Since May 2024, Bristol-Myers Squibb (BMY) traded lower, finding support at $39.35. Investors who accumulated the stock at that time are happy. BMY stock gained 18% last week. The firm posted Q2 results that exceeded estimates and announced a clinical trial win.
Bristol-Myers stock rebounded to April levels after reporting $12.2 billion in revenue, up by 9% Y/Y. It attributed the strength to Eliquis, a blood thinner. The firm marketed the drug with Pfizer (PFE). Net income fell by 19% Y/Y to $1.7 billion, which the company included a one-off impairment charge item.
For FY 2024, Bristol-Myers expects an adjusted EPS of $0.60 - $0.90, up from $0.40 to $0.70. Additionally, revenue will grow at the upper end of the low single-digit range.
In the consumer goods space, Newell Brands (NWL) gained 40.54% after posting a Q2 EPS of $0.36. The stock is still inexpensive at a non-GAAP forward P/E of 14.6 times.
Newell raised its Q3 forecast. It expects net sales to fall by up to 6%. Its FY 2024 outlook, however, is better. It increased its adjusted EPS to $0.60 to $0.65. The firm’s new corporate strategy, announced last year, is paying off.
In the last year, Newell invested in innovation, and brand building, and focused its efforts on its profitable brands and markets.
