Jefferies analyst Jeffrey Holford increased the firm's peak sales opportunity estimate for the PD-1/L1 segment of the immuno-oncology market to $51B from $40B, citing strong initial launches in melanoma and non-small-cell lung carcinoma along with expected indication expansion. Bristol-Myers (BMY) remains the market leader in immuno-oncology based on its Opdivo drug, Holford tells investors, but he added that its lead is narrowing with Roche (RHHBY) catching up fast and AstraZeneca's (AZN) IO program the most under-appreciated in the space. Holford keeps a Hold rating on Bristol-Myers and lowered his price target on the shares to $59 from $64, calling it the firm's "Least Preferred" large cap pharmaceutical stock. The analyst has Buy ratings on AstraZeneca and Roche 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. "

Consensus $4.56. Backs FY24 revenue view up low double-digit to low teens percentage, consensus $50.95B. Sees FY24 core tax rate 18%-22%.

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.