Broker Recommendation: BMY 证券行荐股: BMY 20221230

*One Stock Before the Bell*

*Bristol-Myers Squibb (NYSE: BMY)*
$72.10 (15.64% YTD)

Bristol-Meyers develops, licenses, and sells pharmaceutical products. It's best-selling drugs include cancer medicine Opdivo and Eliquis for stroke prevention. BMY has been able to *grow its business thru both acquisitions and organic growth*, recently acquiring Turning Point Therapeutics for $4.1B. The firm has also *increased its divdend every year since 2007.*

BMY's *3 recently approved drug launches will be key growth catalysts* moving forward; with Camzyos (cardiology), Opdualag (melanoma), and Sotyktu (psoriasis) *estimated to generate around $5B total sales in 2026*. *Q3 Sales* from Opdualag and Camzyos grew by 44.83% and 66.67% QoQ respectively. It has also *beaten EPS estimates in 20 straight quarters*. The stock appears underavlued at a *blended forward P/E ratio of 9.1x*, a *15% discount* to its 5Y average P/E and a *50% discount* to peers.