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Bristol Meyers Squibb Posts Earnings Beat and Lifts Guidance

Bristol Meyers Squibb reports adjusted third-quarter earnings that beat analysts' forecasts and lifts guidance as an ongoing return to non-COVID healthcare boosts sales.

Bristol Meyers Squibb  (BMY) - Get Bristol-Myers Squibb Company Report on Wednesday reported adjusted third-quarter earnings that handily beat analysts' forecasts as an ongoing return to non-COVID healthcare boosted sales of its cancer-fighting and heartbeat-regulating medications. 

On an adjusted basis, Bristol Meyers said it earned $4.5 billion, or $2 a share, vs. $3.7 billion, or $1.63 a share a year ago. Analysts polled by FactSet had been expecting earnings of $1.92 a share.

Revenue came in at $11.6 billion, up 10% from $10.54 billion a year ago and in line with analysts’ forecasts.

Patients’ return to non-COVID care helped boost sales, the company said. Sales of its skin cancer-fighting drug Revlimid rose 11% to $3,35 billion, while sales of its heartbeat regulation drug Eliquis gained 15% to $2,41 billion.

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“Our strong results reflect increased adoption of our new product portfolio and continued demand growth across all four core therapeutic areas,” CEO Giovanni Caforio said in a statement. 

“Our teams advanced the product portfolio and achieved significant regulatory and clinical milestones, including for the fixed-dose combination of relatlimab and nivolumab.”

In September, Bristol Meyers announced that the U.S. Food and Drug Administration had accepted for priority review its application for a relatlimab and nivolumab fixed-dose combination for the treatment of skin cancer.

For the remainder of the year, Bristol Meyers updated its full-year per-share adjusted earnings guidance to a range of between $7.40 and $7.55 a share, up from previous guidance of between $7.35 and $7.55 a share.

Shares of Bristol Meyers on Wednesday closed 3% lower at $56.49. Year to date the stock is down 7.25%.