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What To Expect From Bristol-Myers Squibb In Q1?

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A box of Bristol-Myers Squibb Co. Eliquis tablets are arranged for a photograph at a pharmacy in Princeton, Illinois, on Monday, Jan. 7, 2019. (Photographer: Daniel Acker/Bloomberg)

&copy; 2019 Bloomberg Finance LP

Bristol-Myers Squibb (NYSE:BMY) is expected to publish its Q1 2019 results on April 25. This note details Trefis’ forecasts for Bristol-Myers Squibb, as well as some of the key trends we will be watching when the company reports earnings. You can view our interactive dashboard analysis ~ How Did Bristol-Myers Squibb Fare In 2018, And What Can We Expect In 2019? for more details on the key drivers of the company’s expected performance in 2019. In addition, you can see more of our data for Healthcare companies here.

How have Bristol-Myers Squibb revenues changed over recent quarters, and what’s the forecast for Q1 2019?

  • Total Revenues for Bristol-Myers Squibb have largely trended higher over recent quarters.
  • Revenues grew from $5.5 billion in Q4 2017 to $6.0 billion in Q4 2018.
  • The growth can primarily be attributed to higher sales of Opdivo and Eliquis.
  • We estimate the company’s revenues to be $5.7 billion for Q1; a figure 9% higher than what it reported a year ago.

What are Bristol-Myers Squibb’s key sources of revenue?

  • Bristol-Myers Squibb generates its revenues from sales of drugs for several indications in different therapeutic areas, including:
    • Oncology
    • Cardiovascular
    • Virology
    • Immunology
  • The company reports its sales under two segments ~ Prioritized Brands, which includes the company’s newer and high growth drugs, and Established Brands, which includes its older franchises, such as Baraclude and Reyataz.
  • The company’s near term growth can largely be linked to its blockbuster oncology drug ~ Opdivo ~ and cardiovascular drug ~ Eliquis.

What to expect from the Prioritized Brands segment?

  • Prioritized Brands revenue have increased from $4.2 billion in Q4 2017 to $5.2 billion in Q4 2018. This can largely be attributed to strong sales growth of Opdivo and Eliquis. We expect this trend to continue in the near term, and forecast low teens segment revenue growth in Q1.
  • Eliquis is witnessing increased acceptance, and it is the leader in the oral anticoagulants market (total prescriptions) in the U.S. The overall anticoagulants market is also expanding, and Eliquis will likely benefit from the market growth in the coming years.
  • Opdivo is one of the top selling oncology drugs with several regulatory approvals for multiple indications, including lung cancer, Hodgkin’s Lymphoma, and head and neck cancer. Given its wide scope to treat multiple indications, it has become one of the top selling immuno-oncology drugs.
  • This trend will likely continue in the near term, as Opdivo looks to increase its market share in the immuno-oncology drugs market.

What To Expect From Established Brands Segment?

  • Established Brands segment revenues have declined from $1.2 billion in Q4 2017 to $744 million in Q4 2018.
  • This can be attributed to lower sales of Sustiva and Reyataz franchises.
  • We expect this trend to continue in the near term, and forecast a decline in mid-teens for the segment.
  • Established brands portfolio face stiff competition from other drug manufacturers and biosimilars, due to loss of marketing exclusivity.

What will be the impact of the above on Bristol-Myers Squibb’s EPS?

  • We expect the earnings to be $1.05 per share on an adjusted basis in Q1. This reflects 12% growth to the prior year quarter.
  • The growth in earnings will likely be led by higher revenues, and higher margins.
  • The company has seen slight improvement in its margins over the recent quarters, and this trend should continue in Q1 as well.

What’s behind Trefis? See How it’s Powering New Collaboration and What-Ifs

For CFOs and Finance Teams | Product, R&amp;D, and Marketing Teams

All Trefis Data

Like our charts? Explore example interactive dashboards and create your own.

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A box of Bristol-Myers Squibb Co. Eliquis tablets are arranged for a photograph at a pharmacy in Princeton, Illinois, on Monday, Jan. 7, 2019. (Photographer: Daniel Acker/Bloomberg)

© 2019 Bloomberg Finance LP

Bristol-Myers Squibb (NYSE:BMY) is expected to publish its Q1 2019 results on April 25. This note details Trefis’ forecasts for Bristol-Myers Squibb, as well as some of the key trends we will be watching when the company reports earnings. You can view our interactive dashboard analysis ~ How Did Bristol-Myers Squibb Fare In 2018, And What Can We Expect In 2019? for more details on the key drivers of the company’s expected performance in 2019. In addition, you can see more of our data for Healthcare companies here.

How have Bristol-Myers Squibb revenues changed over recent quarters, and what’s the forecast for Q1 2019?

  • Total Revenues for Bristol-Myers Squibb have largely trended higher over recent quarters.
  • Revenues grew from $5.5 billion in Q4 2017 to $6.0 billion in Q4 2018.
  • The growth can primarily be attributed to higher sales of Opdivo and Eliquis.
  • We estimate the company’s revenues to be $5.7 billion for Q1; a figure 9% higher than what it reported a year ago.

What are Bristol-Myers Squibb’s key sources of revenue?

  • Bristol-Myers Squibb generates its revenues from sales of drugs for several indications in different therapeutic areas, including:
    • Oncology
    • Cardiovascular
    • Virology
    • Immunology
  • The company reports its sales under two segments ~ Prioritized Brands, which includes the company’s newer and high growth drugs, and Established Brands, which includes its older franchises, such as Baraclude and Reyataz.
  • The company’s near term growth can largely be linked to its blockbuster oncology drug ~ Opdivo ~ and cardiovascular drug ~ Eliquis.

What to expect from the Prioritized Brands segment?

  • Prioritized Brands revenue have increased from $4.2 billion in Q4 2017 to $5.2 billion in Q4 2018. This can largely be attributed to strong sales growth of Opdivo and Eliquis. We expect this trend to continue in the near term, and forecast low teens segment revenue growth in Q1.
  • Eliquis is witnessing increased acceptance, and it is the leader in the oral anticoagulants market (total prescriptions) in the U.S. The overall anticoagulants market is also expanding, and Eliquis will likely benefit from the market growth in the coming years.
  • Opdivo is one of the top selling oncology drugs with several regulatory approvals for multiple indications, including lung cancer, Hodgkin’s Lymphoma, and head and neck cancer. Given its wide scope to treat multiple indications, it has become one of the top selling immuno-oncology drugs.
  • This trend will likely continue in the near term, as Opdivo looks to increase its market share in the immuno-oncology drugs market.

What To Expect From Established Brands Segment?

  • Established Brands segment revenues have declined from $1.2 billion in Q4 2017 to $744 million in Q4 2018.
  • This can be attributed to lower sales of Sustiva and Reyataz franchises.
  • We expect this trend to continue in the near term, and forecast a decline in mid-teens for the segment.
  • Established brands portfolio face stiff competition from other drug manufacturers and biosimilars, due to loss of marketing exclusivity.

What will be the impact of the above on Bristol-Myers Squibb’s EPS?

  • We expect the earnings to be $1.05 per share on an adjusted basis in Q1. This reflects 12% growth to the prior year quarter.
  • The growth in earnings will likely be led by higher revenues, and higher margins.
  • The company has seen slight improvement in its margins over the recent quarters, and this trend should continue in Q1 as well.

What’s behind Trefis? See How it’s Powering New Collaboration and What-Ifs

For CFOs and Finance Teams | Product, R&D, and Marketing Teams

All Trefis Data

Like our charts? Explore example interactive dashboards and create your own.

 

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