Seeking Alpha
Profile| Send Message|
( followers)  

Bristol-Myers Squibb Company (BMY) is scheduled to report its Q2 2012 results on July 25, 2012, before market opens. The street expects EPS and revenue of $0.49 and $4.46B, respectively.

In this article I will recap the historical results of the company, its latest EPS estimates vs. surprises, the latest news from BMY and the news from its closest competitors.

Bristol-Myers Squibb Company Revenue and Net Income History

Recent EPS Actuals vs. Estimates

In the last quarter it reported $0.64 EPS, just beating analyst estimates of $0.63.

Bristol-Myers Squibb Company EPS Historical Results vs Estimates

The consensus EPS estimate is $0.49 based on 16 analysts' estimates, down from $0.56 a year ago. Revenue estimates are $4.46B, down from $5.43B a year ago. The median target price by analysts for the stock is $36.00.

Average recommendation: Overweight

Source: Marketwatch

Latest News

  • On July 7, 2012, Eli Lilly And Co and Bristol-Myers Squibb Co announced that ERBITUX (cetuximab) in combination with the chemotherapy regimen FOLFIRI (irinotecan, 5-fluorouracil, leucovorin) has been granted full approval by the U.S. Food and Drug Administration (FDA) for the first-line treatment of patients with KRAS mutation-negative (commonly known as KRAS wild-type), epidermal growth factor receptor (EGFR)-expressing metastatic colorectal cancer (mCRC) as determined by FDA-approved tests for this use. ERBITUX is not indicated for the treatment of KRAS mutation-positive colorectal cancer.
  • On July 2, 2012, Reuters reported that Bristol-Myers Squibb Co will buy biotechnology company Amylin Pharmaceuticals Inc for about $5.3 billion in cash. Bristol-Myers said late on Friday it had also reached a follow-on deal with UK-based AstraZeneca PLC to collaborate on developing Amylin's products once the buyout is completed, expanding upon an existing partnership between the two pharmaceutical makers in diabetes treatments.
  • On June 29, 2012, Medivir AB announced that a phase II combination study with the investigational compound TMC435 and Bristol-Myers Squibb Co.'s investigational compound daclatasvir will start in July 2012.
  • On June 26, 2012, Reuters reported that five pharmaceutical giants including Novartis AG and Sanofi SA remain in the running for Amylin Pharmaceuticals Inc, as the auction of the diabetes drug maker with a market value of $4.5 billion enters the last leg, according to people familiar with the matter.
  • On June 26, 2012, Bristol-Myers Squibb Co announced that its Board of Directors declared a quarterly dividend of $0.34 per share on the $0.10 par value Common Stock of the corporation.
  • On June 25, 2012, Bristol-Myers Squibb Co and Pfizer, Inc. announced that the U.S. Food and Drug Administration (FDA) has issued a Complete Response Letter (CRL) regarding the New Drug Application (NDA) for ELIQUIS (apixaban) for the prevention of stroke and systemic embolism in patients with nonvalvular atrial fibrillation.
  • On June 20, 2012, Bristol-Myers Squibb Co and Emory University announced the formation of a strategic partnership to conduct clinical trials involving Bristol-Myers Squibb's investigational compounds.
  • On June 9, 2012, Bristol-Myers Squibb Co and AstraZeneca PLC announced results from a Phase 3 clinical study that showed the investigational compound dapagliflozin 10 mg demonstrated significant reductions in blood sugar levels (glycosylated hemoglobin levels, or HbA1c) compared with placebo at 24 weeks when either agent was added to existing sitagliptin therapy (with or without metformin) in adult patients with type 2 diabetes.
  • On June 6, 2012, Bristol-Myers Squibb Co announced the results of AMPLE (Abatacept Versus Adalimumab Comparison in Biologic-Naïve rheumatoid arthritis (RA) Subjects With Background Methotrexate), a head-to-head clinical trial of 646 patients comparing the subcutaneous (SC) formulation of ORENCIA (abatacept) vs. Humira (adalimumab), each on a background of methotrexate (MTX), in biologic naïve patients with moderate to severe RA. AMPLE met its primary endpoint (as measured by non-inferiority) and demonstrated that ORENCIA plus MTX achieved comparable rates of efficacy for the American College of Rheumatology criteria of 20% (ACR20) response at one year of 64.8% vs. 63.4% Humira plus MTX. ACR50, 70 and major clinical response (ACR70 for 6 consecutive months), considered to be more stringent measures of efficacy, as well as DAS-28-CRP, were also assessed at one year and found to be generally comparable for the two arms.
