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Why Bristol-Myers Squibb (BMY) Stock Is Down Today

NEW YORK (TheStreet) -- Bristol-Myers Squibb (BMY - Get Report) fell Tuesday after the pharmaceutical company reported mixed first-quarter earnings and announced it would seek FDA approval of its highly-anticipated drug nivolumab by the end of the year.

Bristol-Myers reported earnings of $937 million, or 56 cents a share, up from $609 million, or 37 cents a share, in the same period one year earlier. Excluding items, profit was 46 cents a share, which beat the estimate fo 43 cents from analysts polled by Thomson Reuters I/B/E/S.

But sales declined 1% year over year to $3.81 billion, which was approximately $80 million less than analysts' expectations.

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The company's effective tax rate was 5%, down from 7.6% in the same period one year ago. Bristol-Myers increased the low end of its profit guidance to $1.70 a share, excluding items, from $1.65 and kept the high end at $1.80 for the full year.

Furthermore, Bristol-Myers intends to begin a rolling submission to the Food and Drug Administration for U.S. approval of nivolumab in patients with lung cancer that has proven difficult to treat. The submission would be completed by the end of the year, which is later than some analysts expected, according to  Bloomberg.
 
The stock was down 2.94% to $48.88 at 12:44 p.m.
 
BMY Chart

BMY data by YCharts

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Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

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