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Mar 31, 2024
Bristol-Myers Squibb Q1 2024 Earnings Report
Bristol-Myers Squibb reported first quarter results, reflecting growth in the company's portfolio and pipeline, and the completion of strategic transactions.
Key Takeaways
Bristol Myers Squibb's first quarter revenues reached $11.9 billion, a 5% increase (6% adjusting for foreign exchange). The company completed several strategic transactions, including the acquisitions of Karuna Therapeutics, RayzeBio, and Mirati Therapeutics, and a collaboration with SystImmune. GAAP loss per share was $(5.89), while non-GAAP loss per share was $(4.40), impacted by acquired IPRD charges and licensing income.
First Quarter Revenues were $11.9 Billion, increasing 5% (+6% Adjusting for Foreign Exchange).
Growth Portfolio Revenues were $4.8 Billion, increasing 8% (+11% Adjusting for Foreign Exchange).
Strengthened Long-Term Growth Profile Through Completion of Karuna Therapeutics, RayzeBio, Mirati Therapeutics, and SystImmune Transactions.
Executing a Strategic Productivity Initiative to Deliver ~$1.5 Billion in Cost Savings, the Majority of Which Will be Reinvested to Fund Innovation and Drive Growth.
Revenue by Geographic Location
Forward Guidance
Bristol Myers Squibb updated its 2024 line-item guidance, including Non-GAAP EPS, to reflect the impact of recent transactions.
Positive Outlook
- Total Revenues: Low single-digit increase (No Change)
- Total Revenues (excl. F/X): Low single-digit increase (No Change)
- Gross Margin %: ~74% (No Change)
- Operating Expenses: Low single-digit increase (No Change)
Challenges Ahead
- Other income/(expense): ~$250M to ~($250M)
- Effective tax rate: ~17.5% to ~69%
- Diluted EPS: $7.10 to $7.40 to $0.40 to $0.70
- Non-GAAP EPS was updated to account for the Acquired IPRD impact from the Karuna Therapeutics asset acquisition and SystImmune collaboration.
- Non-GAAP other income/(expense) was updated primarily due to the financing of the recent acquisitions.
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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