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We Forecast Higher Stock Return For Bristol Myers Squibb vs. Bio-Rad Laboratories

BIOBMY Market Cap$16 Bil$155 BilLTM Revenue$2.9 Bil$46 BilCurrent P/S5.73.3Current P/EBIT3.130.1Stock Return Forecast (3Y)9%39%

(a) P/S = Price to Sales (b) P/EBIT = Price to earnings before interest and taxes

3-Year Return Depends On [1] Revenue Growth [2] P/S

BIOBMY LTM Revenue$2.9 Bil$46 Bilx Revenue Growth [1]4.1%8.2%= Revenue Forecast (3Y)$3.3 Bil$59 Bil x P/S [2]5.43.7 = Market Cap Forecast (3Y)$18 Bil$218 BilMarket Cap Today$16 Bil$155 Bil Stock Return Forecast (3Y)9%39%

(a) P/S = Price to Sales (b) P/EBIT = Price to earnings before interest and taxes

[1] How Much Can Revenue Grow In Next 3 Years

Past revenue growth metrics that form basis of our expectation

BIOBMY Recent Quarter Growth-7.2%8.3%LTM Growth14.8%9.1%Growth During Covid10.1%62.6%Pre-Covid Annual Growth 10.5% Annual Growth Forecast4.1%8.2%

(a) LTM = Last 12 months (b) Growth During Covid = Year 2020 growth

(b) Recent quarter growth refers to growth in recent quarter vs. the same quarter one year ago, commonly referred to as y-o-y growth

Bio-Rad Laboratories Revenue vs. Bristol Myers Squibb Revenue

BIO Revenue History & 3Y Forecast (13% cumulative growth)

BMY Revenue History & 3Y Forecast (27% cumulative growth)

[2] Which P/S Scenarios Make Sense

P/S Scenarios & Corresponding 3-Year Returns (in brackets)

P/S & Return ScenariosBIOBMY Current5.7 (14%)3.3 (25%)Expansion7.4 (48%)4.2 (61%)Contraction4 (-20%)2.3 (-11%)Pre-Covid4.6 (-7.6%)NAHistorical Average5.5 (11%)4.8 (82%) Scenario Average5.4 (9%)3.7 (39%)"Current" refers to ratio as of 3/15/2022

Note: Expansion/contraction considered from current / current('adjusted) P/S levels; NA imples invalid scenario because of extreme unsustainable values

Bio-Rad Laboratories P/S vs. Bristol Myers Squibb P/S

BIO P/S Ratio History

BMY P/S Ratio History

P/S Ratio

Market RatiosBIOBMY Current P/S5.73.3Current P/EBIT3.130.1

(a) P/S = Price to Sales (b) P/EBIT = Price to earnings before interest and taxes

Revenue Growth & Operating Margin

Financial MetricsBIOBMY Revenue GrowthLast Q Sequential-1.9%3.1%Last Q YoY-7.2%8.3%LTM14.8%9.1%Last 3 FY8.6%29.2% MarginsLTM Op Margins185%10.9%LTM Margin Change vs Last 3 FY26.1%5.3%FCF Margin22.5%34.9%

(a) YoY = year-on-year (b) LTM = Last 12 months (c) FY = fiscal year

BIO Operating Income BMY Operating Income

Financial & Market Risk

Risk MetricsBIOBMY Financial RiskDebt as % of Equity0.0%28.8%Cash as % of Assets4.9%15.8% Market RiskMax Drawdown Last 3Y-7.5%-14.4%

(a) Last 3Y = Last 3 years

Note On P/S Justification

=> Stock prices deviate from fair value for extended periods of time based on momentum, macro economy, liquidity, and other factors

=> Therefore, our P/S scenarios does not take into account fairness of current values, and we assign equal probability to all scenarios

=> However, relative assessment of P/S in context of growth, margins and risk, can shed light on likelihood of different P/S scenarios

