Bristol-Myers hikes annual earnings guidance as Q3 exceeds expectations; shares up

Investing.comOct 31, 2024 12:02 PM

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Investing.com -- Bristol-Myers Squibb (NYSE:BMY) raised its full-year earnings guidance as the company’s Q3 results handily beat expectations.

The company’s shares rose more than 2% in premarket trading Thursday.

For the third quarter, the pharma company posted earnings per share (EPS) of $1.80, surpassing analyst expectations of $1.50.

Revenue for the period increased to $11.9 billion, also above the consensus estimate of $11.26 billion.

U.S. revenue grew 9% to $8.2 billion, while international revenue increased 7% to $3.7 billion, driven by the company’s Growth Portfolio and strong demand for Eliquis, though partially offset by generic competition for Sprycel following its loss of exclusivity.

“We made important strides in the third quarter with the landmark U.S. approval of Cobenfy in schizophrenia, continued sales momentum, strong cash flow generation and key pipeline achievements,” said Christopher Boerne, board chair and CEO of Bristol Myers Squibb.

“We're focused on closing out the year with strong execution as we deliver on our Growth Portfolio, prioritize high-growth opportunities and continue delivering transformational results for patients."

For full-year 2024, Bristol-Myers Squibb projects earnings per share in the range of $0.75 to $0.95, compared to the consensus estimate of $0.71.

Revenue growth is expected to be around 5%, higher than the previous guidance of the upper end of low single-digit growth.

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