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Bristol-Myers hits new highs, partly due to investors piling into drug stocks with the economy facing a potential recession.
The biopharma faces the loss of exclusivity, or LOE, on its largest drug Revlimid while launching new drugs with the potential to replace the lost revenues of the cancer drug.
The stock isn't actually expensive at 10x '23 EPS targets, but another rally should leave BMY at a peak valuation.