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Bristol Myers Posts Stronger-Than-Expected Earnings but Lowers Guidance

Bristol Myers lowers its full-year profit guidance to a range of $2.77 to $2.97 a share from the previous range of $3.18 to $3.38.
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Shares of Bristol Myers Squibb  (BMY) - Get Bristol-Myers Squibb Company Report eased Wednesday after it reported stronger-than-expected earnings for the second quarter but lowered its full-year profit guidance.

The stock traded at $67.15, down 0.5% in premarket trading. It climbed 9% in the six months through Tuesday.

Revenue increased 16% to $11.7 billion in the second quarter from $10.13 billion last year, topping the FactSet analyst consensus of $11.27 billion. Patients’ return to non-COVID care helped boost sales.

Net income registered $1.06 billion, or 47 cents a share, in the latest quarter, reversing a loss of $85 million, or 4 cents a share, a year ago.

Adjusted profit hit $1.93 a share, besting the analyst consensus of $1.89.

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As for full-year guidance, Bristol Myers lowered its EPS estimate to a range of $2.77 to $2.97 a share from the previous range of $3.18 to $3.38.

The company continues to anticipate full-year adjusted EPS of $7.35 to $7.55. Revenue is expected to grow in the high-single digits.

"We delivered a strong quarter across each of our four therapeutic areas, including building momentum for our new product portfolio and Opdivo returning to growth," said Chief Executive Giovanni Caforio.

Opdivo is Bristol Myers drug for melanoma and other afflictions. Sales rose 16% in the second quarter to $1.91 billion.

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