Healthcare · NYSE/NASDAQ: BMY
BRISTOL MYERS SQUIBB CO
Drug Manufacturers—General
Market Cap $114.85B
Verdict: Average
Quality Scores
Multi-Bagger
58/100
Compounder Quality
72/100
Management Credibility
72/100
Governance
85/100
Cash Flow Quality
92/100
AI Summary
Bristol Myers Squibb (BMY) has undergone a massive structural transformation over the last decade, primarily marked by the $74 billion acquisition of Celgene in 2019. This transaction caused a permanent step-change in revenue from ~$6B levels to ~$48B, but it also introduced significant complexity and volatility into the bottom line. The company's financial profile is currently characterized by high GAAP net income volatility due to acquisition-related expenses and IP impairments, contrasted against incredibly robust and steady operating cash flows. While the portfolio boasts blockbuster…
Top Opportunities
- Consistent double-digit billions in cash flow from operations
- Successful integration of massive Celgene acquisition
- Strong market position in oncology and hematology
Top Risks
- Significant GAAP earnings volatility due to M&A accounting
- High long-term debt levels exceeding $44B
- Imminent patent cliffs for multi-billion dollar blockbusters
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