CELG - Celgene Corporation

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
94.74
+1.43 (+1.53%)
At close: 4:00PM EDT
Stock chart is not supported by your current browser
Previous Close93.31
Open93.92
Bid94.62 x 1100
Ask94.87 x 1400
Day's Range93.25 - 94.85
52 Week Range58.59 - 98.97
Volume2,675,096
Avg. Volume4,208,687
Market Cap67.146B
Beta (3Y Monthly)1.50
PE Ratio (TTM)12.95
EPS (TTM)7.32
Earnings DateOct 23, 2019 - Oct 28, 2019
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est97.00
Trade prices are not sourced from all markets
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  • Bristol-Myers Squibb Stock Has Upside — But Mind the Risks
    InvestorPlace

    Bristol-Myers Squibb Stock Has Upside — But Mind the Risks

    The problem with Bristol-Myers Squibb (NYSE:BMY) is that it isn't what it once was. That's not to say the business has been run poorly. It's not even really a reference to the BMY stock price, which touched a six-year low. Rather, both the pharmaceutical industry and dividend investing have changed dramatically in the last 15-20 years.Source: Shutterstock After all, large-cap pharmaceutical stocks historically were safe havens. They were defensive stocks, largely unmoved by macro factors. Many investors in the sector were looking for dividends -- which in the case of Bristol-Myers Squibb often yielded 4% or more -- and safety.That combination of high yield and low risk is increasingly difficult, if not impossible, to find anymore -- in or out of the drug space. So many seemingly "safe" dividend stocks have either cut their payouts and/or fallen sharply. Income-seekers a few years ago could hardly have predicted that titans like General Electric (NYSE:GE), Kraft Heinz (NASDAQ:KHC), or Anheuser-Busch InBev (NYSE:BUD) would slash their payouts.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 7 Stocks Under $7 to Invest in Now That's particularly true in the pharmaceutical sector, which increasingly looks like a challenged industry. The SPDR S&P Pharmaceuticals ETF (NYSEARCA:XPH) has fallen over 40% from 2015 peaks. The BMY stock price hasn't fared much better, dropping over one-third from 2016 highs, a decline that has more than wiped out dividend payments over that stretch. Merck (NYSE:MRK) has gained nicely in recent years; that company aside, most pharmaceutical stocks at best have underperformed and more often have declined.So an investor can't just look at Bristol-Myers Squibb stock here and see a cheap entry point for a safe 3.5% yield. But that doesn't mean an investor can't buy BMY stock. Bristol-Myers Squibb Buys CelgeneIt's tempting to look at weak returns in pharmaceutical plays and blame them largely on acquisitions. We've seen Bausch Health (NYSE:BHC) (formerly Valeant Pharmaceuticals), Teva Pharmaceuticals (NASDAQ:TEVA) and Mallinckrodt (NYSE:MNK) all lose at least 90% of their value after debt-fueled buying sprees failed. And now Bristol-Myers Squibb stock has taken a hit since the company announced its intent to acquire Celgene (NASDAQ:CELG).The deal looks likely to close within a few months, given recent approval in Europe. To satisfy U.S. regulators, Bristol-Myers Squibb is divesting Otezla, a psoriasis treatment.So far, at least, investors have treated the Celgene acquisition as another in the long history of value-destroying deals in the pharmaceutical industry. The BMY stock price has dropped 8.7% YTD despite strong performance in its business. In fact, full-year EPS guidance (which does not include Celgene) was raised after Q2 earnings last month.And there are risks here. Bristol-Myers Squibb is acquiring a company whose stock fell by more than half in the about 18 months before the deal was announced. Celgene's key drug, cancer treatment revlimid, faces patent expiration in 2026, with limited competition on the way in 2022. Celgene shareholders are acquiring almost one-third of the company at what, to bulls, looks like a cheap price. Bristol-Myers Squibb is taking on some $32 billion in debt in the process.Given the history of the industry, investors would be forgiven for selling first and asking questions later. And given that Bristol-Myers has been the subject of takeover rumors in the past, the deal likely takes a sale off the table, at least in the near-term. The Risks to BMY StockThere's a key risk in the legacy Bristol-Myers Squibb business, too. As noted, Merck stock has been a noted outperformer among large-cap pharmaceuticals. BMY stock, in contrast, has disappointed. And there's one key reason why.Merck's cancer immunotherapy Keytruda quickly is proving to be a blockbuster. As James Brumley noted last year, the drug is versatile, with approval to treat a range of cancers. Its success is leading to ever-higher estimates of peak sales, with some analysts now forecasting the drug could reach over $20 billion in revenue.In contrast, Bristol-Myers Squibb's Opdivo has been somewhat of a disappointment. The drug has been approved, and is driving sales: per the BMY 10-K, Opdivo and atrial fibrillation treatment Eliquis drove an 11% (about $1.2 billion) increase in U.S. revenue last year.But the BMY stock price dropped last month amid mixed results from a lung cancer study combining Opdivo with the company's Yervoy. BMY stock dropped 18% in a single session back in 2016 when Opdivo, tested alone, failed to meet endpoints in another lung cancer study.In the wake of the more recent study, Bristol-Myers Squibb CEO Giovanni Caforio forecast that Opdivo sales would see pressure in 2020 as a result. And it's not a coincidence that Merck shares rallied yet again. Opdivo is a nice product. Keytruda, however, is the obvious winner -- and so is Merck stock, at least so far. The Case for BMY StockAgain, it's important to understand the risks here. The Celgene deal is a bit of gamble, given the importance of revlimid (63% of revenue, as activist Starboard Value has pointed out) and the history of drug industry M&A. BMY itself lacks an obvious blockbuster, save for plaque psoriasis treatment TYK2.But it's important to understand the rewards, too. Based on the current earnings power on the two companies, plus an estimated $2.5 billion in cost savings, BMY stock trades at roughly 10x earnings. The debt load isn't nearly as big as it sounds: Celgene, in particular, should print cash in the near term, allowing for relatively quick deleveraging.Bristol-Myers Squibb should be able to raise its dividend as well. And while revlimid's expiration is a big deal, it's also over six years away. The combined company will have time to find new drugs -- or, potentially, acquire them. Celgene has five potential winners in development, and while no single drug likely will replace revlimid, a couple of wins could notably change its long-term profit contribution.Just last month I called BMY stock one of the 10 best dividend stocks to buy. I still believe that's the case. But it's important to understand why. It's not because Bristol-Myers Squibb is a guaranteed, safe, income investment, but because it is a company that could generate as much as $15 billion, if not more, in after-tax earnings in coming years. That kind of cash can make problems, and risks, go away.As of this writing, Vince Martin has no positions in any securities mentioned. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Large-Cap Stocks to Sell Right Now * 7 Stocks Under $7 to Invest in Now * 7 Marijuana Stocks With Critical Levels to Watch The post Bristol-Myers Squibb Stock Has Upside -- But Mind the Risks appeared first on InvestorPlace.

