Bristol Myers Squibb Lifts FY24 Earnings View Above Market; Stock Up In Pre-market - Update

(RTTNews) - Bristol-Myers Squibb Co. (BMY), while reporting weak earnings but higher revenues in its third quarter, on Thursday lifted its forecast for fiscal 2024 earnings above market. The company also revised revenue growth view.

In pre-market activity on the NYSE, Bristol-Myers shares were gaining around 2.8 percent to trade at $54.12.

For fiscal 2024, the company now expects earnings per share of $0.75 to $0.95, higher than previous estimate of $0.60 to $0.90.

Analysts on average expect the company to earn $0.71 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Total revenues are now expected to increase around 5 percent from last year, compared to previous estimate of growth in upper end of low single- digit range.

On a constant currency basis, total revenues would grow around 6 percent, compared to previously expected growth in upper end of low single- digit range.

In its third quarter, Bristol-Myers's earnings decreased from last year. The company's earnings came in at $1.211 billion or $0.60 per share, compared to prior year's $1.928 billion, or $0.93 per share.

Adjusted earnings were $3.650 billion or $1.80 per share for the period, compared to $4.1 billion, or $2.00 per share last year. Analysts had expected the company to earn $1.49 per share.

The company's revenue for the quarter rose 8.4 percent to $11.892 billion from $10.966 billion last year. The Street was looking for revenues of $11.28 billion for the quarter. At constant exchange rates, revenues grew 10 percent.

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