Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  Bristol-Myers Squibb Company    BMY

BRISTOL-MYERS SQUIBB COMPANY (BMY)
Mes dernières consult.
Most popular
  Report  
Real-time Quote. Real-time Cboe BZX - 04/25 02:30:09 pm
51.695 USD   +0.22%
11:46aShire bid marks Takeda's latest - and biggest - push for global s..
RE
04/23BRISTOL MYERS S : Announces Worldwide Collaboration with Janssen to ..
AQ
04/23Bristol-Myers Squibb Company
AQ
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsofficial PublicationsSector newsTweets
The feature you requested does not exist. However, we suggest the following feature:

Shire bid marks Takeda's latest - and biggest - push for global status

share with twitter share with LinkedIn share with facebook
share via e-mail
0
04/25/2018 | 11:46am CEST
FILE PHOTO: Takeda Pharmaceutical's signboard is seen on its headquarters building in Tokyo

TOKYO (Reuters) - Takeda Pharmaceutical Co Ltd's $64 billion bid for London-listed rare disease specialist Shire Plc bolsters its credentials as Japan's most outward facing drugs firm, a mould-breaking image that has been more than a decade in the making.

TOKYO (Reuters) - Takeda Pharmaceutical Co Ltd $64 billion bid for London-listed rare disease specialist Shire Plc bolsters its credentials as Japan's most outward facing drugs firm, a mould-breaking image that has been more than a decade in the making.

Under chief executive Christophe Weber and his predecessor, Yasuchika Hasegawa, Takeda has cut its exposure to Japan, brought in expertise through overseas acquisitions and thrown open its leadership ranks to foreign talent.

Some investors worry that Takeda, with only $4.3 billion in cash on hand for the Shire deal, may be overreaching.

The company's shares dropped more than 7 percent on Wednesday after Shire said it was willing to recommend the offer to shareholders, and are down 18 percent since news of Takeda's interest in a deal became public in late March.

But few argue that Takeda's management isn't ready to go global.

Already only 30 percent of the company's drug sales come from Japan, and 70 percent of its workforce is based overseas. The Shire deal would radically accelerate that shift, adding more than $9 billion in U.S. revenue.

"Takeda has been, is and will continue to be the truly international pharmaceutical company of Japanese origin," said Philippe Auvaro, Tokyo-based president of rare disease specialist OrphanPacific Inc and a friend of Weber's.

To get there, the company reshaped its corporate culture, along the way fending off a revolt against Hasegawa, who saw a focus on foreign business as the future.

Takeda declined to make Weber or Hasegawa available for this story. Shire declined to comment.

SHOCK TACTICS

Hasegawa was the architect of Takeda's shift. He took the company's reins from Kunio Takeda, the last member of the founding family to run the 237-year-old drugmaker.

Hasegawa was determined to look overseas for growth as well as leadership. His philosophy propelled the company onto its continent-straddling path as it acquired U.S. biotech business Millennium Pharmaceuticals in 2008 and Swiss drugmaker Nycomed in 2011.

His pursuit of foreigners to fill Takeda's executive ranks cut against the grain of Japan's insular corporate world.

The surprise decision to appoint Weber - then the company's chief operating officer - as his successor led to open revolt among some of Takeda's old guard.

In 2014, more than 100 former executives and investors signed a letter of objection, calling Weber's appointment a "hijack by so-called foreign capital... something that should never be allowed."

But Hasegawa was unwavering. Acquisitions were essential if the drugmaker was to rebuild its pipeline as drugs lost patent protection, he told shareholders. Weber was the best choice to take Takeda's new products out into the world, he said.

In the end, Weber's appointment sailed through the annual shareholders meeting, with more than 90 percent of the votes in favour.

QUIET REVOLUTIONARY

At first glance, the mild-mannered Weber might not seem the most likely choice to orchestrate the biggest overseas acquisition in Japanese history.

But those who have worked with him praise his ability to convince others of the need for radical change, making him ideal for a company trying to expand globally.

Peter Feldinger, who worked at Nycomed and Takeda before becoming a consultant, said the union of the two companies had stalled until Weber took charge.

"It was complicated to take an inherently old, conservative Japanese organization" and get it to understand the world had changed, he said.

Brought up in the Alpine city of Annecy, the son of two doctors, Weber spent two decades at GlaxoSmithKline, including a stint as head of its vaccines unit.

He took over as chief executive in 2015 after joining Takeda a year earlier as chief operating officer.

Hasegawa stayed on as chairman, using his position to act as a "shield" while Weber pushed through unpopular moves, said Tosh Nagate, formerly at Takeda and now chief executive of e-Projection, a company that helps foreign drugmakers expand in Japan. Hasegawa stepped aside into an advisory role last year.

One of the most difficult decisions was to reduce the number of research and development areas. The company also retrenched in two key sites: Boston and Shonan, southwest of Tokyo.

Under Weber, Takeda's involvement in the Japanese market has continued to wane. The U.S. now accounts for 35 percent of drug sales, but Takeda has promised to keep its headquarters in Japan.

Weber has also been proactive in chasing down cross-border deals, announcing the $5.20 billion purchase of U.S. cancer drug maker Ariad Pharmaceuticals Inc last year and Belgian biotech group TiGenix NV in January as it tries to rebuild its drug pipeline.

