BMY - Bristol-Myers Squibb Stock: Gloomy Q1 Earnings Trigger Justified Sell-Off

2024-04-25 15:56:49 ET

Summary

• Bristol-Myers Squibb's Q1 2024 earnings release today has resulted in a drop in its share price in trading today.
• BMY's market cap valuation is lower than competitors such as Vertex and Regeneron, despite substantially higher revenues and net earnings.
• Wall Street is bearish on BMY due to concerns about its portfolio, pipeline, and prospects, and after today, it is hard to disagree.
• The new CEO has his work cut out to prove spring-cleaning will eventually result in a successful business turnaround.

Investment Overview

Bristol-Myers Squibb ( BMY ) has provided a mixed set of Q1 2024 quarterly earnings today, which has resulted in a sharp drop in its share price, which is down ~8% at the time of writing.

Of major global pharmaceutical companies, Bristol-Myers Squibb's share price performance across the past 3 years has been -26% - only Swiss Pharma giant Roche (RHHBY) and neighboring Pfizer ( PFE ) have experienced a greater decline, while the likes of Eli Lilly ( LLY ) and Novo Nordisk ( NVO ), thanks to their launch of "miracle" weight loss drugs Wegovy and Zepbound, have experienced >200% gains....

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