What To Expect From Bristol Myers Squibb Stock After Q1 Results?

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Bristol Myers Squibb

Bristol Myers Squibb (NYSE: BMY) is scheduled to report its Q1 2022 results on Friday, April 29. We expect BMS to report revenue and earnings above the consensus estimates. Market share gains for Eliquis, Opdivo, and Reblozyl likely drove BMS’ sales growth. BMY stock has seen a 23% rise YTD, outperforming its peers and the broader markets, primarily due to an increase in dividends and boosting its share repurchase program. Despite the recent rise, we believe there is some room left for BMY stock price growth, as discussed below. Our interactive dashboard analysis of Bristol Myers Squibb Earnings Preview has additional details.

(1) Revenues expected to align with the consensus estimates

  • Trefis estimates BMS’ Q1 2022 revenues to be around $11.4 billion, in line with the consensus estimate.
  • Market share gains for Eliquis, Opdivo, and Reblozyl are expected to drive Q1 sales growth.
  • Looking at Q4 2021, the company saw its sales grow 8% y-o-y to $12.0 billion. This growth was driven by an 18% rise in Eliquis’ sales, 11% growth for Opdivo, and a 16% rise in Yervoy sales, a trend expected to continue in the near term.
  • Our dashboard on Bristol Myers Squibb’s Revenues has more details on the company’s top-line trajectory and its comparison with peers.

(2) EPS likely to be marginally above the consensus estimates

  • BMS’ Q1 2022 adjusted earnings per share is expected to be $1.95 per Trefis analysis, slightly above the consensus estimate of $1.91.
  • The company’s adjusted net income of $4.1 billion in Q4 2021 reflected a 24% rise from its $3.3 billion figure in the prior-year quarter, led by sales growth and operating margin expansion.
  • Our dashboard on Bristol Myers Squibb’s Operating Income has more details.
  • For the full-year 2022, we expect the adjusted EPS to be higher at $7.90 than the EPS of $7.51 in 2021.
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(3) BMY stock has some room for growth

  • We estimate Bristol Myers Squibb’s Valuation to be around $82 per share, 8% above the current market price of $76.
  • This represents a forward P/EBITDA multiple of 9x for the company based on our Bristol Myers Squibb’s EBITDA forecast.
  • That said, if the company reports upbeat results, with sales and earnings growth and 2022 guidance better than the street estimates, the P/EBITDA multiple will likely be revised upward, resulting in higher levels for BMY stock.

While BMY stock looks like has more room for growth, it is helpful to see how Bristol Myers Squibb’s Peers fare on metrics that matter. You will find other valuable comparisons for companies across industries at Peer Comparisons.

Furthermore, the Covid-19 crisis has created many pricing discontinuities which can offer attractive trading opportunities. For example, you’ll be surprised how counter-intuitive the stock valuation is for Boston Scientific vs. Amphenol

What if you’re looking for a more balanced portfolio instead? Our high-quality portfolio and multi-strategy portfolio have beaten the market consistently since the end of 2016.

Returns Apr 2022
MTD [1]
2022
YTD [1]
2017-22
Total [2]
 BMY Return 4% 21% 29%
 S&P 500 Return -8% -12% 86%
 Trefis Multi-Strategy Portfolio -8% -15% 233%

[1] Month-to-date and year-to-date as of 4/27/2022
[2] Cumulative total returns since the end of 2016

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