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.
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.
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.
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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