in patients who require frequent blood transfusions could increase the drug’s sales potential. Finally, clinical trials are also investigating the use of Reblozyl in the indication of non-transfusion-dependent beta-thalassemia.
Bristol-Myers Squibb is also preparing to launch a number of potential blockbusters by the end of 2021, including osanimod drug for multiple sclerosis in indications for multiple sclerosis, ulcerative colitis and Crohn’s disease.
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On March 26, the FDA approved the S1P (sphingosine-1-phosphate) receptor modulator Zepocia (osanimod) as a new oral treatment for relapsing forms of multiple sclerosis. This milestone could have been reached almost two years ago. However, a delay in filing Celgene’s application led to the FDA rejecting the application. Before joining hands with BMY, Celgene estimated peak sales for Ozanimod at $4.0 billion to $6.0 billion. Those estimates may be overly aggressive, however, as Roche Holding (OTCQX: RHHBY ), which recently launched Ocrevus, a twice-yearly infusion, is rapidly gaining market share in the MS space.
Bristol-Myers Squibb has announced plans to delay the launch of Zepocia due to disruptions from COVID-19. The drug is also under review in Europe, a regulatory decision is expected in the first half of 2020.
Bristol-Myers Squibb’s revenue was $26.14 billion in 2019, up 18.08% from a year earlier. Fourth quarter earnings were even better, with company revenue of $7.9 billion. That was a 33% jump from the same period last year and above the consensus estimate of $6.14 billion. Revenue numbers continue to be strong as BMY now has eight blockbuster therapies in its product portfolio.
Bristol-Myers Squibb forecast fiscal 2020 revenue of $40.5 billion to $42.5 billion and non-GAAP earnings per share of $6 to $6.20. These numbers are subject to change due to disruptions from COVID-19. But I don’t think the effect will be long term. The company also expects non-GAAP EPS of $7.15 to $7.45 in 2021, which appears to be an achievable goal.
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Investors are concerned about the impact of the Celgene acquisition on the company’s dividend program. However, all of these concerns are mitigated when you consider that the company itself increased its dividend by 9.8% in December.
As the COVID-19 pandemic has worsened, concerns surrounding the sourcing of APIs (active pharmaceutical ingredients) have only intensified. Besides, it’s a pandemic
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