Highlights from our favorite analyst:

Low quality beat; Milvexian and Deucrava up next

BMY posted a 2Q beat but this was driven by Revlimid (now generic) and included ~$230mn in inventory benefit. New launches were mixed. We lower our outer year est, mainly on Eliquis generics. We continue to see limited potential for multiple expansion.


Underweight THESIS
PRICE TARGET: $61.00

BMY is in the midst of renewing its portfolio as the company navigates generic/biosimilar competition to some of its most significant franchises between now and 2030 representing ~$30bn in LOE revenue. We project that BMY’s new products and pipeline will be insufficient to fill this gap given competitive dynamics or outstanding questions on commercial profile. As a result, we see limited potential for multiple expansion.