Bristol-Myers Squibb Q1 2023 Earnings Report
Key Takeaways
Bristol-Myers Squibb reported first-quarter revenues of $11.3 billion, a decrease of 3% compared to the previous year, but saw an 8% increase in revenue from in-line products and the new product portfolio. GAAP EPS was $1.07, and non-GAAP EPS was $2.05. The company is adjusting its GAAP EPS guidance for 2023 while affirming its non-GAAP financial guidance.
First-quarter revenues reached $11.3 billion, reflecting a 3% decrease year-over-year, primarily due to Revlimid generic erosion and foreign exchange impacts.
In-line products and the new product portfolio demonstrated strong growth, increasing 8% in revenue, or 10% when adjusted for foreign exchange.
GAAP earnings per share were reported at $1.07, while non-GAAP EPS reached $2.05, including a net impact of ($0.01) per share due to acquired IPRD charges and licensing income.
The company is advancing its portfolio renewal strategy, achieving significant milestones across therapeutic areas.
Bristol-Myers Squibb
Bristol-Myers Squibb
Bristol-Myers Squibb Revenue by Segment
Forward Guidance
Bristol Myers Squibb is adjusting its 2023 GAAP line-item guidance primarily due to changes in other settlement income and in the fair market value of equity investments while affirming non-GAAP EPS guidance.
Positive Outlook
- Total Revenues (as reported) ~ 2% increase
- Total Revenues (excl. F/X) ~ 2% increase
- Revlimid ~$6.5 billion
- Gross Margin % ~ 77%
- Effective tax rate ~ 21%
Challenges Ahead
- Unspecified items including purchase price accounting adjustments
- Acquisition and integration expenses
- Charges associated with restructuring
- Cost of acquiring a priority review voucher
- Equity investment losses
Revenue & Expenses
Visualization of income flow from segment revenue to net income