Bristol Myers 2nd-qtr results beat estimates

US pharma major Bristol Myers Squibb’s (NYSE: BMY) dipped 2% to $73.63 pre-market today, as it released financial results for the second quarter of 2022, which it said reflect continued in-line product growth, strong momentum across the new product portfolio and continued pipeline progress. However, the company lowered its full-year earnings per share (EPS) guidance to $2.71 to $3.01 from $2.92 to $3.22.

Bristol Myers posted second quarter revenues of $11.9 billion, an increase of 2%, driven by in-line products, partially offset by recent LOE products and foreign exchange impacts. This was in excess of analysts’ estimates of $11.5 billion. When adjusted for foreign exchange impacts, second quarter revenues increased 5%.

The company reported net earnings attributable to Bristol Myers Squibb of $1.4 billion, or $0.66 per share, up 40% on the same period a year ago. In addition to the items discussed above, the results include the impact of fair value adjustments on equity investments in both periods. Non-generally accepted accounting principles (GAAP) net earnings attributable to Bristol Myers Squibb were $4.2 billion, or $1.93 per share, up 18% on the like year-ago period and above the consensus estimate of $1.83.