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BMY
USHealth Care · Pharmaceuticals
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Late-cycle big pharma navigating a steep loss-of-exclusivity (LOE) wall: Revlimid already eroding, Eliquis US exclusivity ends 2028 and Opdivo IV by 2028 (subQ extension partial offset). Management is bridging the gap with $22B+ of M&A - Karuna ($KRTX, $14B, Cobenfy/KarXT in schizophrenia, FDA-approved Sep 2024), Mirati ($MRTX, $4.1B, KRAS G12C Krazati), RayzeBio ($4.1B, actinium-225 radiopharma platform).
Cobenfy is the swing factor: first novel schizophrenia MoA in decades, ADEPT trials extend label into Alzheimer-related psychosis and adjunctive use. Cost-cut program ($1.5B by 2025, additional $2B by 2027) defends earnings through LOE trough.
Trades at low-single-digit P/E on consensus 2026 numbers with ~5% dividend.
BULL
BEAR
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Auto-computed retracement of the trailing 52w low-high leg. Recomputed on each refresh; not a curated level.
Auto-computed retracement of the trailing 52w low-high leg. Recomputed on each refresh; not a curated level.
Auto-computed retracement of the trailing 52w low-high leg. Recomputed on each refresh; not a curated level.