UBS Reiterates Neutral Rating on Bristol-Myers Squibb Co. (BMY)

UBS analyst Trung Huynh reiterated a Neutral rating and $60.00 price target on Bristol-Myers Squibb Co. (NYSE: BMY).

The analyst commented, “Recently, we have had debate over the slowdown in Cobenfy TRx the last 2 weeks, which has been relatively flat. This has caused some concern from investors if 1Q and 2025 consensus forecasts are achievable. Overall following a deep dive into the IQVIA data we are optimistic. When comparing to recent launches of Lyablvi and Caplyta, we show Cobenfy is off to a better start, and prescriptions for both comparator antipsychotics also were volatile this early into launch. When we assume volume growth is modestly slower than observed to date, we estimate potential 1Q25/FY2025 TRx volumes of c.15k/122k. Sensitizing TRx for gross-to-net discounts of 25-35%, we think Cobenfy sales in 1Q25 and FY2025 of $18-21m and c.$150-c.$170m, respectively, are realistic. This compares relatively in line with UBSe of $17m/$165m and consensus of $16.8m/168m. Additionally, these numbers have not included any benefit from stocking or a potential inflection in 2H25, that BMY has communicated, and could both represent additional upside.”

For an analyst ratings summary and ratings history on Bristol-Myers Squibb Co. click here. For more ratings news on Bristol-Myers Squibb Co. click here.

Shares of Bristol-Myers Squibb Co. closed at $59.21 yesterday.

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