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Will Eliquis, Opdivo Fuel Bristol-Myers (BMY) Q3 Earnings?
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Bristol-Myers Squibb Company (BMY - Free Report) is scheduled to report third-quarter 2022 results on Oct 26, before market open.
The company’s shares have gained 15.8% in the year so far against the industry's decline of 26.2%.
Image Source: Zacks Investment Research
Bristol-Myers beat earnings estimates in each of the last four quarters, the average surprise being 3.65%. In the last reported quarter, the company beat earnings by 7.82%.
Factors at Play
Bristol-Myers posted 9% growth in Total In-line Product Revenues in the last reported quarter. Demand is likely to have improved in the third quarter. Blood thinner drug, Eliquis, was one of the top revenue generators in the last reported quarter and posted revenue growth of 16% year over year. The solid performance of the drug is likely to have continued in the to-be-reported quarter, driven by market share increases. The Zacks Consensus Estimate for sales of the drug stands at $2.7 billion while our estimate is $2.9 billion.
Sales of key immuno-oncology drug, Opdivo grew 8% in the prior quarter, and similar or higher levels of growth are expected in the to-be-reported quarter on consistent label expansions. In particular, higher demand across multiple indications, including Opdivo plus Yervoy-based combinations for non-small cell lung cancer, Opdivo plus Cabometyx combination for kidney cancer, and Opdivo-based therapies for various gastric, bladder and esophageal cancers have fueled sales. The Zacks Consensus Estimate for sales of the drug and our estimate both stand at $2.1 billion.
Pomalyst posted a decent performance in the second quarter with sales growth of 6% and the trend is likely to have prevailed in the third quarter.
Arthritis drug Orencia posted 8% rise in the previous quarter and the third quarter is likely to have witnessed similar levels of growth.
Melanoma drug, Yervoy, generated 3% growth in the previous quarter. The third quarter is likely to have experienced increased contribution on label expansions. The Zacks Consensus Estimate for sales of the drug stands at $576 million.
Among the new products, Reblozyl posted 34% growth in the last reported quarter and demand is likely to have been higher in the third quarter. Abecma and Breyanzi are also likely to have seen increased uptake.
However, Revlimid revenues declined 22% in the second quarter on generic erosion across several EU countries and Canada, and foreign exchange. The decline is likely to have accelerated in the third quarter.
Abraxane revenues too declined 19% on lower demand due to the entry of authorized generics. Revenues from this drug might have decreased in the third quarter too.
Operating expenses are likely to have increased in the third quarter due to costs associated with the broader portfolio.
Key Recent Developments
The FDA recently approved its experimental candidate deucravacitinib to treat adults with moderate-to-severe plaque psoriasis who are candidates for systemic therapy or phototherapy, under the brand name Sotyktu. Opdualag has also been approved in Europe.
What Our Model Predicts
Our proven model predicts an earnings beat for Bristol Myers this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.
Earnings ESP: Earnings ESP for BMY is +0.27%.
Zacks Rank: The company currently carries a Zacks Rank #3.
Bristol Myers Squibb Company Price, Consensus and EPS Surprise
Here are some stocks you may want to consider, as our model shows that these too have the right combination of elements to post an earnings beat this quarter.
Image: Bigstock
Will Eliquis, Opdivo Fuel Bristol-Myers (BMY) Q3 Earnings?
Bristol-Myers Squibb Company (BMY - Free Report) is scheduled to report third-quarter 2022 results on Oct 26, before market open.
The company’s shares have gained 15.8% in the year so far against the industry's decline of 26.2%.
Image Source: Zacks Investment Research
Bristol-Myers beat earnings estimates in each of the last four quarters, the average surprise being 3.65%. In the last reported quarter, the company beat earnings by 7.82%.
Factors at Play
Bristol-Myers posted 9% growth in Total In-line Product Revenues in the last reported quarter. Demand is likely to have improved in the third quarter. Blood thinner drug, Eliquis, was one of the top revenue generators in the last reported quarter and posted revenue growth of 16% year over year. The solid performance of the drug is likely to have continued in the to-be-reported quarter, driven by market share increases. The Zacks Consensus Estimate for sales of the drug stands at $2.7 billion while our estimate is $2.9 billion.
Sales of key immuno-oncology drug, Opdivo grew 8% in the prior quarter, and similar or higher levels of growth are expected in the to-be-reported quarter on consistent label expansions. In particular, higher demand across multiple indications, including Opdivo plus Yervoy-based combinations for non-small cell lung cancer, Opdivo plus Cabometyx combination for kidney cancer, and Opdivo-based therapies for various gastric, bladder and esophageal cancers have fueled sales. The Zacks Consensus Estimate for sales of the drug and our estimate both stand at $2.1 billion.
Pomalyst posted a decent performance in the second quarter with sales growth of 6% and the trend is likely to have prevailed in the third quarter.
Arthritis drug Orencia posted 8% rise in the previous quarter and the third quarter is likely to have witnessed similar levels of growth.
Melanoma drug, Yervoy, generated 3% growth in the previous quarter. The third quarter is likely to have experienced increased contribution on label expansions. The Zacks Consensus Estimate for sales of the drug stands at $576 million.
Among the new products, Reblozyl posted 34% growth in the last reported quarter and demand is likely to have been higher in the third quarter. Abecma and Breyanzi are also likely to have seen increased uptake.
However, Revlimid revenues declined 22% in the second quarter on generic erosion across several EU countries and Canada, and foreign exchange. The decline is likely to have accelerated in the third quarter.
Abraxane revenues too declined 19% on lower demand due to the entry of authorized generics. Revenues from this drug might have decreased in the third quarter too.
Operating expenses are likely to have increased in the third quarter due to costs associated with the broader portfolio.
Key Recent Developments
The FDA recently approved its experimental candidate deucravacitinib to treat adults with moderate-to-severe plaque psoriasis who are candidates for systemic therapy or phototherapy, under the brand name Sotyktu.
Opdualag has also been approved in Europe.
What Our Model Predicts
Our proven model predicts an earnings beat for Bristol Myers this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.
Earnings ESP: Earnings ESP for BMY is +0.27%.
Zacks Rank: The company currently carries a Zacks Rank #3.
Bristol Myers Squibb Company Price, Consensus and EPS Surprise
Bristol Myers Squibb Company price-consensus-eps-surprise-chart | Bristol Myers Squibb Company Quote
Other Stocks to Consider
Here are some stocks you may want to consider, as our model shows that these too have the right combination of elements to post an earnings beat this quarter.
BioMarin (BMRN - Free Report) has an Earnings ESP of +10.77% and a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
BioMarin beat earnings estimates in each of the last four quarters, with the average earnings surprise being 98.9%.
Acadia Pharmaceuticals (ACAD - Free Report) has an Earnings ESP of +15.82% and a Zacks Rank #2.
Acadia topped earnings estimates in two of the last four quarters and has a four-quarter earnings surprise of 6.83%, on average.
Editas Medicine (EDIT - Free Report) has an Earnings ESP of +3.47% and a Zacks Rank of 2.
Earnings of EDIT beat estimates in each of the trailing four quarters. It delivered an earnings surprise of 17.82%, on average.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar