BMY - Bristol-Myers Squibb: All Focus On Execution

2024-02-05 04:01:47 ET

Summary

• Bristol-Myers Squibb is pursuing aggressive M&A to address its growth challenges and loss of exclusivity for its top-selling drug Revlimid, ahead of more expirations due.
• The company's net debt load is substantial, and it relies heavily on a few key drugs for the majority of its sales, creating a risk as pipeline conversion is key.
• Recent acquisitions and deals have added to the company's debt and raised concerns about its near-term medium-term earnings picture.

Days before Christmas, I believed that Bristol-Myers Squibb ( BMY ) was pursuing aggressive M&A as a riskier strategy in order to fix its growth challenges. Battling loss of exclusivity from its once top-selling drug Revlimid, and with more expirations due, the company has focused on inorganic efforts to stem sales declines....

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