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Bristol-Myers (BMY) Beats on Q3 Earnings and Revenues
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New York-based Bristol-Myers Squibb Company (BMY - Free Report) is a major producer and distributor of pharmaceuticals and other healthcare related products. The company’s key oncology products include Opdivo, Sprycel, Yervoy and the recently launched Empliciti. Beyond oncology, the company remains focused on immunology and cardiovascular drugs like Orencia and Eliquis. It also markets drugs for HBV and HCV like Baraclude and Daklinza. The company’s virology portfolio comprises products like Reyataz and the Sustiva franchise.
Bristol-Myers is actively building its partnership portfolio and pursuing strategic acquisitions across therapeutic areas including immunoscience, oncology, fibrosis and genetically defined diseases.
However, like many of its peers, Bristol-Myers is facing generic competition for several of its key products. Moreover, its HIV and HCV businesses are under competitive pressure. In this scenario, investor focus remains on company’s high-profile immuno-oncology drug, Opdivo apart from the usual top-and bottom-line numbers.
Bristol-Myers has been seen to consistently beat earnings expectations. The company’s earnings surpassed expectations in each of the last four quarters, with an average positive surprise of 15.56%.
Currently, Bristol-Myers has a Zacks Rank #3 (Hold), but that could definitely change following the company’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:
Earnings: Bristol-Myers beat on third-quarter 2016 earnings by a wide margin. The company reported EPS of 77 cents while our consensus called for EPS of 65 cents.
Revenues: Revenues also came in above expectations. Bristol-Myers posted revenues of $4.92 billion, compared to our consensus estimate of $4.75 billion.
Raises 2016 Earnings Outlook: Bristol-Myers raised its earnings outlook for 2016 once again. The company now expects earnings in the range of $2.80 to $2.90 per share (old guidance: $2.55 to $2.65 per share). The Zacks Consensus Estimate for earnings stands at $2.63 per share.
Bristol-Myers also provided earnings outlook for 2017. The company expects earnings in the range of $2.85 to $3.05 per share. The Zacks Consensus Estimate for earnings stands at $2.90 per share.
Pre-Market Trading: Shares were up around 4% in pre-market trading.
Check back later for our full write up on this BMY earnings report later!
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Bristol-Myers (BMY) Beats on Q3 Earnings and Revenues
New York-based Bristol-Myers Squibb Company (BMY - Free Report) is a major producer and distributor of pharmaceuticals and other healthcare related products. The company’s key oncology products include Opdivo, Sprycel, Yervoy and the recently launched Empliciti. Beyond oncology, the company remains focused on immunology and cardiovascular drugs like Orencia and Eliquis. It also markets drugs for HBV and HCV like Baraclude and Daklinza. The company’s virology portfolio comprises products like Reyataz and the Sustiva franchise.
Bristol-Myers is actively building its partnership portfolio and pursuing strategic acquisitions across therapeutic areas including immunoscience, oncology, fibrosis and genetically defined diseases.
However, like many of its peers, Bristol-Myers is facing generic competition for several of its key products. Moreover, its HIV and HCV businesses are under competitive pressure. In this scenario, investor focus remains on company’s high-profile immuno-oncology drug, Opdivo apart from the usual top-and bottom-line numbers.
Bristol-Myers has been seen to consistently beat earnings expectations. The company’s earnings surpassed expectations in each of the last four quarters, with an average positive surprise of 15.56%.
BRISTOL-MYERS Price
BRISTOL-MYERS Price | BRISTOL-MYERS Quote
Currently, Bristol-Myers has a Zacks Rank #3 (Hold), but that could definitely change following the company’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:
Earnings: Bristol-Myers beat on third-quarter 2016 earnings by a wide margin. The company reported EPS of 77 cents while our consensus called for EPS of 65 cents.
Revenues: Revenues also came in above expectations. Bristol-Myers posted revenues of $4.92 billion, compared to our consensus estimate of $4.75 billion.
Raises 2016 Earnings Outlook: Bristol-Myers raised its earnings outlook for 2016 once again. The company now expects earnings in the range of $2.80 to $2.90 per share (old guidance: $2.55 to $2.65 per share). The Zacks Consensus Estimate for earnings stands at $2.63 per share.
Bristol-Myers also provided earnings outlook for 2017. The company expects earnings in the range of $2.85 to $3.05 per share. The Zacks Consensus Estimate for earnings stands at $2.90 per share.
Pre-Market Trading: Shares were up around 4% in pre-market trading.
Check back later for our full write up on this BMY earnings report later!
Confidential from Zacks
Beyond this Tale of the Tape, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>