Past Market Return Comparison vs. Benchmarks

Compare Returns With Benchmark & Trefis Portfolio

201720182019202020212022Total [1]AvgBestReturns BIO Return31%-3%59%58%30%-28%197% BMY Return5%-15%23%-3%1%11%18% S&P 500 Return19%-6%29%16%27%-12%88% Trefis MS Portfolio Return23%-2%34%68%46%-15%235% <---Monthly Win Rates [3] BIO Win Rate75%67%67%50%58%33% 58% BMY Win Rate58%67%42%25%42%100% 56% S&P 500 Win Rate92%67%83%58%75%0% 62%<---Trefis Portfolio Win Rate89%58%75%58%83%0% 61% Max Drawdowns [4] BIO Max Drawdown0%-8%-3%-14%-6%-31% -10% BMY Max Drawdown-20%-20%-18%-28%-14%-1% -17% S&P 500 Max Drawdown0%-12%-2%-31%-1%-12% -10%<---Trefis Portfolio Max Drawdown-4%-24%-11%-38%-14%-14% -17% [1] Cumulative total returns since 2017[2] Win Rate = % of calendar months in which monthly returns were positive[3] Max drawdown represents maximum peak-to-trough decline within a year

BIO Stock Return BMY Stock Return

Compare Returns With Relevant Investment Themes That Give Similar Market & Capitalization Exposure

Bio-Rad Laboratories

Bristol Myers Squibb

=> Out Of Favor Health Care Stocks => Covid-19 Testing Stocks => Large Cap Stocks

=> Gene Editing Stocks => Covid-19 Vaccines Stocks => Out Of Favor Health Care Stocks => Covid-19 Testing Stocks => Covid-19 Treatment Stocks => Large Cap Stocks

FAQ

[1] Why Are We Comparing Bio-Rad Laboratories And Bristol Myers Squibb?

We compare stocks which share one or more similar characteristicsThis is because the decision to invest often come down to finding the best stocks within the ambit of certain characteristics that suit an investment styleWe compare Bio-Rad Laboratories vs. Bristol Myers Squibb because they both have similar operating income. The size of profits can matter as larger profits can imply greater market power

[2] How Do We Arrive At A Decision?

We favor stocks that offer meaningfully greater expected return in the next 3 yearsThese returns are calculated based on our revenue forecast and Price to Sales Ratio (P/S) scenarios consideredSimilar Price To Sales Ratio (P/S) scenarios are considered for both stocks and each scenario is weighted equally for a given stock

[3] How Do We Forecast Revenue?

We have different methodologies for companies negatively impacted by Covid, and for companies not impacted or positively impacted by CovidDifferent methodologies are essential to capture recovery in case of negative impactFor companies negatively impacted by covid, we consider quarterly revenue recovery trajectory to forecast recovery to pre-covid revenue run rate, and beyond recovery point, we apply average annual growth observed in 3 years prior to covid to simulate return to normal conditionsFor companies registering positive revenue growth during covid, we consider average annual growth prior to covid with certain weightage to growth during covid and last 12 months

[4] Can I See More Such Comparisons For Bio-Rad Laboratories And Bristol Myers Squibb Peers

Here are some comparisons that you may find useful for Bio-Rad Laboratories and Bristol Myers SquibbBio-Rad Laboratories vs. Thermo Fisher Scientific: Industry Competitors, But Thermo Fisher Scientific Is A Better BetBio-Rad Laboratories vs Mettler: Industry Peers; Which Stock Is A Better Bet?Bristol Myers Squibb vs. Pfizer: Industry Competitors, But Bristol Myers Squibb Is A Better BetBristol Myers Squibb vs. Johnson & Johnson: Industry Competitors, But Bristol Myers Squibb Is A Better Bet Find all such comparisons on Bio-Rad Laboratories Peer Comparisons and Bristol Myers Squibb Peer Comparisons

Bio-Rad Laboratories and Bristol Myers Squibb Insights

Bio-Rad Laboratories investment ideasBio-Rad Laboratories counter-intuitive comparisonBio-Rad Laboratories peer comparisonComplete analyses on Bio-Rad Laboratories (BIO) stockLatest analyses on all stocks

Bristol Myers Squibb investment ideasBristol Myers Squibb counter-intuitive comparisonBristol Myers Squibb peer comparisonComplete analyses on Bristol Myers Squibb (BMY) stockLatest analyses on all stocks

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