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Bristol-Myers Squibb
🇺🇸 NYSE:BMY
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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.

Total Revenue
$11.9B
Previous year: $11.7B
+1.6%
EPS
$1.93
Previous year: $1.93
+0.0%
Gross Profit
$9.17B
Previous year: $9.25B
-0.9%
Cash and Equivalents
$10.8B
Previous year: $11B
-2.5%
Free Cash Flow
$1.99B
Previous year: $2.85B
-30.2%
Total Assets
$100B
Previous year: $111B
-9.4%

Bristol-Myers Squibb

Bristol-Myers Squibb

Bristol-Myers Squibb Revenue by Segment

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

Company Overview

Full financial data and analysis

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