Bristol-Myers Squibb Co. Ups Forecast As Q1 Earnings Beat The Street
Bristol-Myers Squibb Co. (NYSE: BMY) early Thursday posted much better than expected first quarter earnings results and lifted its full-year outlook, as sales of several of its new drugs begin to skyrocket.
Written by StockNews.com
The New York City-based pharmaceutical giant reported Q1:
- earnings per share (EPS) of $0.84, which was $0.10 better than the Wall Street consensus estimate of $0.74,
- revenues rose 12.3% from last year to $4.93 billion, also beating analysts’ view for $4.75 billion.
BMY noted that its big revenue uptick in the latest period was primarily driven by product growth in the following drugs:
- Opdivo – up 60%
- Eliquis – up 50%
- Yervoy – up 25%
- Sprycel – up 14%
- Orencia – up 13%
Looking ahead Bristol-Myers issued upside guidance for 2017.
- The company expects full-year EPS of $2.85 to $3.00, well above the $2.80 that analysts are looking for, and up from a prior outlook of $2.70 to $2.90.
- It also sees global revenues rising in the mid-single digits.
Said Giovanni Caforio, M.D., chief executive officer, Bristol-Myers Squibb:
“During the first quarter we delivered strong sales and earnings growth, achieved important regulatory milestones for Opdivo in the U.S. and Europe and presented important new data across our Immuno-Oncology and fibrosis portfolios.
Building on this strong start to the year, we will continue to drive commercial performance in the short-term while advancing important opportunities to broaden our approach in Immuno-Oncology and progressing our early specialty portfolio.”
Bristol-Myers Squibb Co shares rose $1.23 (+2.29%) in premarket trading Thursday. Year-to-date, BMY has declined -6.71%, versus a 7.12% rise in the benchmark S&P 500 index during the same period.
BMY currently has a StockNews.com POWR Rating of C (Neutral), and is ranked #43 of 135 stocks in the Medical – Pharmaceuticals category.
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