Bristol-Myers Squibb Q1 2020 Earnings Report
Key Takeaways
Bristol Myers Squibb reported first quarter revenues of $10.8 billion, an increase of 82% on a reported basis and non-GAAP EPS of $1.72. The increase was driven primarily by the impact of the Celgene Acquisition. The quarter benefitted by approximately $500 million due to COVID-19 related buying patterns.
Reports First Quarter Revenues of $10.8 Billion, an Increase of 82%; On a Pro Forma Basis, Revenue Increase of 13% or 8% Excluding Impact of COVID-19
Posts GAAP Loss Per Share of $0.34 and Non-GAAP EPS of $1.72
Achieves Multiple Significant Clinical and Regulatory Milestones Across Portfolio
Continues Progress on Integration Initiatives; $2.5B Synergy Target Remains on Track
Bristol-Myers Squibb
Bristol-Myers Squibb
Bristol-Myers Squibb Revenue by Segment
Forward Guidance
Bristol Myers Squibb is updating its 2020 GAAP EPS guidance range from $0.75 - $0.95 to $0.37 to $0.57. In addition, the company is affirming its 2020 non-GAAP EPS guidance range of $6.00 to $6.20 and 2021 non-GAAP EPS guidance range of $7.15 to $7.45.
Positive Outlook
- Mid-April foreign exchange and interest rates apply
- A reduction in new-to-brand prescriptions, and on physician administered product demand during the second quarter sees recovery during the third quarter and fully recovered in the fourth quarter
- Products that saw significant advanced buying at the end of the first quarter will see that inventory work-down during the rest of the year, mostly in the second quarter and to a lesser degree in third and fourth quarters
- All clinical trial activities are planned to resume by the end of the year where local country restrictions have been lifted
Revenue & Expenses
Visualization of income flow from segment revenue to net income