Drew Angerer/Getty Images News Bristol Myers Squibb (NYSE:BMY) has lost ~1% in the pre-market despite better than expected financials for 2Q 2022
Drew Angerer/Getty Images News
Bristol Myers Squibb (NYSE:BMY) has lost ~1% in the pre-market despite better than expected financials for 2Q 2022 after the company lowered its 2022 sales guidance on Wednesday to reflect foreign exchange impact.
Revenue for the quarter climbed ~2% YoY to $11.9B, marking a slowdown from ~5% YoY in the previous quarter as management cited forex impact and recent loss of exclusivity of key products such as multiple myeloma therapy Revlimid. When adjusted for currency changes, 2Q revenue jumped ~5%.
U.S. revenue grew ~12% YoY to $8.3B, and international revenue slipped ~16% YoY to $3.6B as generic competition hurt demand for Revlimid.
Meanwhile, exceeding Street forecasts, anticoagulant Eliquis added $3.2B with ~16% YoY growth, while Opdivo generated $2.1B driven by ~8% YoY growth. Skin cancer therapy Yervoy generated $525M with ~3% YoY growth, a slowdown from ~13% YoY growth in the preceding quarter.
Gross margin dropped to ~77.1% from ~79.0% in 2Q 2021, while adj. earnings per share reached $1.93 from $1.63 in the corresponding period last year.
“I am very pleased with the continued strong demand for our in-line products and new product portfolio, resulting in solid top and bottom-line growth,” Chief Executive Giovanni Caforio noted ahead of the earnings call at 8 a.m. EDT.
Citing the forex impact, Bristol Myers (BMY) lowered the 2022 guidance for total net sales to $46.0B from $47B and increased the forecast for gross margin to ~79% from ~78%, estimated three months ago.
However, the company lowered the GAAP earnings per share guidance to $2.71-$3.01 from $2.92-$3.22 and reiterated the adj. EPS guidance of $7.44 – $.7.74 in line with expectations.
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