#2 - Bristol-Myers Squibb (NYSE:BMY)
One Warren Buffett stock deserves another, which brings us to Bristol-Myers Squibb Inc. (NYSE: BMY). BMY stock is down 5.8% in 2024. The company faces concerns about declining revenue from its flagship oncology drug, Reylimid, which was down 39% in the company’s last earnings report. BMY also has two other major drugs, Eliquis and Opdivo, that will go over the patent cliff in 2026 and 2028, respectively.
However, the company has used debt effectively to make strategic acquisitions to beef up the pipeline. Those investments may pay off shortly, with a schizophrenia drug expected to be approved by the FDA sometime in 2024.
That may be putting the focus back on growth. The Bristol-Myers Squibb analyst forecasts on MarketBeat give BMY a consensus Hold rating. However, BMY stock has climbed over 19% in the past month. Investors also get an attractive dividend which has a yield of 4.95%. The company has raised that dividend in each of the last 16 consecutive years.
About Bristol-Myers Squibb
Bristol-Myers Squibb Company discovers, develops, licenses, manufactures, markets, distributes, and sells biopharmaceutical products worldwide. It offers products for hematology, oncology, cardiovascular, immunology, fibrotic, and neuroscience diseases. The company's products include Eliquis for reduction in risk of stroke/systemic embolism in non-valvular atrial fibrillation, and for the treatment of DVT/PE; Opdivo for various anti-cancer indications, including bladder, blood, CRC, head and neck, RCC, HCC, lung, melanoma, MPM, stomach and esophageal cancer; Pomalyst/Imnovid for multiple myeloma; Orencia for active rheumatoid arthritis and psoriatic arthritis; and Sprycel for the treatment of Philadelphia chromosome-positive chronic myeloid leukemia.
Read More - Current Price
- $58.49
- Consensus Rating
- Hold
- Ratings Breakdown
- 3 Buy Ratings, 13 Hold Ratings, 2 Sell Ratings.
- Consensus Price Target
- $54.07 (7.6% Downside)
