Financials Bristol-Myers Squibb Company

Equities

BMY

US1101221083

Pharmaceuticals

Market Closed - Nyse Other stock markets 01:30:02 27/04/2024 am IST			5-day change	1st Jan Change
44.85 ^USD	+0.34%		-8.34%	-12.59%

26/04	S&P 500 Q1 earnings estimated growth improves; stocks up for week	RE
26/04	Leerink Partners Cuts Price Target on Bristol-Myers Squibb to $47 From $51	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,50,473	1,40,172	1,38,395	1,59,703	1,04,403	90,915	-	-
Enterprise Value (EV) ¹	1,81,813	1,74,584	1,65,982	1,89,770	1,31,531	1,29,253	1,21,698	1,17,130
P/E ratio	-	-15.5 x	20 x	24.4 x	13.3 x	-18.4 x	8.17 x	8.14 x
Yield	2.62%	2.97%	3.22%	3.04%	4.5%	5.36%	5.66%	5.79%
Capitalization / Revenue	5.76 x	3.3 x	2.98 x	3.46 x	2.32 x	1.98 x	1.97 x	2.06 x
EV / Revenue	6.95 x	4.11 x	3.58 x	4.11 x	2.92 x	2.81 x	2.63 x	2.65 x
EV / EBITDA	18.3 x	9.64 x	8.1 x	9.43 x	7.52 x	23.5 x	6.71 x	7.15 x
EV / FCF	25.1 x	13.1 x	10.9 x	15.9 x	10.4 x	9.1 x	8.65 x	8.97 x
FCF Yield	3.98%	7.62%	9.18%	6.3%	9.62%	11%	11.6%	11.1%
Price to Book	2.12 x	3.7 x	3.73 x	5.02 x	3.48 x	3.96 x	3.44 x	3.37 x
Nbr of stocks (in thousands)	23,44,185	22,59,752	22,19,645	22,19,645	20,34,758	20,27,100	-	-
Reference price ²	64.19	62.03	62.35	71.95	51.31	44.85	44.85	44.85
Announcement Date	06/02/20	04/02/21	04/02/22	02/02/23	02/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	26,145	42,518	46,385	46,159	45,006	45,964	46,225	44,176
EBITDA ¹	9,945	18,118	20,493	20,123	17,498	5,494	18,133	16,385
EBIT ¹	8,199	17,426	19,830	19,442	16,785	4,075	16,877	15,661
Operating Margin	31.36%	40.98%	42.75%	42.12%	37.3%	8.87%	36.51%	35.45%
Earnings before Tax (EBT) ¹	4,975	-6,871	8,098	7,713	8,440	-5,024	11,004	10,683
Net income ¹	3,439	-9,015	6,994	6,327	8,025	-4,811	10,390	10,315
Net margin	13.15%	-21.2%	15.08%	13.71%	17.83%	-10.47%	22.48%	23.35%
EPS ²	-	-3.990	3.120	2.950	3.860	-2.443	5.492	5.512
Free Cash Flow ¹	7,231	13,299	15,234	11,948	12,651	14,204	14,077	13,058
FCF margin	27.66%	31.28%	32.84%	25.88%	28.11%	30.9%	30.45%	29.56%
FCF Conversion (EBITDA)	72.71%	73.4%	74.34%	59.37%	72.3%	258.54%	77.63%	79.7%
FCF Conversion (Net income)	210.26%	-	217.82%	188.84%	157.64%	-	135.48%	126.59%
Dividend per Share ²	1.680	1.840	2.010	2.190	2.310	2.403	2.540	2.596
Announcement Date	06/02/20	04/02/21	04/02/22	02/02/23	02/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	11,985	11,648	11,887	11,218	11,406	11,337	11,226	10,966	11,477	11,865	11,493	11,192	11,620	11,816	11,673
EBITDA ¹	4,832	5,305	7,812	7,424	4,288	5,030	4,268	4,539	3,816	-8,984	4,226	4,419	4,755	-	-
EBIT ¹	4,670	5,267	5,229	4,836	4,110	4,857	4,251	4,360	3,630	-8,329	4,186	4,053	4,224	4,906	4,630
Operating Margin	38.97%	45.22%	43.99%	43.11%	36.03%	42.84%	37.87%	39.76%	31.63%	-70.2%	36.42%	36.22%	36.35%	41.52%	39.66%
Earnings before Tax (EBT) ¹	-	-	1,958	2,209	1,859	2,770	1,859	2,137	1,674	-11,516	2,643	1,606	1,964	-	-
Net income ¹	2,372	1,278	1,421	1,606	2,022	2,262	2,073	1,928	1,762	-11,911	1,568	1,393	2,582	-	-
Net margin	19.79%	10.97%	11.95%	14.32%	17.73%	19.95%	18.47%	17.58%	15.35%	-100.39%	13.64%	12.45%	22.22%	-	-
EPS ²	1.070	0.5900	0.6600	0.7500	0.9500	1.070	0.9900	0.9300	0.8700	-5.890	0.8679	0.7985	1.262	1.820	1.700
Dividend per Share ²	0.5400	0.5400	0.5400	0.5400	0.5700	0.5700	0.5700	0.5700	0.6000	0.6000	0.6072	0.6122	0.6222	0.6744	0.6744
Announcement Date	04/02/22	29/04/22	27/07/22	25/10/22	02/02/23	27/04/23	27/07/23	26/10/23	02/02/24	25/04/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	31,340	34,412	27,587	30,067	27,128	38,338	30,783	26,214
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.151 x	1.899 x	1.346 x	1.494 x	1.55 x	6.978 x	1.698 x	1.6 x
Free Cash Flow ¹	7,231	13,299	15,234	11,948	12,651	14,204	14,077	13,058
ROE (net income / shareholders' equity)	24.5%	33%	45.7%	49.4%	51.6%	4.09%	78.6%	66.1%
ROA (Net income/ Total Assets)	-	11.9%	14.8%	16%	8.36%	0.45%	12%	10.9%
Assets ¹	-	-75,809	47,265	39,445	95,989	-10,69,196	86,492	94,670
Book Value Per Share ²	30.30	16.80	16.70	14.30	14.70	11.30	13.00	13.30
Cash Flow per Share ²	4.710	6.220	7.300	6.090	6.670	5.350	8.470	7.680
Capex ¹	836	753	973	1,118	1,209	1,074	1,145	1,042
Capex / Sales	3.2%	1.77%	2.1%	2.42%	2.69%	2.34%	2.48%	2.36%
Announcement Date	06/02/20	04/02/21	04/02/22	02/02/23	02/02/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Bristol-Myers Squibb Company

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

44.85 USD

Average target price

54.02 USD

Spread / Average Target

+20.45%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Pharmaceuticals

	1st Jan change	Capi.
BRISTOL-MYERS SQUIBB COMPANY	-12.59%	90.92B
ELI LILLY AND COMPANY	+25.83%	661B
NOVO NORDISK A/S	+27.00%	566B
JOHNSON & JOHNSON	-6.76%	352B
MERCK & CO., INC.	+20.34%	332B
ABBVIE INC.	+3.00%	283B
ASTRAZENECA PLC	+13.09%	231B
NOVARTIS AG	+5.46%	200B
ROCHE HOLDING AG	-9.61%	195B
AMGEN INC.	-6.26%	145B

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