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Mar 31, 2021
Bristol-Myers Squibb Q1 2021 Earnings Report
Reported revenues increased by 3% year-over-year, with GAAP EPS at $0.89 and non-GAAP EPS at $1.74.
Key Takeaways
Bristol Myers Squibb reported solid growth in the first quarter of 2021, driven by continued sales growth and advancement of the company's product pipeline. The company posted revenues of $11.1 billion, an increase of 3% year-over-year, and GAAP earnings per share of $0.89 and non-GAAP EPS of $1.74. The company also strengthened its leadership in Immuno-Oncology and advanced its Cell Therapy Franchise.
First quarter revenues of $11.1 billion, an increase of 3% year-over-year.
First quarter GAAP earnings per share of $0.89 and non-GAAP EPS of $1.74.
Strengthened leadership in Immuno-Oncology with multiple regulatory and data milestones for Opdivo and Yervoy.
Advanced Cell Therapy Franchise with FDA Approvals for Abecma and Breyanzi.
Forward Guidance
Bristol Myers Squibb is updating its 2021 GAAP EPS guidance range of $3.12-$3.32 to $3.18-$3.38 and affirming its non-GAAP EPS guidance range of $7.35 - $7.55. Both GAAP and non-GAAP guidance assume current exchange rates.
Positive Outlook
- Worldwide revenues increasing in the high-single digits.
- Gross margin as a percentage of revenue is expected to be approximately 79% for GAAP and approximately 80.5% for non-GAAP.
- Marketing, selling and administrative expenses to be in-line with 2020 levels for GAAP and increasing in the low-single digit range for non-GAAP.
- Research and development expenses decreasing in the low-double digits for GAAP and increasing in the mid-single digits for non-GAAP.
- An effective tax rate of approximately 22% for GAAP and approximately 16% for non-GAAP.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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