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Valued at a market cap of $113.1 billion, Bristol-Myers Squibb Company (BMY) is a leading global biopharmaceutical company focused on developing innovative treatments for serious diseases, including cancer, cardiovascular conditions, and immunologic disorders. With a robust portfolio of drugs like Opdivo, Eliquis, and Yervoy, it continues to advance cutting-edge therapies across core therapeutic areas. BMY is set to unveil its fiscal Q4 earnings results before the market opens on Thursday, Feb. 6.
Ahead of this event, analysts expect the Princeton, New Jersey-based company to report a profit of $1.46 per share, down 14.1% from $1.70 per share in the year-ago quarter. However, the company has surpassed Wall Street's bottom-line estimates in the past four quarters. In the most recent quarter, BMY exceeded the consensus EPS estimate by a margin of 20.8%.
For fiscal 2024, analysts project Bristol-Myers Squibb's EPS to decline sharply to $0.93, an 87.6% drop from $7.51 in fiscal 2023. However, EPS is anticipated to rebound significantly in fiscal 2025, rising to $7.11 year-over-year.
BMY has underperformed the broader markets over the past 52 weeks, with shares up 11%, compared to the S&P 500 Index's ($SPX) nearly 24% gain. But, the stock has outpaced the Health Care Select Sector SPDR Fund's (XLV) marginal return over the same period.
Shares of Bristol-Myers climbed 5.9% on Oct. 31 due to strong Q3 2024 earnings results, with adjusted EPS of $1.80 beating the consensus estimate. Total revenue of $11.9 billion surpassed expectations, driven by an 8% year-over-year increase. Significant revenue growth in Eliquis and the growth portfolio, including robust sales of Reblozyl, Camzyos, and Breyanzi, contributed to the positive sentiment. Additionally, the raised 2024 earnings guidance, ranging from $0.75 per share to $0.95 per share, added to the positive momentum.
Analysts' consensus rating on BMY stock is moderately optimistic, with a "Moderate Buy" rating overall. Out of 25 analysts covering the stock, opinions include seven "Strong Buys,” 17 "Holds," and one "Strong Sell.” This configuration is slightly more bullish than three months ago, with six analysts suggesting a "Strong Buy."
The average analyst price target for BMY is $59.62, suggesting a potential upside of just 5.5% from current levels.
