Bristol Myers Squibb Q1 Profit Misses Estimates

(RTTNews) - Bristol Myers Squibb (BMY) reported first quarter non-GAAP net earnings per share of $1.74, compared to $1.72, a year ago. On average, 13 analysts polled by Thomson Reuters expected the company to report profit per share of $1.82, for the quarter. Analysts' estimates typically exclude special items.

Net earnings attributable to Bristol Myers Squibb was $2.0 billion, or $0.89 per share, in the first quarter, compared to net loss of $775 million, or $0.34 per share, prior year.

First quarter revenues were $11.07 billion, an increase of 3%, or 1% when adjusted for foreign exchange. Excluding COVID-19 related buying patterns from the prior year period, first quarter revenues grew 8%. Analysts expected revenue of $11.12 billion, for the quarter.

Bristol Myers Squibb updated its 2021 GAAP EPS guidance range of $3.12-$3.32 to $3.18-$3.38. The company affirmed its non-GAAP EPS guidance range of $7.35 - $7.55. The company projects worldwide revenues to increase in the high-single digits.

Shares of Bristol Myers Squibb were down more than 2% in pre-market trade on Thursday.