Bristol Myers Squibb Raises 2024 Non-GAAP Guidance

(RTTNews) - Bristol Myers Squibb (BMY) increased portions of its 2024 line-item guidance. The company now expects: non-GAAP EPS in a range of $0.60 - $0.90, revised from prior guidance range of $0.40 - $0.70; and total revenues at upper end of low single- digit range, revised from previous outlook of low single-digit increase. Analysts polled by Thomson Reuters expect the company to report profit per share of $0.51. Analysts' estimates typically exclude special items.

Second quarter GAAP net income attributable to company was $1.7 billion, or $0.83 per share, compared to $2.1 billion, or $0.99 per share, a year ago. Non-GAAP net earnings attributable to Bristol Myers Squibb was $4.2 billion, or $2.07 per share, compared to $3.7 billion, or $1.75 per share, prior year. Analysts on average had expected the company to earn $1.63 per share, according to figures compiled by Thomson Reuters.

Second quarter revenues were $12.2 billion, an increase of 9%, or 11% when adjusted for foreign exchange impacts, primarily driven by the Growth Portfolio and Eliquis. Analysts on average had estimated $11.55 billion in revenue. Growth Portfolio worldwide revenues increased to $5.6 billion compared to $4.7 billion, a growth of 18% on a reported basis, or 21% when adjusted for foreign exchange impacts.

Also, Bristol Myers Squibb announced that the Phase 3 trial evaluating the efficacy and safety of cendakimab in patients with eosinophilic esophagitis met both co-primary endpoints. The company will work with investigators to present results at an upcoming medical conference.

Shares of Bristol Myers Squibb are up 4% in pre-market trade on Friday.

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