  • On June 4, 2012, Reuters reported that AstraZeneca PLC and Bristol-Myers Squibb Co are among several pharmaceutical companies that have submitted initial bids for Amylin Pharmaceuticals Inc the diabetes drugmaker that is exploring a sale.
  • On June 2, 2012, Bristol-Myers Squibb Co. announced interim results from the expanded Phase 1 dose-ranging study 003 (n=296) of its investigational anti-PD-1 immunotherapy (BMS-936558), which showed clinical activity in patients with previously-treated non small-cell lung cancer (NSCLC), metastatic melanoma and renal cell carcinoma (RCC).
  • On April 26, 2012, Bristol-Myers Squibb Co. announced that for fiscal 2012, it confirms GAAP and non-GAAP EPS guidance range of $1.90 to $2.00. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report EPS of $1.97 for fiscal 2012.
  • On April 20, 2012, AstraZeneca PLC and Bristol-Myers Squibb Company announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) has recommended the approval of FORXIGA (dapagliflozin) tablets for the treatment of type 2 diabetes, as an adjunct to diet and exercise, in combination with other glucose-lowering medicinal products including insulin, and as a monotherapy in metformin intolerant patients.
  • On April 19, 2012, Bristol-Myers Squibb Co. announced interim results from a Phase II open-label study of daclatasvir, Bristol-Myers Squibb's NS5A replication complex inhibitor, and GS-7977, a nucleotide NS5B polymerase inhibitor, in treatment-naïve patients with hepatitis C genotypes one, two and three.
  • On April 19, 2012, Bristol-Myers Squibb Company announced results from a Phase II study in which treatment with an all-oral, dual direct-acting antiviral (DAA) regimen of daclatasvir, an investigational NS5A replication complex inhibitor, and asunaprevir, an investigational NS3 protease inhibitor, achieved undetectable viral load 24 weeks post-treatment (SVR24) in 77% (33/43) of difficult-to-treat genotype 1b hepatitis C (HCV) patients.
  • On April 18, 2012, Medivir AB announced that its development partner, Janssen R&D Ireland has broadened its clinical collaboration agreement with Bristol-Myers Squibb Company.
  • On March 30, 2012, Bristol-Myers Squibb Company and Amylin Pharmaceuticals, Inc. announced that Bristol-Myers Squibb will acquire Amylin for $31.00 per share in cash, pursuant to a cash tender offer and second step merger, or an aggregate purchase price of approximately $5.3 billion.
  • On March 6, 2012, Bristol-Myers Squibb Co. announced that the Board of Directors declared a quarterly dividend of $0.34 per share on the $0.10 par value Common Stock of the corporation.
  • On February 28, 2012, Bristol-Myers Squibb Co. announced the formation of a strategic relationship to broaden interactions between the two organizations. The relationship builds on a decade of collaboration in cardiology, endocrinology, and oncology, and will extend into other therapeutic areas at all stages of development, fostering increased exchange between DTMI researchers, and Bristol-Myers Squibb scientists and project teams.
  • On February 14, 2012, Bristol-Myers Squibb Co. announced the completion of the tender offer by Bristol-Myers Squibb Company (Bristol-Myers) for all of the outstanding shares of common stock of Inhibitex, Inc. (Inhibitex) at a purchase price of $26.00 per share.
  • On February 13, 2012, Bristol-Myers Squibb Co. announced the successful completion of the tender offer by Bristol-Myers Squibb Company ("Bristol-Myers") for all of the outstanding shares of common stock of Inhibitex, Inc. (NASDAQ: INHX) ("Inhibitex") at a purchase price of $26.00 per share.
  • On February 8, 2012, Sanofi SA and Bristol-Myers Squibb Company announced that Apotex has made payment in the amount of $442,209,362 to Sanofi and Bristol-Myers Squibb to satisfy the damages ruling of the Plavix (clopidogrel bisulfate) patent infringement case against Apotex.
  • On January 26, 2012, Bristol-Myers Squibb Co. announced that it is setting its fiscal 2012 GAAP and non-GAAP EPS guidance range from $1.90 to $2.00. Both GAAP and non-GAAP guidance assume current exchange rates.
  • On January 26, 2012, Bristol-Myers Squibb Co. announced it expects sales to be in the $17.2 billion to $18.2 billion range for fiscal 2012. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenues of $18.2 billion for fiscal 2012.

