Bristol Myers Misses Earnings Forecast, Repeats 2021 Profit Guidance

Bristol Myers repeated its full-year profit forecast following a weaker-than-expected first quarter that included a 3% slide in Opdivo sales.
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Bristol Myers Squibb  (BMY) - Get Report posted weaker-than-expected first quarter earnings Thursday, and repeated its full-year profit forecast, sending shares in the drugmaker lower in pre-market trading. 

Bristol Myers said non-GAAP earnings for the three months ending in March came in at $1.74 per share, up 1.2% from the same period last year but 7 cents shy of the Street consensus forecast. Group revenues, Bristol Myers said, rose 2.5% to $11.07 billion and again just shy topped analysts' estimates of $11.1 billion as its blood clot treatment Eliquis saw sales rise 9% to $2.9 billion. while Opdivo sales fell 3% to $1.72 billion.

Looking into the 2021 financial year, Bristol-Myers repeated its forecast of non-GAAP earnings in the range of $7.35 to $7.55 per share, up from its previous estimate of $7.15 to $7.45 per share, with worldwide revenues increasing at a "high single digit" percentage rate.

“We continue to deliver solid growth, execute against our strategic priorities and make meaningful progress across our pipeline,” said CEO Giovanni Caforio. “I am proud of our team’s hard work and dedication, which led to important milestones with significant potential to benefit patients across multiple disease states."

"These accomplishments, combined with our financial strength and flexibility, further advance our opportunity to renew our portfolio and drive long-term sustainable growth,” he added.  

Bristol Myers shares were marked 2.2% lower in early trading immediately following the earnings release to change hands at $64.60 each, a move that would trim the stock's year-to-date gain to around 4%.