** Bristol Myers Squibb BMY.N reported higher-than-expected first-quarter revenue on Thursday and raised its full-year forecast due to growth from its portfolio of drugs that spur a patient's immune system to fight cancer.
** Median PT of 28 brokerages covering the stock is $56 - data compiled by LSEG
LEGACY STRENGTH VS FUTURE PIPELINE BETS
** Bernstein ("market perform", PT: $62) says "while we like Bristol's beat & raise, the reliance on legacy products & FX makes us more nervous, especially with the ongoing policy & FX volatility"** The brokerage, however, likes the early launch signs for Cobenfy (for schizophrenia treatment) and Opdivo Qvantig which is its newly launched cancer immunotherapy
** Citigroup ("neutral", PT: $51) says with solid results from its legacy portfolio and strong momentum in its growth segment, it expects sustained commercial execution and strategic business development to offset the impact of upcoming patent expirations
** Truist Securities ("buy", PT: $65) says "with its cost-cutting measures, global mfg presence, and continued appetite for BD, we believe BMY is well-positioned to navigate this challenging period with its eyes on a return to growth strategy"
** Leerink Partners ("outperform", PT: $55) says does not anticipate imminent positive catalysts, but notes pipeline optionality over the next few years
(Reporting by Joel Jose in Bengaluru)
((joeljose@thomsonreuters.com))
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