Morgan Stanley Lowers BMY 2011e EPS To $2.23 From $2.30

Morgan Stanley is lowering its 2011e EPS on Bristol-Myers Squibb (NYSE: BMY) from $2.30 to $2.23.

“Our new EPS estimate is $0.02 below consensus,” Morgan Stanley writes. “We tweaked our model to reflect second-line ipilimumab launch in 3Q:11. Our 2011e probability-adjusted ipilimumab sales changed from $159M to$22M. We continue to model 75% odds of success for ipilimumab.

“We also lowered our 2011E ex-U.S. sales projection from +2% to 0% to reflect ex-U.S. pricing pressure.”

Bristol-Myers Squibb currently trades at $25.80.