Bristol-Myers Squibb Reaffirms FY22 Adj. EPS Outlook; Q2 Results Top Estimates

(RTTNews) - While reporting financial results for the second quarter on Wednesday, biopharmaceutical company Bristol-Myers Squibb Co. (BMY) reaffirmed its adjusted earnings guidance for the full-year 2022, while trimming annual revenue outlook.

For fiscal 2022, the company now projects earnings in a range of $2.71 to $3.01 per share and adjusted earnings in the range of $7.44 to $7.74 per share on worldwide revenues of approximately $46 billion.

Previously, the company expected earnings in the range of $2.92 to $3.22 per share and adjusted earnings in the range of $7.44 to $7.74 per share on worldwide revenues of approximately $47 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $7.46 per share on revenues of $46.24 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 $1.42 billion or $0.66 per share, up from $1.06 billion or $0.47 per share in the prior-year quarter. Excluding items, adjusted net earnings for the quarter was $1.93 per share, compared to last year's $1.63 per share.

Bristol-Myers Squibb posted quarterly revenues of $11.89 billion, an increase of 2 percent from the same period a year ago. It grew 5 percent when adjusted for foreign exchange.

Analysts expected quarterly earnings of $1.79 per share on revenues of $11.43 billion for the quarter.

U.S. revenues increased 12 percent to $8.3 billion, while international revenues decreased 16 percent to $3.6 billion from last year.

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