Competitors

AstraZeneca (AZN), Celgene (CELG), Eli Lilly & Co. (LLY), Merck & Co. (MRK), and Teva Pharmaceutical (TEVA) are considered major competitors for Bristol-Myers Squibb Company and the table below provides the key metrics for these companies and the industry.

Bristol-Myers Squibb Company key ratio comparison with direct competitors

The chart below compares the stock price changes as a percentage for the selected companies for the last one year period.

(click to enlarge)BMY Chart

BMY data by YCharts

Competitors' Latest Development

  • On July 17, 2012, AstraZeneca PLC announced that it plans to conduct the EUCLID study, a global clinical trial involving 11,500 patients with peripheral artery disease (PAD), a condition affecting approximately 27 million people in Europe and North America.1 PAD patients are at high risk of myocardial infarction (MI), strokes, and other health complications.
  • On July 17, 2012, Active Biotech AB announced that the European Medicines Agency has completed the validation process for the marketing authorization application (MAA) of the medicinal product laquinimod for the treatment of relapsing-remitting multiple sclerosis (RRMS), developed in cooperation with Teva Pharmaceutical Industries Ltd. The completion of the MAA validation process and acceptance for review leads to the formal scientific review process by EMA's Committee for Medicinal Products for Human Use. This acceptance of the EMA filing for review triggers a payment of USD 5 million to Active Biotech from Teva.
  • On July 12, 2012, AstraZeneca PLC announced that it has acquired a portfolio of neuroscience assets from Link Medicine Corporation, a privately held biopharmaceutical company based in Massachusetts, USA. Link Medicine has focused its research and development efforts in the field of autophagy, an intracellular process that clears and recycles misfolded proteins and has been developing potential new treatments for a range of neurodegenerative diseases.
  • On July 12, 2012, AstraZeneca PLC and Dr. Steven Paul of Weill Cornell Medical College announced a first of its kind research alliance that brings four leading academic research laboratories together with AstraZeneca to study a major risk factor for Alzheimer's disease, the apolipoprotein E4 genotype (ApoE).
  • On July 12, 2012, Celgene International Sàrl, a subsidiary of Celgene Corporation announced top-line results from the PALACE-1 study, the first of three pivotal phase III, randomized, placebo-controlled studies evaluating the Company's oral small-molecule inhibitor of phosphodiesterase 4 (PDE4) in patients with psoriatic arthritis who had received an oral disease-modifying antirheumatic drug (DMARD), biologic therapy or had failed on an anti-tumor necrosis factor (TNF) agent.
  • On July 12, 2012, Reuters reported that Merck & Co Inc's experimental osteoporosis drug odanacatib has shown that it reduces fracture risk, prompting outside monitors to recommend that the study be stopped early.
  • On July 11, 2012, Eli Lilly And Co announced negative clinical trial results from study H8Y-MC-HBBM (HBBM) investigating pomaglumetad methionil, also known as mGlu2/3, for the treatment of patients suffering an acute exacerbation of schizophrenia.
  • On July 11, 2012, Dow Jones reported that Teva Pharmaceutical Industries Ltd. announced that the United Kingdom High Court of Justice issued a decision in favor of Teva in a patent litigation proceeding against Generics (UK) Limited, a subsidiary of Mylan Laboratories Inc., on July 11, 2012.
  • On July 7, 2012, Reuters reported that Celgene Corporation is one of two companies discussing whether to bid for Human Genome Sciences Inc, which seeks an alternative to a hostile offer by British drugmaker GlaxoSmithKline Plc. Conventional wisdom among investors has been that Human Genome was unlikely to find another bidder, as Glaxo reaps 50% of the profit from the lupus drug Benlysta, to which Glaxo and Human Genome share the rights.
