William Blair analyst Matt Phipps said Bristol-Myers (BMY) suffered a "double hit to sentiment" yesterday with the news of both the CheckMate-459 trial failure in first-line hepatocellular carcinoma and delay of the closing of its Celgene (CELG) deal due to the required Otezla divestiture. He had previously modeled Opdivo sales in the front-line setting of over $1B and Otezla sales growing to $3B before loss of exclusivity in 2028 and decreased his out-year EPS estimates by over $1.00 due to yesterday's news. However, although near-term sentiment is dampened, he still sees a long-term opportunity, said Phipps, who keeps an Outperform rating on Bristol-Myers shares.

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Reports Q1 revenue $11.9B, consensus $11.46B. "We had a good start to 2024, with revenue growth, important advances in our pipeline and the closure of several strategically important transactions. Our focus remains on strengthening the company's long-term growth profile. As a part of our continued evolution, we're executing a strategic productivity initiative that will allow us to be more agile, drive efficiency across the company, and prioritize investing in opportunities where we see the greatest potential to get the most promising medicines to patients as quickly as possible," said Christopher Boerner, Ph.D., board chair and chief executive officer, Bristol Myers Squibb. "

Notable companies reporting before tomorrow's open, with earnings consensus, include Merck (MRK), consensus $1.87... Caterpillar (CAT), consensus $5.14... Comcast (CMSCA), consensus 99c... Honeywell (HON), consensus $2.17... Bristol-Myers (BMY), consensus ($4.44)... Altria (MO), consensus $1.15... Keurig Dr. Pepper (KDP), consensus 35c... GE Vernova (GEV), consensus (37c)... Royal Caribbean (RCL), consensus $1.33... Tractor Supply (TSCO), consensus $1.72... Mobileye (MBLY), consensus (6c)... Textron (TXT), consensus $1.23... LabCorp (LH), consensus $3.48... Southwest Airlines (LUV), consensus (34c)... American Airlines (AAL), consensus (29c)... Harley-Davidson (HOG), consensus $1.51.