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Bristol-Myers Squibb Target, Estimates Under Review At Goldman Sachs

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Bristol-Myers Squibb Company NYSE:BMY - Bristol-Myers Squibb Target, Estimates Under Review At Goldman Sachs

1Q Beat

Goldman Sachs’ Jami Rubin mentioned that the company adjusted EPS for 1Q came in at $0.74, beating both the estimate and the consensus. Revenues at $4.39 billion also significantly beat expectations.

The top- and bottom-line beats were driven by Optive and Eliquis, both of which contributed revenues that were meaningfully ahead of the estimates and the consensus.

Related Link: The Heart Of Major Pharma Q1 Earnings Season: Eli Lilly, AbbVie, Bristol-Myers

Guidance Raise

Bristol-Myers Squibb raised its adjusted EPS guidance for 2016 from $2.30–$2.40 to $2.50–$2.60 prior, “driven by greater revenue expectations of low double growth up from mid-single digit prior.”

The midpoint of the guidance is significantly higher than the estimate and the consensus forecast, which Rubin believes would lead to the consensus expectations being raised.

Outlook

Rubin believes the 1Q beat and guidance raise is “a strong signal of management’s confidence in Opdivo and Eliquis, which may suggest that 1Q results could be the first in a long series of beat and raise quarters.”

The analyst expects the company to dominate I-O news flow during 2016, not only due to data in new tumor types but also with filings and approvals.

“We continue to see BMY as the best new product story in biopharma with Opdivo and Eliquis represent $8 billion and $4 billion in 2020E sales, respectively, and significant upside to both drugs,” Rubin added.

DateFirmActionFromTo
Apr 2016Societe GeneraleInitiates Coverage onSell
Mar 2016JefferiesMaintainsHold
Jan 2016BMO CapitalDowngradesOutperformMarket Perform

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