Opdivo, the company’s popular immuno-oncology drug which secured the FDA’s nod for multiple indications, will be a key growth driver in the to-be-reported quarter, as it was in the previous quarter. The drug is currently prescribed widely for hepatocellular carcinoma, melanoma and a certain type of lung cancer.
Brand Power
The rapid increase in the market share of Eliquis, the blood thinner that contributed significantly to the top-line in the second quarter, is estimated to have added to growth this time too. The results should also get a boost from strong sales for the other key products, including Orencia and Sprycel, mainly in the U.S and Europe.
The market will be closely following the event for updates on Bristol-Myers’ solid pipeline and clinical trials, including the advanced-stage study on a combination of Opdivo and Yervoy for the treatment of lung cancer – which met the primary endpoint recently.
Q2 Results
In the second quarter, earnings and revenues grew in double digits to $1.18 per share and $6.3 billion, respectively, and topped expectations. However, the management revised down its full-year earnings guidance.
Celgene Deal
The post-earnings mood in the market will be crucial for the stock, which remains in the spotlight as the merger with biotech firm Celgene moves closer to completion – currently expected by year-end. Recently, Celgene agreed to sell its psoriasis drug Otezla to Amgen (AMGN), in a multi-billion deal, as required by the regulators.
Earlier this week, Pfizer (NYSE: PFE) reported lower revenues and earnings for the third quarter. The results, however, topped the market’s expectations. The management also revised up the full-year earnings and revenue guidance.
Related: Bristol-Myers Q2 2019 Earnings Conference Call Transcript
Bristol-Myers’ stock plunged to a six-year low in early July, but bounced back in the following weeks. The shares moved up 15% since the beginning of the year and 10% in the past twelve months.