  • On July 7, 2012, Eli Lilly And Co and Bristol-Myers Squibb Co announced that ERBITUX (cetuximab) in combination with the chemotherapy regimen FOLFIRI (irinotecan, 5-fluorouracil, leucovorin) has been granted full approval by the U.S. Food and Drug Administration (FDA) for the first-line treatment of patients with KRAS mutation-negative (commonly known as KRAS wild-type), epidermal growth factor receptor (EGFR)-expressing metastatic colorectal cancer (mCRC) as determined by FDA-approved tests for this use. ERBITUX is not indicated for the treatment of KRAS mutation-positive colorectal cancer.
  • On July 3, 2012, Dow Jones reported that Federal Trade Commission has approved an amended final order settling charges that Teva Pharmaceutical Industries, Ltd.'s proposed acquisition of rival Cephalon, Inc. would have been anticompetitive in the markets for several current and future generic drugs.
  • On July 2, 2012, AstraZeneca PLC And Cellworks announced a collaboration supported by the Wellcome Trust to speed the design of combination therapies for the treatment of drug-sensitive and resistant tuberculosis.
  • On July 2, 2012, Reuters reported that Bristol-Myers Squibb Co will buy biotechnology company Amylin Pharmaceuticals Inc for about $5.3 billion in cash. Bristol-Myers said late on Friday it had also reached a follow-on deal with UK-based AstraZeneca PLC to collaborate on developing Amylin's products once the buyout is completed, expanding upon an existing partnership between the two pharmaceutical makers in diabetes treatments.
  • On June 27, 2012, Merck & Co Inc, known as MSD outside the United States and Canada announced that Merck and AstraZeneca PLC have amended the option agreement related to their partnership known as AstraZeneca LP (AZLP).
  • On June 26, 2012, Reuters reported that five pharmaceutical giants including Novartis AG and Sanofi SA remain in the running for Amylin Pharmaceuticals Inc, as the auction of the diabetes drug maker with a market value of $4.5 billion enters the last leg, according to people familiar with the matter.
  • On June 22, 2012, AstraZeneca PLC announced that the Committee for Medicinal Products for Human Use has adopted a positive opinion, recommending the approval of Zinforo (ceftaroline fosamil), a new intravenous cephalosporin antibiotic for the treatment of adult patients with complicated Skin and Soft Tissue Infections (cSSTI) or Community Acquired Pneumonia (CAP).
  • On June 22, 2012, Teva Pharmaceutical Industries Ltd announced the U.S. District Court for the Southern District of New York has found in favor of Teva in the Company's patent infringement lawsuit against Momenta Pharmaceuticals, Inc./Sandoz Inc. and Mylan Laboratories Inc./Natco Pharmaceuticals regarding Teva's relapsing-remitting multiple sclerosis product, COPAXONE.
  • On June 21, 2012, Celgene Corporation announced that for fiscal 2012, the Company reaffirmed its guidance with total global revenues in the range of $5.4 billion to $5.6 billion.
  • On June 21, 2012, Dow Jones reported that Merck & Co Inc is in talks to acquire Indian active pharmaceutical ingredients maker Micro Labs Ltd. Micro Labs is a privately held company, founded and run by the Surana family.
  • On June 21, 2012, Reuters reported that Merck & Co Inc has recalled a batch of vaccines for measles, mumps, and rubella after it accidentally shipped doses to its U.S. customers before internal company approval for market release.
  • On June 21, 2012, Teva Pharmaceutical Industries Ltd announced the launch of Olanzapine and Fluoxetine Capsules USP 6 mg/25 mg, 12 mg/25 mg, 6 mg/50 mg, and 12 mg/50 mg, the Company's generic equivalent of Symbyax.
  • On June 20, 2012, AstraZeneca PLC announced that it has on June 19, 2012 completed acquisition of Ardea Biosciences Inc (Ardea), a biotechnology company in San Diego, California.
