Bristol-Myers Squibb Boosts FY23 Adj. EPS Outlook As Q3 Adj. EPS Tops Estimates

(RTTNews) - While reporting financial results for the third quarter on Thursday, biopharmaceutical company Bristol-Myers Squibb Co. (BMY) lowered its adjusted earnings guidance for the full-year 2023, while maintaining annual revenue outlook.

For fiscal 2023, the company now projects earnings in a range of $3.68 to $3.83 per share and adjusted earnings in a range of $7.50 to $7.65 per share on a worldwide total revenue decline in the low single-digits.

Previously, the company expected earnings in the range of $3.72 to $4.02 per share and adjusted earnings in a range of $7.35 to $7.65 per share on a worldwide total revenue decline in the low single-digits.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $7.36 per share on revenues growth of 3.1 percent to $44.72 billion for the year. Analysts' estimates typically exclude special items.

For the third quarter, the company reported net income attributable to Bristol-Myers Squibb of $1.93 billion or $0.93 per share, higher than $1.61 billion or $0.75 per share in the prior-year quarter. Excluding items, adjusted net earnings per share for the quarter was $2.00, compared to last year's $1.99.

Total revenues for the quarter declined 2 percent to $10.97 billion from $11.22 billion in the same quarter last year. Excluding the impact from foreign exchange, revenues decreased 3 percent.

Analysts expected quarterly earnings of $1.76 per share on revenues of $10.97 billion for the quarter.

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