On Tuesday, Citi reaffirmed its Buy rating on shares of Bristol-Myers Squibb Co. (NYSE:BMY), with a steady price target of $75.00. The firm's decision follows a comprehensive review of the pharmaceutical company's recent sales, prescription data, and currency movements.
The update to Citi's financial model reflects a positive adjustment, with a 7% increase in the non-GAAP EPS estimate for the year 2024. However, projections for subsequent years within the forecast period show no change to a decrease of up to 5%. This revision is primarily due to modified expectations for the rollout of KarXT, an investigational drug, and tempered forecasts for the company's immunology products.
The analyst cited "poorer than anticipated commercial execution" as the reason for the scaled-back outlook for immunology offerings, which are a significant part of Bristol-Myers Squibb's portfolio. Despite this, the overall stance on the stock remains positive, as indicated by the maintained Buy rating.
Bristol-Myers Squibb has been focusing on the development of KarXT, among other products, to bolster its position in the market. The company's financial health and the potential of its pipeline are key factors in Citi's continued endorsement of the stock.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.