Bristol-Myers Squibb Affirms FY23 Outlook; Q1 Adj. EPS Tops Estimates

(RTTNews) - While reporting financial results for the first quarter on Thursday, biopharmaceutical company Bristol-Myers Squibb Co. (BMY) affirmed its adjusted earnings and revenue growth guidance for the full-year 2023.

For fiscal 2023, the company continues to project adjusted earnings of $7.95 to $8.25 per share on worldwide total revenue growth of about 2 percent.

On average, 22 analysts polled by Thomson Reuters expect the company to report earnings of $8.06 per share on revenues growth of 1.5 percent to $46.84 billion for the year. Analysts' estimates typically exclude special items.

For the first quarter, the company reported net income attributable to Bristol-Myers Squibb of $2.26 billion or $1.07 per share, sharply higher than $1.28 billion or $0.59 per share in the prior-year quarter. Excluding items, adjusted net earnings per share for the quarter was $2.05, compared to last year's $1.96.

Total revenues for the quarter declined 3 percent to $11.34 billion from $11.65 billion in the same quarter last year. Excluding the impact from foreign exchange, revenues decreased 1 percent.

Analysts expected quarterly earnings of $1.97 per share on revenues of $11.49 billion for the quarter.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com