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Jun 30, 2021
Bristol-Myers Squibb Q2 2021 Earnings Report
Reported strong second-quarter results, driven by robust product sales, pipeline advancement, and strong clinical and operational performance.
Key Takeaways
Bristol Myers Squibb reported strong second-quarter results with revenues of $11.7 billion, a 16% increase year-over-year. The company achieved significant regulatory and clinical milestones, and delivered strong commercial performance, including Opdivo's return to growth.
Second quarter revenues reached $11.7 billion, a 16% increase year-over-year, or 13% when adjusted for foreign exchange.
Earnings per share (EPS) were reported at $0.47, with non-GAAP EPS at $1.93.
Strong commercial performance was achieved, including Opdivo's return to growth and momentum across the new product portfolio.
The company adjusted GAAP and reaffirmed non-GAAP EPS guidance for 2021.
Forward Guidance
Bristol Myers Squibb is updating its 2021 GAAP EPS guidance range of $3.18 - $3.38 to $2.77 - $2.97 and reaffirming 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% for non-GAAP.
- Marketing, selling and administrative expenses to be in-line with 2020 levels for GAAP and increasing in the low-single digits for non-GAAP.
- Research and development expenses decreasing in the low-single digits for GAAP and increasing in the mid-single digits for non-GAAP.
- An effective tax rate of approximately 23% for GAAP and approximately 16% for non-GAAP.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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