Bristol-Myers Squibb Slashes FY23 Outlook As Q2 Results Miss Estimates

(RTTNews) - While reporting financial results for the second quarter on Thursday, biopharmaceutical company Bristol-Myers Squibb Co. (BMY) slashed its adjusted earnings and revenue growth guidance for the full-year 2023, primarily due to lower than expected sales of Revlimid, and to a lesser extent, Pomalyst.

For fiscal 2023, the company now projects earnings in a range of $3.72 to $4.02 per share and adjusted earnings in a range of $7.35 to $7.65 per share on worldwide total revenue decline in the low single-digits.

Previously, the company expected earnings in the range of $4.10 to $4.40 per share and adjusted earnings in a range of $7.95 to $8.25 per share on worldwide total revenue growth of about 2 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $7.99 per share on revenues growth of 0.9 percent to $46.56 billion for the year. Analysts' estimates typically exclude special items.

For the second quarter, the company reported net income attributable to Bristol-Myers Squibb of $2.07 billion or $0.99 per share, higher than $1.42 billion or $0.66 per share in the prior-year quarter. Excluding items, adjusted net earnings per share for the quarter was $1.75, compared to last year's $1.93.

Total revenues for the quarter declined 6 percent to $11.23 billion from $11.89 billion in the same quarter last year. Excluding the impact from foreign exchange, revenues decreased 5 percent.

Analysts expected quarterly earnings of $1.98 per share on revenues of $11.81 billion for the quarter.

The company also announced a $4 billion accelerated share repurchase program, which is expected to be executed during the third quarter of 2023.

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