Bristol Myers Disappoints In First Quarter, But Retains Its Full-Year Guidance

Bristol Myers Squibb (BMY) delivered a first-quarter disappointment on Thursday, but retained its full-year outlook — leading BMY stock to dive further below a buy point.




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The first quarter was impacted by lower-than-expected sales of doctor-administered drugs and fewer diagnoses as patients delayed visits during the pandemic, Edward Jones analyst Ashtyn Evans said in a report to clients. There were also tough year-over-year comparisons.

“The first quarter of 2020 benefited from patients stocking up on medication at the start of the pandemic,” she said. Evans kept her hold rating on BMY stock.

In early trading on the stock market today, BMY stock slipped 2.6% near 64.30. BMY stock is consolidating with a buy point at 68.44, according to MarketSmith.com.

BMY Stock Dips On Quarterly Miss

Overall, Bristol Myers sales rose 3% to $11.07 billion, but lagged analysts’ forecast for $11.12 billion. In constant currency, sales inched up 1%. Excluding the impact of Covid-related buying patterns, first-quarter revenue grew 8%, Bristol Myers said in a news release.

Adjusted earnings of $1.74 per share rose 1%. But BMY stock analysts called for $1.81 a share.

Revenue from Bristol Myers’ biggest moneymakers — cancer drug Revlimid and anticoagulant Eliquis — increased 1% to $2.94 billion and 9% to $2.89 billion, respectively. Bristol Myers partners with Pfizer (PFE) on Eliquis.

Sales of key cancer drug Opdivo slipped 3% to $1.72 billion. Opdivo closely rivals Keytruda from Merck (MRK). Also Thursday, Merck said Keytruda sales surged 19% to $3.9 billion.

For the year, Bristol Myers reiterated its adjusted earnings outlook for $7.35-$7.55 per share. BMY stock analysts called for $7.48 a share. The company expects worldwide revenue to rise by a high-single digit percentage. That’s in line with analysts’ call for 9% sales growth to $46.3 billion.

Follow Allison Gatlin on Twitter at @IBD_AGatlin.

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