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Jun 30, 2020
Bristol-Myers Squibb Q2 2020 Earnings Report
Reported second quarter revenues with GAAP loss per share and non-GAAP EPS, advanced pipeline with positive topline results, and updated 2020 EPS guidance.
Key Takeaways
Bristol Myers Squibb reported strong product sales and robust operating performance in the second quarter of 2020, driven by the Celgene acquisition. Total revenues reached $10.1 billion, a 61% increase. The company reported a GAAP loss per share of $0.04 and a non-GAAP EPS of $1.63. They updated 2020 non-GAAP EPS guidance range from $6.00-$6.20 to $6.10-$6.25.
Second quarter revenues reached $10.1 billion, a 61% increase.
GAAP Diluted Loss per Share was $(0.04) and Non-GAAP Diluted EPS was $1.63.
U.S. revenues increased 77% to $6.5 billion.
International revenues increased 40% to $3.6 billion.
Forward Guidance
Bristol Myers Squibb is updating its 2020 GAAP EPS guidance range from $0.37 - $0.57 to ($0.06) - $0.09. In addition, the company is updating its 2020 non-GAAP EPS guidance range of $6.00 - $6.20 to $6.10 - $6.25.
Positive Outlook
- Mid-July foreign exchange and interest rates apply.
- 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, which the company experienced, and to a lesser degree in the third and fourth quarters.
- A reduction in new-to-brand prescriptions, and on physician administered product demand during the second quarter, recovering during the third quarter and fully recovered in the fourth quarter.
- All clinical trial activities are planned to resume by the end of the year where local country restrictions have been lifted.
Challenges Ahead
- The 2020 guidance assumes the peak impact of the current COVID-19 crisis on the business would occur in the second quarter of 2020
- The financial guidance excludes the impact of any potential future strategic acquisitions and divestitures
Historical Earnings Impact
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Avg. Return Before/After Earnings
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