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Bristol-Myers Squibb’s Latest Developments and Valuation

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Part 2
Bristol-Myers Squibb’s Latest Developments and Valuation PART 2 OF 8

Bristol-Myers Squibb’s Growing Quarterly Revenues

Bristol-Myers Squibb’s revenues

Bristol-Myers Squibb (BMY) reported revenues of $5.14 billion in 2Q17—5.6% growth from revenues of $4.87 billion in 2Q16.

Bristol-Myers Squibb’s Growing Quarterly Revenues

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The above graph shows the revenues for Bristol-Myers Squibb over the last few quarters and estimates for 3Q17. Nearly 45% of total revenues are reported from sales outside US markets, exposing the company significantly to currency risk.

Estimates for 3Q17 

Wall Street analysts estimate revenues of $5.16 billion in 3Q17—4.9% growth over 3Q16 revenues of $4.92 billion.

Revenues for 2Q17 

Bristol-Myers Squibb reported earnings per share (or EPS) of $0.74 on revenues of ~$5,144 million in 2Q17—7% growth in revenues at constant exchange rates compared to revenues of $4,871 million in 2Q16, offset by a 1% negative impact from foreign exchange.

The company operates as a single segment but classifies its product portfolio in two subcategories: prioritized brands and established brands.

  • Prioritized brands include products like Eliquis, Opdivo, Orencia, Empliciti, Sprycel, and Yervoy. The revenues for these brands totaled $3.90 billion in 2Q17, driven by strong sales.
  • Established brands include products from the Hepatitis C and Hepatitis B portfolio and HIV portfolio as well as other established drugs. Revenues for established brands stood at $1.24 billion in 2Q17, a fall from the $1.94 billion in 2Q16, due to lower sales of major drugs in established brands.

To divest risk, investors can consider ETFs like the iShares Global Healthcare ETF (IXJ), which invests 2.2% of its total assets in Bristol-Myers Squibb (BMY). IXJ also invests 2.5% in Sanofi (SNY), 1.9% in Novo Nordisk (NVO), and 3.8% in Merck & Co. (MRK).

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