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Jun 30, 2022
Bristol-Myers Squibb Q2 2022 Earnings Report
Reported a revenue increase driven by in-line products and new product portfolio, offset by recent LOE products and foreign exchange impacts. GAAP EPS and Non-GAAP EPS were also reported.
Key Takeaways
Bristol Myers Squibb reported Q2 2022 financial results, showing revenue of $11.9 billion, a 2% increase year-over-year, or 5% when adjusted for foreign exchange. The company posted GAAP EPS of $0.66 and non-GAAP EPS of $1.93. Revenue growth was driven by in-line products and new product portfolio, but was partially offset by recent LOE products and foreign exchange impacts.
Second quarter revenues were $11.9 billion, a 2% increase year-over-year, or 5% when adjusted for foreign exchange.
GAAP EPS was $0.66 and non-GAAP EPS was $1.93, including a net impact of ($0.14) per share due to Acquired IPRD charges and licensing income.
Revenue growth of 11% was achieved from in-line products and the new product portfolio, or 16% when adjusted for foreign exchange.
The company is expanding its oncology franchise with new indications for Opdivo and the planned acquisition of Turning Point Therapeutics.
Bristol-Myers Squibb
Bristol-Myers Squibb
Bristol-Myers Squibb Revenue by Segment
Revenue by Segment
Net Product Sales Revenue
CapyFin.comAlliance and Other Revenues Revenue
CapyFin.com Forward Guidance
Bristol Myers Squibb is adjusting its 2022 GAAP and non-GAAP line-item guidance. Total Sales and In-Line Products & New Product Portfolio sales are being adjusted to account for foreign exchange impacts. Non-GAAP gross margin is being increased to approximately 79% primarily due to foreign exchange impacts. Adjusting GAAP EPS guidance primarily due to changes in fair market value of equity investments and reaffirming non-GAAP EPS guidance.
Positive Outlook
- Total Net Sales: In-line with 2021 ($46.0 billion)
- Recent LOE Products: ~$10.0 billion or double-digit decline
- Revlimid: $9.0-$9.5 billion
- In-line Products & New Product Portfolio: ~$36.0 billion or Low double-digit increase
- Non-GAAP Tax Rate: ~16.5%
Challenges Ahead
- GAAP Tax Rate: ~23%
- Diluted EPS: $2.71 - $3.01
- Includes YTD net impact of ($0.24) from acquired IPRD and licensing income
- Assumes current exchange rates
- Excludes the impact of any potential future strategic acquisitions and divestitures
Revenue & Expenses
Visualization of income flow from segment revenue to net income