Bristol-Myers Squibb Boosts FY19 Adj. EPS Outlook - Quick Facts

(RTTNews) - While reporting financial results for the third quarter on Thursday, biopharmaceutical company Bristol-Myers Squibb Co. (BMY) slashed its earnings guidance for the full-year 2019, while raising full year adjusted earnings outlook. For fiscal 2019, the company now projects earnings in a range of $3.46 to $3.56 per share and adjusted earnings in a range of $4.25 to $4.35 per share.

Previously, the company expected earnings in the range of $3.73 to $3.83 per share and adjusted earnings in the range of $4.20 to $4.30 per share.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $4.28 per share for the year. Analysts' estimates typically exclude special items.

The company said it continues to advance the planned acquisition of Celgene and the transaction closing. The company added that the guidance inclusive of the Celgene acquisition will be provided after the close of the transaction.

For the third quarter, the company reported net earnings attributable to Bristol-Myers Squibb of $1.35 billion, or $0.83 per share, down from $1.90 billion, or $1.16 per share in the prior-year quarter. Adjusted net earnings per share attributable to Bristol-Myers Squibb were $1.17, compared to last year's $1.09.

Bristol-Myers Squibb posted third-quarter revenues of $6.01 billion, an increase of 6 percent from the same period a year ago. Revenues increased 7 percent when adjusted for foreign exchange impact.

Analysts expected quarterly earnings of $1.07 per share on revenues of 5.89 billion.