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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.
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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