Leerink Partners Remains Bullish After Opdivo and HCV Help Drive 3Q Beat for Bristol-Myers Squibb (BMY)
Leerink Partners reiterated an Outperform rating and $77.00 Price Target on Bristol-Myers Squibb Co. (NYSE: BMY) following 3Q earnings results. Non-GAAP EPS of $0.39 beat the Street estimates of $0.35. Global revenue was $4.1B, above consensus $3.9B expectations.
Analyst Seamus Fernandez commented, "BMY reported strong 3Q:15 results, with non-GAAP EPS of $0.39 beating both our ($0.33) and Street estimates ($0.35), driven by strong uptake of Opdivo in the U.S. and surprisingly strong performance of BMY's HCV franchise, partially offset by increased COGS. Global revenue was $4.1B, likewise above both our ($3.8B) and consensus ($3.9B) expectations. BMY raised its FY:15 guidance to non-GAAP EPS of $1.85-$1.90 (previously $1.70-$1.80) and 2015 global sales of $16.0- $16.4B (up from $15.5-$15.9B). We have updated 4Q and FY 2015 numbers. Our OP rating and $77 price target are unchanged."
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Shares of Bristol-Myers Squibb Co. closed at $66.80 yesterday.