Bristol-Myers Squibb Boosts FY21 Outlook As Q3 Results Top Estimates - Quick Facts

(RTTNews) - While reporting financial results for the third quarter on Wednesday, biopharmaceutical company Bristol-Myers Squibb Co. (BMY) raised its adjusted earnings guidance for the full-year 2021.

For fiscal 2021, the company now projects earnings in a range of $2.68 to $2.83 per share, down from the prior forecast of $2.77 to $2.97 per share, and also raised its adjusted earnings guidance to a range of $7.40 to $7.55 per share from the prior forecast range of $7.35 to $7.55 per share. Worldwide revenue is expected to increase in the high-single digits.

On average, 17 analysts polled by Thomson Reuters expect the company to report earnings of $7.47 per share on revenues growth of 9.2 percent to $46.44 billion for the year. Analysts' estimates typically exclude special items.

For the third quarter, the company reported net income attributable to Bristol-Myers Squibb of $1.55 billion or $0.69 per share, down from $1.87 billion or $0.82 per share in the prior-year quarter. Excluding items, adjusted net earnings per share for the quarter was $2.00, compared to last year's $1.63.

Bristol-Myers Squibb posted quarterly revenues of $11.62 billion, an increase of 10 percent from the same period a year ago.

Analysts expected quarterly earnings of $1.92 per share on revenues of $11.58 billion for the quarter.

U.S. revenues increased 12 percent to $7.3 billion and international revenues increased 8 percent to $4.3 billion from last year.