Jefferies Comments On BMY Financials

Jefferies is commenting on Bristol-Myers Squibb BMY financials. “We expect positive newsflow on ipilimumab during Q1'11, specifically with regard to 1st-line melanoma data and the approval of a 2nd-line indication,” Jefferies writes. “Further visibility on apixaban in SPAF (Q2'11) and the strong flow of clinical candidates into late-stage development should help to expand the multiple from current levels through 2011. “Following in-line 2010 financials, a well anticipated lower-than-expected 2011 guidance, new apixaban filing timeline and negative necitumumab news, we are adjusting our revenue and EPS estimates for 2011E by 0% and -3%, respectively. Our current 2011E EPS estimate is $2.19 (Cons. $2.20) versus the guidance range of $2.10 - $2.20.” Bristol-Myers Squibb closed Monday at $25.83.