New Drugs And Eliquis Priority Approval Offsets Slightly Below Consensus Results

BMI View: We think 2011 was a very good year for Bristol-Myers Squibb (BMS). It outperformed all other companies in terms of share price performance, it has a very strong product pipeline that includes rapidly growing sales for newly released drugs and there is the possibility of a blockbuster drug in Eliquis (apixaban). Although BMS has very little emerging market presence, the truth is that it does not really need the additional income as its products are market-leading and able to outperform despite the difficult economic circumstances in developed markets.

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