  • Risk-Takers Have a Reasonable Shot with BMY Stock
    InvestorPlace

    Risk-Takers Have a Reasonable Shot with BMY Stock

    Despite a big jump in trading sentiment over the last few days, overall, Bristol-Myers Squibb (NYSE:BMY) is recording a disappointing year in 2019. Since January's opening salvo, the BMY stock price is down nearly 6%. It's not hard to see why. A series of internal and external headwinds have dogged shares, although a positive break may be coming around the corner.Source: Shutterstock First, the bad news. Management started the year off with a bang, announcing their intention to buy biotech firm Celgene (NASDAQ:CELG) for $74 billion. However, the massive sum required to close this deal pushed activist shareholders to loudly oppose the takeover bid. And while Bristol-Myers Squibb stock did rise in value in the first two months of the year, it quickly tumbled come March.Even with the good news that the Celgene was making progress, it eventually hit a major snag: Bristol-Myers would have to divest Celgene's psoriasis drug Otezla to win favor from the Federal Trade Commission. The problem? Bristol-Myers already has a competing drug called Orencia. Naturally, the FTC fears that having two similar powerhouse drugs would create a monopoly. On that painful announcement, the BMY stock price collapsed.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 5 Cheap Stocks to Buy Now That the Fed Cut Rates This dynamic segues into one of the biggest external headwinds for Bristol-Myers Squibb stock and the broader healthcare industry. For years, skyrocketing drug prices inspired massive public discontent and protests. In response, President Donald Trump promised to do something about the situation, but it remains an open issue.And with a contentious 2020 election approaching, both major political parties will take a long look at drug prices. Just from a profitability standpoint, politics certainly doesn't favor BMY stock. The Speculative Case for BMY StockLate last year, I forwarded my bearish arguments for blue-chip pharmaceuticals. Among them was Bristol-Myers Squibb stock. Although I acknowledged the company's comparatively strong financials and robust drug pipeline, at the time, it suffered developmental setbacks. For instance, Bristol-Myers' lung-cancer drug Opdivo failed efficacy tests.Not only that, Opdivo remains a risk factor for the BMY stock price. In June, the pharmaceutical firm revealed that the drug missed survivability targets. Unsurprisingly, then, Opdivo sales have historically lagged Merck's (NYSE:MRK) rival drug Keytruda.That said, I think speculators willing to absorb some turbulence have a rational case for Bristol-Myers Squibb stock. For one thing, management produced a strong earnings and revenue beat for the second quarter of 2019. And one of the contributing factors for that positive surprise was Opdivo. Its sales increased 12% year-over-year to $1.82 billion.Next, the Celgene deal isn't entirely bad news for BMY stock. Admittedly, the $74 billion price tag is a hefty one. However, you got to pay to play in this highly competitive sector. Despite likely losing the Otezla benefit, BMY can still depend on two major cancer drugs, Revlimid and Pomalyst.First, Revlimid represents Celgene's knockout punch. Last year, it rang up $9.7 billion in sales. In a distant second place is Pomalyst, which contributed $2 billion to the top line. While a very popular drug for psoriasis therapy, Otezla generated $1.6 billion last year.Of course, that's a significant sum and Otezla has an impressive annual growth rate. But Celgene's cancer drugs are what makes the deal compelling for Bristol-Myers Squibb stock.Moreover, the volatility shares suffered made Bristol-Myers appear fundamentally undervalued, as our own James Brumley pointed out. It has risks, of course, but you'd be buying shares at an attractive multiple. Technicals Provide Support for Bristol-Myers Squibb StockLastly, speculators can take encouragement from the technical situation. Ever since the BMY stock price peaked in July 2016, shares have charted a series of lower highs.But in terms of overall negativity, it appears that Bristol-Myers Squibb stock priced in most of the bad news. Last year, shares lost 13%. This year, BMY was staring at another double-digit loss until bullish sentiment saved the company's blushes.This is still going to be a tricky situation for BMY stock. Obviously, politics remain a pressure point. I'm also disappointed with the efficacy issues of Opdivo. However, Bristol-Myers should ultimately win the legal matter presently blocking the Celgene deal. And despite the cost, I think it's a net positive for BMY.As of this writing, Josh Enomoto did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Internet Stocks Getting Hammered * 6 Big Growth ETFs to Buy For the Second Half of 2019 * 5 Cheap Stocks to Buy Now That the Fed Cut Rates The post Risk-Takers Have a Reasonable Shot with BMY Stock appeared first on InvestorPlace.

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