Biotech Values

[DewDiligence]

BMY +6% on Eliquis growth/buyback authorization—and AZN setback (see reply to this post):

http://finance.yahoo.com/news/bristol-myers-squibb-reports-third-105900295.html

Bristol-Myers Squibb is increasing its 2016 GAAP EPS guidance range from $2.43 - $2.53 to $2.62 - $2.72. The company is increasing its non-GAAP EPS guidance range from $2.55 - $2.65 to $2.80 - $2.90. Both GAAP and non-GAAP guidance assume current exchange rates.

… Bristol-Myers Squibb expects 2017 GAAP EPS between $2.47 and $2.67 and non-GAAP EPS between $2.85 and $3.05. [At the midpoints of the respective ranges, BMY is forecasting 2017 GAAP EPS growth of -1% and 2017 non-GAAP EPS growth of 3.5%.]

… Bristol-Myers Squibb today announced its Board of Directors approved a new $3 billion repurchase authorization for the Company’s common stock. This is incremental to the current repurchase program, announced in June 2012, under which the Company has approximately $1.1 billion remaining [i.e. $4.1B of buybacks are authorized in all].

Eliquis is turning into a monster drug and will likely outsell Opdivo in the near future. 3Q16 Eliquis sales (which are booked entirely by BMY) were $884M, +90% YoY. PFE gets 60% of the worldwide net profit on Eliquis.