Financials Bristol-Myers Squibb Company Deutsche Boerse AG

Equities

BRM

US1101221083

Pharmaceuticals

Real-time Estimate Tradegate Other stock markets 03:29:11 2024-06-26 pm EDT			5-day change	1st Jan Change
39.89 ^EUR	+1.12%		+3.90%	-14.90%

06:28pm	Top Midday Stories: Southwest Cuts Q2 Guidance; HHS to Lower Costs for Medicare Enrollees on 64 Drugs; Bosch Weighing Acquisition Offer for Whirlpool; Novo Nordisk to Record $816.2 Million Impairment	MT
05:27pm	Biden Administration to Lower Costs for 64 Prescription Drugs for Medicare Enrollees	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	85,523	-	-
Enterprise Value (EV) ¹	181,813	174,584	165,982	189,770	131,531	124,566	117,199	112,564
P/E ratio	-	-15.5 x	20 x	24.4 x	13.3 x	-16.1 x	7.98 x	7.8 x
Yield	2.62%	2.97%	3.22%	3.04%	4.5%	5.7%	5.99%	6.16%
Capitalization / Revenue	5.76 x	3.3 x	2.98 x	3.46 x	2.32 x	1.86 x	1.86 x	1.95 x
EV / Revenue	6.95 x	4.11 x	3.58 x	4.11 x	2.92 x	2.7 x	2.54 x	2.57 x
EV / EBITDA	18.3 x	9.64 x	8.1 x	9.43 x	7.52 x	24.2 x	6.54 x	6.95 x
EV / FCF	25.1 x	13.1 x	10.9 x	15.9 x	10.4 x	8.8 x	8.57 x	8.93 x
FCF Yield	3.98%	7.62%	9.18%	6.3%	9.62%	11.4%	11.7%	11.2%
Price to Book	2.12 x	3.7 x	3.73 x	5.02 x	3.48 x	3.94 x	3.49 x	3.38 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	42.19	42.19	42.19
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	46,075	46,058	43,877
EBITDA ¹	9,945	18,118	20,493	20,123	17,498	5,150	17,922	16,200
EBIT ¹	8,199	17,426	19,830	19,442	16,785	4,007	16,761	15,529
Operating Margin	31.36%	40.98%	42.75%	42.12%	37.3%	8.7%	36.39%	35.39%
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%	-11.75%	22.19%	23.14%
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	14,162	13,676	12,606
FCF margin	27.66%	31.28%	32.84%	25.88%	28.11%	30.74%	29.69%	28.73%
FCF Conversion (EBITDA)	72.71%	73.4%	74.34%	59.37%	72.3%	274.97%	76.31%	77.81%
FCF Conversion (Net income)	210.26%	-	217.82%	188.84%	157.64%	-	133.82%	124.16%
Dividend per Share ²	1.680	1.840	2.010	2.190	2.310	2.406	2.526	2.598
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	11,503	11,163	11,614	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	4,153	4,234	4,544	-	-
EBIT ¹	4,670	5,267	5,229	4,836	4,110	4,857	4,251	4,360	3,630	-8,329	4,168	4,031	4,171	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%	36.23%	36.11%	35.91%	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%	11.97%	22.07%	-	-
EPS ²	1.070	0.5900	0.6600	0.7500	0.9500	1.070	0.9900	0.9300	0.8700	-5.890	0.8130	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	39,043	31,676	27,041
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.151 x	1.899 x	1.346 x	1.494 x	1.55 x	7.58 x	1.767 x	1.669 x
Free Cash Flow ¹	7,231	13,299	15,234	11,948	12,651	14,162	13,676	12,606
ROE (net income / shareholders' equity)	24.5%	33%	45.7%	49.4%	51.6%	4.17%	77.3%	66.3%
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	121,807	92,264	95,904
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	8.200	7.570
Capex ¹	836	753	973	1,118	1,209	1,153	1,134	1,084
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

42.19 USD

Average target price

53.19 USD

Spread / Average Target

+26.08%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Pharmaceuticals

	1st Jan change	Capi.
ELI LILLY AND COMPANY	+54.59%	815B
NOVO NORDISK A/S	+44.25%	654B
JOHNSON & JOHNSON	-6.23%	354B
MERCK & CO., INC.	+21.29%	337B
ABBVIE INC.	+11.02%	302B
ASTRAZENECA PLC	+18.45%	247B
ROCHE HOLDING AG	+2.09%	229B
NOVARTIS AG	+13.03%	219B
AMGEN INC.	+8.75%	171B

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