Financials Bristol-Myers Squibb Company Swiss Exchange

Equities

BMY

US1101221083

Pharmaceuticals

Market Closed - Swiss Exchange Other stock markets 11:35:20 2019-06-28 am EDT			5-day change	1st Jan Change
44.39 ^CHF	-0.25%		-18.16%	-18.16%

Jul. 12	UBS Cuts Bristol-Myers Squibb Price Target to $43 From $47, Maintains Neutral Rating	MT
Jul. 11	Redburn Atlantic Adjusts Price Target on Bristol-Myers Squibb to $50 From $54, Maintains Neutral Rating	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	150,473	140,172	138,395	159,703	104,403	82,016	-	-
Enterprise Value (EV) ¹	181,813	174,584	165,982	189,770	131,531	121,178	113,893	109,358
P/E ratio	-	-15.5 x	20 x	24.4 x	13.3 x	-14.9 x	7.81 x	7.66 x
Yield	2.62%	2.97%	3.22%	3.04%	4.5%	5.95%	6.24%	6.41%
Capitalization / Revenue	5.76 x	3.3 x	2.98 x	3.46 x	2.32 x	1.78 x	1.78 x	1.88 x
EV / Revenue	6.95 x	4.11 x	3.58 x	4.11 x	2.92 x	2.63 x	2.48 x	2.5 x
EV / EBITDA	18.3 x	9.64 x	8.1 x	9.43 x	7.52 x	23.6 x	6.38 x	6.83 x
EV / FCF	25.1 x	13.1 x	10.9 x	15.9 x	10.4 x	8.6 x	8.34 x	8.7 x
FCF Yield	3.98%	7.62%	9.18%	6.3%	9.62%	11.6%	12%	11.5%
Price to Book	2.12 x	3.7 x	3.73 x	5.02 x	3.48 x	4.12 x	3.62 x	3.56 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	40.46	40.46	40.46
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	46,068	45,996	43,709
EBITDA ¹	9,945	18,118	20,493	20,123	17,498	5,129	17,864	16,000
EBIT ¹	8,199	17,426	19,830	19,442	16,785	3,962	16,698	15,377
Operating Margin	31.36%	40.98%	42.75%	42.12%	37.3%	8.6%	36.3%	35.18%
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	-5,416	10,221	10,135
Net margin	13.15%	-21.2%	15.08%	13.71%	17.83%	-11.76%	22.22%	23.19%
EPS ²	-	-3.990	3.120	2.950	3.860	-2.716	5.181	5.279
Free Cash Flow ¹	7,231	13,299	15,234	11,948	12,651	14,094	13,658	12,574
FCF margin	27.66%	31.28%	32.84%	25.88%	28.11%	30.59%	29.69%	28.77%
FCF Conversion (EBITDA)	72.71%	73.4%	74.34%	59.37%	72.3%	274.82%	76.45%	78.59%
FCF Conversion (Net income)	210.26%	-	217.82%	188.84%	157.64%	-	133.63%	124.07%
Dividend per Share ²	1.680	1.840	2.010	2.190	2.310	2.407	2.526	2.595
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	11,497	11,155	11,586	11,752	11,636
EBITDA ¹	4,832	5,305	7,812	7,424	4,288	5,030	4,268	4,539	3,816	-8,984	4,280	4,405	4,622	-	-
EBIT ¹	4,670	5,267	5,229	4,836	4,110	4,857	4,251	4,360	3,630	-8,329	4,095	4,041	4,182	4,897	4,338
Operating Margin	38.97%	45.22%	43.99%	43.11%	36.03%	42.84%	37.87%	39.76%	31.63%	-70.2%	35.62%	36.23%	36.09%	41.67%	37.28%
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	1,395	1,336	2,556	-	-
Net margin	19.79%	10.97%	11.95%	14.32%	17.73%	19.95%	18.47%	17.58%	15.35%	-100.39%	12.13%	11.98%	22.06%	-	-
EPS ²	1.070	0.5900	0.6600	0.7500	0.9500	1.070	0.9900	0.9300	0.8700	-5.890	0.7560	0.7385	1.220	1.570	1.340
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	39,161	31,876	27,342
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.151 x	1.899 x	1.346 x	1.494 x	1.55 x	7.636 x	1.784 x	1.709 x
Free Cash Flow ¹	7,231	13,299	15,234	11,948	12,651	14,095	13,658	12,574
ROE (net income / shareholders' equity)	24.5%	33%	45.7%	49.4%	51.6%	4.05%	76.9%	73.6%
ROA (Net income/ Total Assets)	-	11.9%	14.8%	16%	8.36%	-4.45%	11.1%	10.6%
Assets ¹	-	-75,809	47,265	39,445	95,989	121,854	92,273	95,728
Book Value Per Share ²	30.30	16.80	16.70	14.30	14.70	9.820	11.20	11.40
Cash Flow per Share ²	4.710	6.220	7.300	6.090	6.670	8.990	8.200	7.570
Capex ¹	836	753	973	1,118	1,209	1,152	1,132	1,080
Capex / Sales	3.2%	1.77%	2.1%	2.42%	2.69%	2.5%	2.46%	2.47%
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

40.46 USD

Average target price

52.74 USD

Spread / Average Target

+30.35%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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