Financials Bristol-Myers Squibb Company

Equities

BMY

US1101221083

Pharmaceuticals

Market Closed - Nyse Other stock markets 04:00:08 2024-05-17 pm EDT			5-day change	1st Jan Change
44.01 ^USD	-0.23%		-2.07%	-14.23%

May. 16	Everlasting momentum
May. 16	Bristol Myers Gets FDA OK of Breyanzi in Follicular Lymphoma	DJ

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	150,473	140,172	138,395	159,703	104,403	89,253	-	-
Enterprise Value (EV) ¹	181,813	174,584	165,982	189,770	131,531	128,568	121,291	116,641
P/E ratio	-	-15.5 x	20 x	24.4 x	13.3 x	-16.8 x	8.33 x	8.14 x
Yield	2.62%	2.97%	3.22%	3.04%	4.5%	5.46%	5.74%	5.89%
Capitalization / Revenue	5.76 x	3.3 x	2.98 x	3.46 x	2.32 x	1.94 x	1.94 x	2.04 x
EV / Revenue	6.95 x	4.11 x	3.58 x	4.11 x	2.92 x	2.79 x	2.63 x	2.66 x
EV / EBITDA	18.3 x	9.64 x	8.1 x	9.43 x	7.52 x	24.4 x	6.77 x	7.26 x
EV / FCF	25.1 x	13.1 x	10.9 x	15.9 x	10.4 x	9.05 x	8.88 x	9.29 x
FCF Yield	3.98%	7.62%	9.18%	6.3%	9.62%	11.1%	11.3%	10.8%
Price to Book	2.12 x	3.7 x	3.73 x	5.02 x	3.48 x	4.11 x	3.64 x	3.53 x
Nbr of stocks (in thousands)	2,344,185	2,259,752	2,219,645	2,219,645	2,034,758	2,027,100	-	-
Reference price ²	64.19	62.03	62.35	71.95	51.31	44.03	44.03	44.03
Announcement Date	2/6/20	2/4/21	2/4/22	2/2/23	2/2/24	-	-	-

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	46,041	46,075	43,850
EBITDA ¹	9,945	18,118	20,493	20,123	17,498	5,269	17,915	16,076
EBIT ¹	8,199	17,426	19,830	19,442	16,785	4,034	16,795	15,514
Operating Margin	31.36%	40.98%	42.75%	42.12%	37.3%	8.76%	36.45%	35.38%
Earnings before Tax (EBT) ¹	4,975	-6,871	8,098	7,713	8,440	-5,696	10,302	10,307
Net income ¹	3,439	-9,015	6,994	6,327	8,025	-5,414	10,220	10,153
Net margin	13.15%	-21.2%	15.08%	13.71%	17.83%	-11.76%	22.18%	23.15%
EPS ²	-	-3.990	3.120	2.950	3.860	-2.627	5.286	5.408
Free Cash Flow ¹	7,231	13,299	15,234	11,948	12,651	14,207	13,654	12,561
FCF margin	27.66%	31.28%	32.84%	25.88%	28.11%	30.86%	29.63%	28.64%
FCF Conversion (EBITDA)	72.71%	73.4%	74.34%	59.37%	72.3%	269.62%	76.22%	78.13%
FCF Conversion (Net income)	210.26%	-	217.82%	188.84%	157.64%	-	133.6%	123.71%
Dividend per Share ²	1.680	1.840	2.010	2.190	2.310	2.406	2.526	2.593
Announcement Date	2/6/20	2/4/21	2/4/22	2/2/23	2/2/24	-	-	-

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	11,502	11,175	11,611	11,763	11,630
EBITDA ¹	4,832	5,305	7,812	7,424	4,288	5,030	4,268	4,539	3,816	-8,984	4,264	4,424	4,694	-	-
EBIT ¹	4,670	5,267	5,229	4,836	4,110	4,857	4,251	4,360	3,630	-8,329	4,145	4,045	4,213	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%	36.04%	36.2%	36.28%	41.71%	39.81%
Earnings before Tax (EBT) ¹	-	-	1,958	2,209	1,859	2,770	1,859	2,137	1,674	-11,516	1,909	1,557	1,881	-	-
Net income ¹	2,372	1,278	1,421	1,606	2,022	2,262	2,073	1,928	1,762	-11,911	1,390	1,336	2,563	-	-
Net margin	19.79%	10.97%	11.95%	14.32%	17.73%	19.95%	18.47%	17.58%	15.35%	-100.39%	12.09%	11.96%	22.07%	-	-
EPS ²	1.070	0.5900	0.6600	0.7500	0.9500	1.070	0.9900	0.9300	0.8700	-5.890	0.8116	0.7813	1.246	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	0.6048	0.6081	0.6148	0.6744	0.6744
Announcement Date	2/4/22	4/29/22	7/27/22	10/25/22	2/2/23	4/27/23	7/27/23	10/26/23	2/2/24	4/25/24	-	-	-	-	-

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	39,315	32,038	27,388
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.151 x	1.899 x	1.346 x	1.494 x	1.55 x	7.461 x	1.788 x	1.704 x
Free Cash Flow ¹	7,231	13,299	15,234	11,948	12,651	14,207	13,654	12,561
ROE (net income / shareholders' equity)	24.5%	33%	45.7%	49.4%	51.6%	4.22%	75.9%	64.7%
ROA (Net income/ Total Assets)	-	11.9%	14.8%	16%	8.36%	-4.45%	12%	10.7%
Assets ¹	-	-75,809	47,265	39,445	95,989	121,807	84,835	94,658
Book Value Per Share ²	30.30	16.80	16.70	14.30	14.70	10.70	12.10	12.50
Cash Flow per Share ²	4.710	6.220	7.300	6.090	6.670	8.990	8.500	7.570
Capex ¹	836	753	973	1,118	1,209	1,084	1,136	1,049
Capex / Sales	3.2%	1.77%	2.1%	2.42%	2.69%	2.36%	2.47%	2.39%
Announcement Date	2/6/20	2/4/21	2/4/22	2/2/23	2/2/24	-	-	-

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

44.03 USD

Average target price

53.19 USD

Spread / Average Target

+20.81%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Pharmaceuticals

	1st Jan change	Capi.
BRISTOL-MYERS SQUIBB COMPANY	-14.23%	89.25B
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JOHNSON & JOHNSON	-1.34%	372B
MERCK & CO., INC.	+20.34%	332B
ABBVIE INC.	+7.39%	294B
ASTRAZENECA PLC	+14.25%	239B
ROCHE HOLDING AG	-3.03%	211B
NOVARTIS AG	+10.02%	210B
AMGEN INC.	+8.49%	168B

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