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Mar 31, 2022
Bristol-Myers Squibb Q1 2022 Earnings Report
Reported first quarter results, reflecting in-line product growth, increased adoption of new product portfolio and strong commercial execution.
Key Takeaways
Bristol Myers Squibb reported first quarter revenues of $11.6 billion, a 5% increase year-over-year, driven by in-line products and the new product portfolio. GAAP EPS was $0.59 and non-GAAP EPS was $1.96. The company also advanced its product pipeline with FDA approvals for Opdualag and Camzyos.
First quarter revenues of $11.6 billion, an increase of 5% year-over-year, or 7% when adjusted for foreign exchange.
Earnings per share of $0.59 and non-GAAP EPS of $1.96, including a net impact of ($0.10) per share for GAAP and non-GAAP EPS due to acquired IPRD charges partially offset by licensing income.
Double-digit revenue growth from in-line products and new product portfolio.
FDA approvals for Opdualag in metastatic melanoma and Camzyos for symptomatic obstructive hypertrophic cardiomyopathy.
Revenue by Geographic Location
Forward Guidance
Bristol Myers Squibb is adjusting its 2022 GAAP and non-GAAP line-item guidance. Guidance for Total Net Sales, Revlimid Sales and Recent LOE Sales, is being adjusted due to foreign exchange and faster erosion of Revlimid in International markets. The Company is also adjusting operating expenses due to foreign exchange as well as cost discipline. GAAP and non-GAAP earnings per share include the net impact of Acquired IPRD & licensing income due to ($0.10) incurred in Q1 and an additional ($0.11) due to the buyout of a future royalty obligation related to mavacamten that occurred in April 2022. Excluding these adjustments, the outlook for non-GAAP EPS is unchanged.
Positive Outlook
- Total Net Sales: ~$47.0 billion or low single-digit increase (In-line with 2021)
- Recent LOE Products: ~$10.0 billion or double-digit decline
- Revlimid: $9.0-$9.5 billion
- In-line Products & New Product Portfolio: ~$36.5 billion or Low double-digit increase
- Gross Margin %: ~78%
Challenges Ahead
- Operating Expenses: Mid single-digit decline
- Tax Rate: ~22%
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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