With the Federal Reserve officials expected to keep the interest rates high through 2023, a recession looks highly likely. Pharmaceutical stocks could be solid investments during an economic downturn as demand for pharma companies remains unaffected regardless of economic conditions.
Biopharmaceutical major Bristol-Myers Squibb Company (BMY) is one such stock investors could consider buying for solid long-term returns. The company discovers, develops, licenses, manufactures, and markets biopharmaceutical products worldwide.
BMY surpassed the consensus revenue and EPS estimates in the third quarter. Its revenue beat analyst estimates by 0.3%, while its EPS came 8.5% above the consensus estimate. BMY’s M.D., board chair and CEO Giovanni Caforio said, “Our strong results reflect the growth of our in-line and new product portfolios.”
“Combined with our financial strength and talented employees, Bristol Myers Squibb is well positioned for growth and to advance new medicines for patients,” Caforio added. Despite the uncertain macroeconomic environment, the company maintained its guidance for fiscal 2022. Its total sales are expected to be $46 billion, and the non-GAAP gross margin is projected at 79%. Its non-GAAP EPS is expected to come between $7.44 and $7.74.
The company acquired…
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