  • On June 19, 2012, AstraZeneca PLC and Rigel Pharmaceuticals Inc announced an exclusive worldwide license agreement for the global development and commercialization of R256, Rigel's inhaled JAK inhibitor shown to inhibit IL-13 and IL-4 signaling, which is being investigated as a treatment for moderate to severe chronic asthma.
  • On June 19, 2012, Eli Lilly And Co announced that it has declared a dividend for the third quarter of 2012 of $0.49 a share on outstanding common stock. The dividend is payable September 10, 2012 to shareholders of record at the close of business on August 15, 2012.
  • On June 19, 2012, Palatin Technologies Inc announced that a Phase I clinical trial being conducted by AstraZeneca PLC of AZD2820, a subcutaneously-administered peptide melanocortin-4 receptor partial agonist under development for the treatment of obesity, has been halted.
  • On June 16, 2012, Reuters reported that Merck & Co Inc lost a patent infringement lawsuit against Apotex Inc on Friday over Apotex's plans to market a generic version of the nasal allergy spray Nasonex.
  • On June 14, 2012, Teva Pharmaceutical Industries Ltd announced positive top-line results from the GALA (Glatiramer Acetate Low-Frequency Administration) Phase III clinical trial assessing the efficacy, safety and tolerability of 40 mg/1 ml glatiramer acetate injection (GA) administered subcutaneously three times a week compared to placebo in relapsing-remitting multiple sclerosis patients.
  • On June 13, 2012, Celgene Corporation announced that the Company's Board of Directors authorized the repurchase of up to an additional $2.5 billion of the Company's common stock.
  • On June 13, 2012, Reuters reported that CVS Caremark Corporation and Rite Aid Corporation filed an antitrust lawsuit accusing Pfizer Inc and Teva Pharmaceutical Industries Ltd of conspiring to keep generic versions of antidepressant Effexor XR off store shelves.
  • On June 12, 2012, Eli Lilly And Co announced an increase of its network of manufacturing capabilities in this key emerging market Country through an expanded collaboration with Novast Laboratories, LTD. Novast, a generic and specialty pharmaceutical company based in Nantong, China, has established high systems and manufacturing facilities for the global and domestic Chinese markets.
  • On June 11, 2012, Eli Lilly And Co and Incyte Corporation announced the presentation of 12-week results from a Phase IIb study of baricitinib, formerly LY3009104 (INCB28050), an orally available janus kinase (JAK) inhibitor, in patients with active rheumatoid arthritis .
  • On June 10, 2012, Teva Pharmaceutical Industries Ltd announced that its subsidiaries Teva Pharmaceuticals USA, Inc. and Cephalon, Inc. have resolved all disputes with Mylan Pharmaceuticals Inc. regarding litigation in federal court in the District of Columbia against the U.S. Food and Drug Administration concerning Mylan Pharmaceuticals Inc's abbreviated new drug application for Modafanil Tablets, 100 mg and 200 mg.
  • On June 9, 2012, Boehringer Ingelheim Pharmaceuticals, Inc. and Eli Lilly and Co presented results that showed empagliflozin (BI 10773), alone or as an add-on to metformin, reduced hemoglobin A1c (HbA1c or A1C) levels, fasting plasma glucose (FPG) levels and body weight when given to adults with type 2 diabetes for up to 90 weeks.
  • On June 9, 2012, Bristol-Myers Squibb Co and AstraZeneca PLC announced results from a Phase 3 clinical study that showed the investigational compound dapagliflozin 10 mg demonstrated significant reductions in blood sugar levels (glycosylated hemoglobin levels, or HbA1c) compared with placebo at 24 weeks when either agent was added to existing sitagliptin therapy (with or without metformin) in adult patients with type 2 diabetes.
  • On June 6, 2012, Reuters reported that U.S. drugs regulators rejected an experimental sarcoma medicine from Merck and Ariad Pharmaceuticals Inc, asking for more clinical trials, Merck said.
  • On June 5, 2012, Celgene Corporation's Celgene International Sarl announced its results from a study of ABRAXANE in combination with gemcitabine in patients with resectable pancreatic cancer.
