Bristol-Myers Squibb Company (BMY - Free Report) is a New York-based 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. Other than oncology, the company is 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 also active on partnership front and pursue 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 a mixed record of earnings surprises in the recent quarters. The company’s earnings surpassed expectations in three of the last four quarters, with an average positive surprise of 8.39%.
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 beats on second-quarter 2017 earnings. The company reported EPS of 74 cents while our consensus called for EPS of 73 cents.
Revenues: Revenues were also above expectations. Bristol-Myers posted revenues of $5.14 billion, compared to our consensus estimate of $5.07 billion.
2017 Guidance: Bristol-Myers updated its earnings outlook for 2017. The company expects earnings in the range of $2.90 to $3.00 per share. The Zacks Consensus Estimate for earnings stands at $2.94 per share.
Pre-Market Trading: Shares are down more than 6% in pre-market trading.
Check back later for our full write up on this BMY earnings report later!
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