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Bristol-Myers Squibb Company BMY

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Morningstar’s Analysis

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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Stewardship

PREMIUM

Implementation of Trump's Recent Efforts to Affect Drug Pricing Seems Unlikely

Damien Conover, CFA Sector Director

Analyst Note

| Damien Conover, CFA |

President Donald Trump issued several orders on Nov. 20 designed to lower U.S. drug prices, but we don’t expect implementation of the orders due to legal challenges, lack of support from the U.S. Congress and the new Biden administration, and unclear financial impacts. As a result, we don’t expect any major impact on the U.S. pricing power of drugs, a core pillar of the moats and valuations in the drug industry.

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Company Profile

Business Description

Bristol-Myers Squibb discovers, develops, and markets drugs for various therapeutic areas, such as cardiovascular, oncology, and immune disorders. A key focus for Bristol is immuno-oncology, where the firm is leading in drug development. Unlike some of its more diversified peers, Bristol has exited several nonpharmaceutical businesses to focus on branded specialty drugs, which tend to support strong pricing power.

Contact
430 East 29th Street, 14th Floor
New York, NY, 10016
T +1 212 546-4000
Sector Healthcare
Industry Drug Manufacturers - General
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type High Yield
Employees 30,000

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