Bristol-Myers Squibb Slashes FY22 EPS, Adj. EPS Outlook; Q1 Results Top Estimates

(RTTNews) - While reporting financial results for the first quarter on Friday, biopharmaceutical company Bristol-Myers Squibb Co. (BMY) slashed its earnings and adjusted earnings guidance for the full-year 2022, while maintaining annual revenue outlook.

For fiscal 2022, the company now projects earnings in a range of $2.92 to $3.22 per share and adjusted earnings of $7.44 to $7.74 per share on worldwide revenues of approximately $47 billion.

Previously, the company expected earnings in a range of $3.37 to $3.67 per share and adjusted earnings of $7.65 to $7.95 per share on worldwide revenues of approximately $47 billion.

On average, 21 analysts polled by Thomson Reuters expect the company to report earnings of $7.73 per share on revenues growth of 1.2 percent to $46.94 billion for the year. Analysts' estimates typically exclude special items.

For the first quarter, the company reported net income attributable to Bristol-Myers Squibb of $1.28 billion or $0.59 per share, down from $2.02 billion or $0.89 per share in the prior-year quarter. Excluding items, adjusted net earnings per share for the quarter was $1.96, compared to last year's $1.74.

Bristol-Myers Squibb posted quarterly revenues of $11.65 billion, an increase of 5 percent from the same period a year ago.

Analysts expected quarterly earnings of $1.91 per share on revenues of $11.36 billion for the quarter.

U.S. revenues increased 10 percent to $7.7 billion, while international revenues decreased 3 percent to $4.0 billion from last year.