BMY stock: Earnings date Oct 27, 2021 | My first purchase

 Bristol Myers Squibb (NYSE: BMY) is scheduled to report its Q3 2021 results on Wednesday, October 27. We expect the company to likely post revenue and earnings slightly above the consensus estimates, primarily led by continued market share gains for its anticoagulant Eliquis, cancer drugs Opdivo and Yervoy, and rheumatoid arthritis drug Orencia. Overall, Bristol Myers Squibb BMY +0.2% should see a pickup in demand, due to an increase in hospital visits with Covid-19 vaccination rates going up steadily. We expect the company to navigate well based on these trends over the latest quarter. Furthermore, we also think BMY stock remains attractive at the current levels. Trefis’ forecast indicates that Bristol Myers Squibb’s valuation is around $86 per share, which is 48% above the current market price of around $58. Our interactive dashboard analysis on Bristol Myers Squibb’s Pre-Earnings has additional details.

(1) Revenues expected to be above the consensus estimates

Trefis estimates Bristol Myers Squibb’s Q3 2021 revenues to be around $11.7 billion, slightly above the $11.6 billion consensus estimate. With over half of the U.S. population fully vaccinated, and on the international front the vaccination rate is rising gradually, total procedure volume and hospital visits are on a rise and this should augur well for Bristol Myers Squibb.

Looking at individual drugs - Eliquis, Opdivo, Yervoy, and Orencia - sales were up (y-o-y) 29%, 16%, 38%, and 9%, respectively, while its top-selling drug - Revlimid - was up 11% to $2.9 billion in Q2 2021. While Eliquis and Orenica will continue to see steady growth led by market share gains, Opdivo’s uptick, of late, is being driven by label expansion, including that for gastric cancer, and this trend is likely to continue in the near term. Furthermore, the U.S. FDA approved the company’s CAR-T treatment - Abecma - in March of this year, and it will also bolster the overall sales growth in Q3. Our dashboard on Bristol Myers Squibb Revenues offers more details on the company’s segments.