  • On June 4, 2012, Reuters reported that AstraZeneca PLC and Bristol-Myers Squibb Co are among several pharmaceutical companies that have submitted initial bids for Amylin Pharmaceuticals Inc the diabetes drugmaker that is exploring a sale.
  • On June 3, 2012, Celgene International Sàrl, a subsidiary of Celgene Corporation, announced results from a randomized study comparing REVLIMID (lenalidomide) plus rituximab to lenalidomide monotherapy in previously treated patients with recurrent follicular lymphoma.
  • On June 3, 2012, Celgene International Sàrl, a subsidiary of Celgene Corporation announced results from multiple presentations evaluating ABRAXANE (paclitaxel protein-bound particles for injectable suspension) (albumin-bound) in combination with carboplatin in patients with advanced non-small cell lung cancer during the 48th American Society of Clinical Oncology (OTC:ASCO) Annual Meeting in Chicago, Ill. The two reports presented data from retrospective analyses of CA-031, the phase III, multi-center, randomized study where patients received either nab-paclitaxel (100mg/m2) weekly plus carboplatin (AUC=6) every three weeks (n=521) or paclitaxel (200mg/m2) every three weeks plus carboplatin (AUC=6) (n=531) as first-line therapy for advanced non-small cell lung cancer.
  • On May 31, 2012, Kowa Pharmaceuticals America, Inc. and Eli Lilly and Company announced results of the PREVAIL U.S. study (Pitavastatin compaREd with praVAstatin In Lowering LDL-C in the U.S.) which evaluated the efficacy of LIVALO (pitavastatin) 4 mg compared with pravastatin 40 mg in reducing low-density lipoprotein cholesterol (LDL-C), the primary endpoint, as well as effects on other lipid parameters and lipoprotein particles in adult patients with primary hyperlipidemia or mixed dyslipidemia.
  • On May 31, 2012, Teva Pharmaceutical Industries Ltd announced the transfer from the NASDAQ Global Select Market (NASDAQ) and trading on the New York Stock Exchange (NYSE).
  • On May 7, 2012, Rompres reported that five new United States companies will be listed on the Alternative Trading System of the Bucharest Stock Exchange International Department, starting on May 10, 2012.
  • On April 28, 2012, Merck & Co Inc announced that the U.S. District Court for the District of New Jersey has ruled in Merck's favor in two jointly related patent infringement suits against Mylan Pharmaceuticals Inc. In its decision, the court upheld Merck's patent on ZETIA and VYTORIN and ruled that the patent was valid and enforceable.
  • On April 27, 2012, Merck & Co Inc reiterated fiscal 2012 guidance and expects non-GAAP EPS to be between $3.75 and $3.85. The Company expects fiscal 2012 GAAP EPS range to be $2.04 to $2.30. The fiscal 2012 non-GAAP range excludes acquisition-related costs and costs related to restructuring programs.
  • On April 26, 2012, Celgene Corporation reaffirmed fiscal 2012 guidance and expects Non-GAAP total revenue to increase approximately 15% year-over-year to a range of $5.400 to $5.600 billion.
  • On April 26, 2012, Epizyme and Celgene International Sàrl, a subsidiary of Celgene Corporation announced the formation of a strategic partnership to discover, develop and commercialize personalized therapeutics for patients with genetically-defined cancers by inhibiting histone methyltransferases (HMTs), an important epigenetic target class.
  • On April 25, 2012, Eli Lilly and Company raised its fiscal 2012 earnings per share (EPS) guidance and now expects fiscal 2012 earnings per share to be in the range of $3.14 to $3.29 on a reported basis and $3.15 to $3.30 on a non-GAAP basis.

Technical Overview


The stock has a market capitalization of $59.83B and is currently trading at $35.42 with a 52 week range of $25.69 - $36.34. The stock's year-to-date performance has been 3.51%. It is currently trading above 20, 50 and 200 SMA.

Sources: Yahoo Finance, Google Finance, Marketwatch, Finviz, Reuters.

Source: Earnings Preview: Bristol-Myers Squibb Company