Bristol Myers Squibb Shares Jump After J.P. Morgan Healthcare Conference Presentation

By Vandana Singh

Bristol Myers Squibb Co (NYSE:BMY) kicked off the Big Pharma presentations at the J.P. Morgan healthcare conference.

  • The execs said the drugmaker aims to grow despite generic and biosimilar competition by expanding its key brands and advancing its pipeline. 
  • See the corporate presentation here.
  • The Company also sees opportunity in "disciplined business development." Bristol Myers' new product portfolio can deliver $25 billion or more by 2029, execs figure.
  • The Company is planning seven launches from its mid-to-late-stage pipeline. BMY has 50 drugs in its early pipeline and can lean on $45 billion - $50 billion in free cash flow where needed. 
  • As Bristol Myers weathers Revlimid's upcoming loss of exclusivity, it expects megabrands Opdivo and Eliquis to keep on churning in the coming years, delivering many billions in additional sales by 2025.
  • Reblozyl, a first-in-class anemia drug approved in 2020, could generate $4 billion by 2029. 
  • BMS said it plans to continue scouting for small and mid-sized "bolt-on" transactions that can refresh its pipeline on the dealmaking side. 
  • Meanwhile, the Company is working on paying down debt and recently authorized a whopping $15 billion share buyback program. 
  • FY22 Guidance: Bristol Myers sees total sales of ~$47.0 billion or low single-digit growth from FY21.  
  • The Company sees Revlimid sales of $9.5 billion - $10 billion and expects FY22 diluted Non-GAAP EPS of ~$7.65 - $7.95.
  • Price Action: BMY shares are up 3.11% at $64.79 during the market session on the last check Monday.

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