Bristol Myers Squibb Posts Loss In Q1; Updates 2024 Non-GAAP EPS Guidance

(RTTNews) - Bristol Myers Squibb (BMY) posted a first quarter net loss attributable to Bristol Myers Squibb of $11.9 billion, or $5.89 per share, compared to net income of $2.3 billion, or $1.07 per share, a year ago. On a non-GAAP basis, net loss attributable to Bristol Myers Squibb was $8.9 billion, or $4.40 per share, compared to net profit of $4.3 billion, or $2.05 per share, last year. On average, 17 analysts polled by Thomson Reuters expected the company to report a loss per share of $4.44, for the quarter. Analysts' estimates typically exclude special items.

Net product sales were $11.56 billion compared to $11.05 billion, last year. Revenues were $11.9 billion, an increase of 5% or 6% when adjusted for foreign exchange impacts, primarily driven by Eliquis, Reblozyl and Opdualag, partially offset by Opdivo and Revlimid. Analysts on average had estimated $11.46 billion in revenue. U.S. revenues increased 7% to $8.5 billion.

Bristol Myers Squibb updated portions of its 2024 line-item guidance, including non-GAAP EPS, to reflect the impact of recent transactions. Total deals impact was $6.73. As a result, revised non-GAAP EPS guidance is $0.40 - $0.70. Analysts expect the company to report profit per share of $0.65.

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