While questions remain over whether Takeda overpaid for its past acquisitions, drugs on the market as a result are feeding stronger recent results.

ESCAPE VELOCITY

Acquiring Shire would transform Takeda's position in rare diseases, gastrointestinal disorders and neuroscience, where Shire is a leader in ADHD drugs.

For now, many of its peers remain highly exposed to Japan, although a shrinking population and annual drug price revisions have encouraged them to consider overseas expansion plans of their own.

Ono Pharmaceutical Co Ltd, which co-developed the blockbuster cancer drug Opdivo with Bristol-Myers Squibb Co, recently said it was looking to build its own sales network in the U.S. and was considering acquisitions.

Eisai Co Ltd favours a different approach. Last month it signed a deal to collaborate with Merck & Co Inc to develop and sell its cancer drug Lenvima, both alone and in combination with Merck's immunotherapy product, Keytruda.

Weber will be under pressure to prove his strategy is the right one - particularly as one of the best-paid executives in Japan. His annual pay is more than 1 billion yen.

"Highly paid and saying he will stay on until 2025, it's possible he feels that he needs to do something big for his reputation as CEO," UBS analyst Atsushi Seki said.

Complicating matters is that chief financial officer Costa Saroukos, who had overseen the finances of Takeda's Europe and Canada businesses, only started in his new role this month.

Takeda's previous CFO, James Kehoe, quit abruptly in March, citing Japan's high tax rates and a desire to return to the U.S.

(Reporting by Sam Nussey, additional reporting by Ritsuko Shimizu; Editing by Gerry Doyle)

By Sam Nussey

Stocks mentioned in the article
ChangeLast1st jan.
BRISTOL-MYERS SQUIBB COMPANY 1.34% 51.58 Delayed Quote.-16.94%
EISAI CO., LTD -0.18% 7138 End-of-day quote.9.87%
GLAXOSMITHKLINE -2.97% 1415 Delayed Quote.10.56%
MERCK AND COMPANY -0.27% 60.09 Delayed Quote.6.79%
ONO PHARMACEUTICAL CO., LTD. 0.88% 2511 End-of-day quote.-5.60%
SHIRE 0.88% 3960 Delayed Quote.0.77%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on BRISTOL-MYERS SQUIBB COMPA
11:46aShire bid marks Takeda's latest - and biggest - push for global status
RE
04/23BRISTOL MYERS SQUIBB : Announces Worldwide Collaboration with Janssen to Develop..
AQ
04/23Bristol-Myers Squibb Company
AQ
04/23BRISTOL-MYERS SQUIBB COMPANY : - In CheckMate -141, Opdivo Demonstrated Sustaine..
AQ
04/23BRISTOL MYERS SQUIBB : U.S. Food and Drug Administration Approves Opdivo + Yervo..
AQ
04/21JOHNSON & JOHNSON : J&J, BMS Team Up on Cardiovascular Therapies
AQ
04/20JOHNSON & JOHNSON : Janssen Announces Worldwide Development and Commercializatio..
AQ
04/19BRISTOL MYERS SQUIBB : Study Findings on Antifungals Are Outlined in Reports fro..
AQ
04/19BRISTOL MYERS SQUIBB : and Harvard Announce New Fibrosis Research Collaboration
AQ
04/19BRISTOL MYERS SQUIBB : Data on Therapeutics Reported by Researchers at Bristol-M..
AQ
More news
News from SeekingAlpha
06:18aBuy Dunkin' Brands At $60 - Cramer's Lightning Round (4/24/18) 
04/24BY THE NUMBERS : Healthcare Stocks With Big Cash Distributions 
04/24Bristol-Myers And Exelixis Poise For Battle In Kidney Cancer - Who Will Emerg.. 
04/23How To Retire At 65 With Only Half A Million 
04/22THE NO BS PLAN REPORT, WEEK 10 : Where The Reliable Falter 
Financials ($)
Sales 2018 21 786 M
EBIT 2018 5 625 M
Net income 2018 4 991 M
Finance 2018 244 M
Yield 2018 3,15%
P/E ratio 2018 17,55
P/E ratio 2019 14,88
EV / Sales 2018 3,81x
EV / Sales 2019 3,48x
Capitalization 83 223 M
Chart BRISTOL-MYERS SQUIBB COMPA
Duration : Period :
Bristol-Myers Squibb Compa Technical Analysis Chart | BMY | US1101221083 | 4-Traders
Technical analysis trends BRISTOL-MYERS SQUIBB COMPA
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 23
Average target price 61,4 $
Spread / Average Target 19%
EPS Revisions
Managers
NameTitle
Giovanni Caforio Chairman & Chief Executive Officer
Charles A. Bancroft CFO, EVP & Head-Global Business Operations
Paul von Autenried Chief Information Officer & Senior Vice President
Thomas James Lynch Chief Scientific Officer & Executive VP
Vicki L. Sato Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
BRISTOL-MYERS SQUIBB COMPANY-16.94%83 223
JOHNSON & JOHNSON-9.23%340 239
PFIZER1.13%218 908
NOVARTIS-8.06%203 482
ROCHE HOLDING LTD.-11.08%192 055
MERCK AND COMPANY6.79%162 398