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Bristol-Myers Squibb’s Latest Developments and Valuation

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Part 6
Bristol-Myers Squibb’s Latest Developments and Valuation PART 6 OF 8

Bristol-Myers Squibb’s Cardiovascular Portfolio

Cardiovascular portfolio

Bristol-Myers Squibb’s (BMY) cardiovascular portfolio includes the blockbuster drug Eliquis, developed in alliance with Pfizer (PFE). Eliquis targets stroke prevention in non-valvular atrial fibrillation and the prevention and treatment of venous thromboembolism disorders.

Bristol-Myers Squibb’s Cardiovascular Portfolio

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The above chart shows revenues for Eliquis over the last few quarters. Eliquis is expected to be the growth driver over the next few years.

Eliquis

Eliquis is the blockbuster cardiovascular drug from Bristol-Myers Squibb’s portfolio. Eliquis reported 51% growth in revenues to $1.18 billion in 2Q17, compared to revenues of $777 million for 2Q16.

Eliquis sales were driven by the broad spectrum of indications the drug is approved for as well as a strong recommendation from medical practitioners.

Eliquis reported revenues of $703 million in 2Q17 from its US sales, ~58% growth from its revenues of $444 million in 2Q16. US markets contribute over 65% of total revenues for Eliquis.

The overall margins are low for Eliquis due to a high cost of sales as well as high operating costs.

Similar drugs for cardiovascular diseases include Xarelto from Johnson & Johnson’s (JNJ) cardiovascular franchise and Pradaxa from Boehringer Ingelheim.

Cardiovascular franchise

Currently, the cardiovascular franchise includes only Eliquis. The company is focusing on developing drugs for unmet medical needs in cardiovascular diseases, including arrhythmia, atherosclerosis, atrial fibrillation, heart failure, and thrombosis.

To divest company-specific risks, investors can consider ETFs like the PowerShares Dynamic Pharmaceuticals ETF (PJP), which invests 5.0% of its total assets in Bristol-Myers Squibb (BMY). PJP also invests 5.3% in Gilead Sciences (GILD), 4.7% in Johnson & Johnson (JNJ), and 5.1% in Celgene (CELG).

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