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Bristol-Myers (BMY) to Report Q1 Earnings: What+'s in Store?
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Bristol-Myers Squibb Company (BMY - Free Report) is scheduled to report first-quarter 2023 results on Apr 27, before market open.
The company’s shares have lost 7.3% in the past year compared to the industry's decline of 9.2%.
Image Source: Zacks Investment Research
Bristol-Myers beat earnings estimates in each of the last four quarters, the average surprise being 6.27%. In the last reported quarter, the company beat earnings by 6.43%.
Factors at Play
Bristol-Myers posted 4% growth in Total In-line Product Revenues in the last reported quarter. Demand is likely to have improved in the first quarter. The blood thinner drug Eliquis was one of the top revenue generators in the last reported quarter and posted revenue growth of 1% year over year. The solid performance of the drug is likely to have continued in the to-be-reported quarter, but pricing pressure could have impacted sales. The Zacks Consensus Estimate for sales of the drug $3.4 billion and our estimate stands at $3.3 million.
Sales of the key immuno-oncology drug Opdivo grew 11% in the prior quarter and similar or higher levels of growth are likely to have been recorded in the to-be-reported quarter on consistent label expansions for newer metastatic and adjuvant indications. The Zacks Consensus Estimate for sales of the drug and our estimate both stand at $2.2 billion.
Pomalyst posted a decent performance in the fourth quarter with sales growth of 3%, primarily driven by demand for triplet-based regimens in earlier lines, extending the duration of treatment for patients and the trend is likely to have prevailed in the first quarter, but seasonality pressure could have impacted sales. The Zacks Consensus Estimate for sales of the drug stands at $902 million and our estimate stands at $914 million.
Arthritis drug Orencia posted a 6% rise in the previous quarter and the first quarter is likely to have witnessed similar levels of growth.
Melanoma drug Yervoy generated 4% growth in the previous quarter. The first quarter is likely to have experienced increased contributions from label expansions. The Zacks Consensus Estimate for sales of the drug and our estimate stands at $561 million and $570.2 million, respectively.
Among the new products, Reblozyl posted 32% growth in the last reported quarter and its demand is likely to have been higher in the first quarter. Abecma and Breyanzi are also likely to have seen increased uptake and sequential growth.
Opdualag (first-line melanoma) has most likely registered a sequential increase in the first quarter as the drug got approved in Europe too.
However, Revlimid’s revenues declined 32% in the fourth quarter on generic erosion across several countries. The decline is likely to have accelerated in the first quarter.
Abraxane’s revenues also declined by 41% on lower demand due to the entry of authorized generics. Revenues from this drug have most likely decreased in the first quarter as well.
Operating expenses are likely to have increased in the first quarter due to costs associated with the broader portfolio.
Recent Key Developments
The European Commission approved deucravacitinib to treat adults with moderate-to-severe plaque psoriasis who are candidates for systemic therapy or phototherapy under the brand name Sotyktu.
What Our Model Predicts
Our proven model does not conclusively predict 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. That is not the case here, as you will see below. 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 -0.40% as the Zacks Consensus Estimate currently stands at $1.99 per share and the Most Accurate Estimate is currently pegged at $1.98 per share.
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 they have the right combination of elements to post an earnings beat this quarter.
Novo Nordisk (NVO - Free Report) has an Earnings ESP of +10.71% and a Zacks Rank #1.
NVO topped earnings estimates in three of the last four quarters and has a four-quarter earnings surprise of 3%, on average.
Image: Shutterstock
Bristol-Myers (BMY) to Report Q1 Earnings: What+'s in Store?
Bristol-Myers Squibb Company (BMY - Free Report) is scheduled to report first-quarter 2023 results on Apr 27, before market open.
The company’s shares have lost 7.3% in the past year compared to the industry's decline of 9.2%.
Image Source: Zacks Investment Research
Bristol-Myers beat earnings estimates in each of the last four quarters, the average surprise being 6.27%. In the last reported quarter, the company beat earnings by 6.43%.
Factors at Play
Bristol-Myers posted 4% growth in Total In-line Product Revenues in the last reported quarter. Demand is likely to have improved in the first quarter. The blood thinner drug Eliquis was one of the top revenue generators in the last reported quarter and posted revenue growth of 1% year over year. The solid performance of the drug is likely to have continued in the to-be-reported quarter, but pricing pressure could have impacted sales. The Zacks Consensus Estimate for sales of the drug $3.4 billion and our estimate stands at $3.3 million.
Sales of the key immuno-oncology drug Opdivo grew 11% in the prior quarter and similar or higher levels of growth are likely to have been recorded in the to-be-reported quarter on consistent label expansions for newer metastatic and adjuvant indications. The Zacks Consensus Estimate for sales of the drug and our estimate both stand at $2.2 billion.
Pomalyst posted a decent performance in the fourth quarter with sales growth of 3%, primarily driven by demand for triplet-based regimens in earlier lines, extending the duration of treatment for patients and the trend is likely to have prevailed in the first quarter, but seasonality pressure could have impacted sales. The Zacks Consensus Estimate for sales of the drug stands at $902 million and our estimate stands at $914 million.
Arthritis drug Orencia posted a 6% rise in the previous quarter and the first quarter is likely to have witnessed similar levels of growth.
Melanoma drug Yervoy generated 4% growth in the previous quarter. The first quarter is likely to have experienced increased contributions from label expansions. The Zacks Consensus Estimate for sales of the drug and our estimate stands at $561 million and $570.2 million, respectively.
Among the new products, Reblozyl posted 32% growth in the last reported quarter and its demand is likely to have been higher in the first quarter. Abecma and Breyanzi are also likely to have seen increased uptake and sequential growth.
Opdualag (first-line melanoma) has most likely registered a sequential increase in the first quarter as the drug got approved in Europe too.
However, Revlimid’s revenues declined 32% in the fourth quarter on generic erosion across several countries. The decline is likely to have accelerated in the first quarter.
Abraxane’s revenues also declined by 41% on lower demand due to the entry of authorized generics. Revenues from this drug have most likely decreased in the first quarter as well.
Operating expenses are likely to have increased in the first quarter due to costs associated with the broader portfolio.
Recent Key Developments
The European Commission approved deucravacitinib to treat adults with moderate-to-severe plaque psoriasis who are candidates for systemic therapy or phototherapy under the brand name Sotyktu.
What Our Model Predicts
Our proven model does not conclusively predict 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. That is not the case here, as you will see below. 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 -0.40% as the Zacks Consensus Estimate currently stands at $1.99 per share and the Most Accurate Estimate is currently pegged at $1.98 per share.
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
Stocks to Consider
Here are some stocks you may want to consider, as our model shows that they have the right combination of elements to post an earnings beat this quarter.
Novo Nordisk (NVO - Free Report) has an Earnings ESP of +10.71% and a Zacks Rank #1.
NVO topped earnings estimates in three of the last four quarters and has a four-quarter earnings surprise of 3%, on average.
Sanofi (SNY - Free Report) has an Earnings ESP of +2.30% and a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Sanofi beat earnings estimates in three of the trailing four quarters and missed in one. It delivered an earnings surprise of 7.68%, on average.
Amgen (AMGN - Free Report) has an Earnings ESP of +1.82% and a Zacks Rank #3.
AMGN beat earnings estimates in all of the last four quarters, the average earnings surprise being 3.43%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.