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Jun 30, 2023
Bristol-Myers Squibb Q2 2023 Earnings Report
Reported a decline in revenue due to lower sales of Revlimid, partially offset by in-line products and new product portfolio, and revised outlook for total revenues and GAAP and non-GAAP EPS due to lower expected revenues for Revlimid and Pomalyst.
Key Takeaways
Bristol Myers Squibb reported second-quarter revenues of $11.2 billion, a 6% decrease year-over-year, primarily due to a rapid decline in Revlimid sales. The company is revising its full-year financial guidance due to this decline but reaffirms its 2020-2025 financial targets and announces a $4 billion accelerated share repurchase agreement.
Second quarter revenues were reported at $11.2 billion.
GAAP earnings per share were $0.99, and non-GAAP EPS was $1.75, including a net impact of ($0.05) per share due to acquired IPRD charges and licensing income.
Revenue growth for in-line products and the new product portfolio was 4%.
The outlook for total revenues has been revised to a low single-digit decline, GAAP EPS to $3.72-$4.02, and non-GAAP EPS to $7.35-$7.65 due to lower expected revenues for Revlimid and Pomalyst.
Forward Guidance
Bristol Myers Squibb is revising its 2023 guidance, adjusting the outlook for total revenues and GAAP and non-GAAP EPS primarily due to lower than expected sales of Revlimid, and to a lesser extent, Pomalyst.
Positive Outlook
- Total revenues are expected to decline by a low single-digit.
- Total revenues excluding foreign exchange impact are expected to decline by a low single-digit.
- Gross margin is projected to be approximately 76%.
- Operating expenses are expected to decline by a low single-digit.
- The effective tax rate is anticipated to be around 16%.
Challenges Ahead
- Revenues from Revlimid are now expected to be approximately $5.5 billion.
- GAAP EPS is projected to be between $3.72 and $4.02.
- Non-GAAP EPS is projected to be between $7.35 and $7.65.
- The guidance excludes the impact of any potential future strategic acquisitions and divestitures.
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