5 Most Profitable Pharmaceutical Stocks Now

4. Bristol-Myers Squibb Company (NYSE:BMY)

Latest TTM Net Income: $8.29 billion

Number of Hedge Fund Holders: 65

Bristol-Myers Squibb Company (NYSE:BMY) is a global biopharmaceutical firm involved in various aspects of the biopharmaceutical industry, including research, development, licensing, manufacturing, marketing, and distribution of biopharmaceutical products. These products are designed to address a wide range of medical conditions, encompassing hematology, oncology, cardiovascular, immunology, fibrotic, and neuroscience diseases.

On October 8, Bristol-Myers Squibb Company (NYSE:BMY) announced its entry into a definitive merger agreement to acquire Mirati Therapeutics, Inc. (NASDAQ:MRTX), in an all-cash transaction valued at $4.8 billion. This strategic acquisition is anticipated to enhance and diversify the company’s oncology portfolio.

As of the conclusion of the third quarter this year, Bristol-Myers Squibb Company (NYSE:BMY) attracted investments from 65 out of the 910 hedge funds examined in Insider Monkey’s research.

RGA Investment Advisors made the following comment about Bristol-Myers Squibb Company (NYSE:BMY) in its Q3 2022 investor letter:

“Bristol-Myers Squibb Company (NYSE:BMY), which we referenced above, boasts a double digit free cash flow yield that gets divided roughly equally between repurchases, a dividend and M&A in what is the best environment for acquisitions perhaps ever. In 2019, BMY acquired Celgene, who had one of the better corporate development programs in the industry. We view this as a great outlet for us as generalists considering a company like BMY should truly thrive with the ability to acquire outstanding assets and science at depressed valuations. We touched on the Turning Point acquisition above and we expect the company to be increasingly active in the M&A landscape. Importantly, Celgene also came to BMY with a phenomenal CAR-T platform. CAR-T is a cell therapy that activates the body’s immune system to target cancers. This will be a key growth vector alongside M&A in overcoming the company’s patent cliff.”