As previously reported, BofA downgraded Bristol Myers (BMY) to Neutral from Buy with a price target of $60, down from $68, following mixed performance from new launches. Even assuming an impact from announced new deals for Mirati (MRTX), Karuna (KRTX) and Rayze (RYZB), the launch portfolio growth “looks more linear,” with the firm modeling growth from $3.7B, or 8% of 2023 total revenues, to $18B, or 35% of total revenues in 2027, the analyst tells investors.
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