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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.
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 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.
- The guidance is subject to risks and uncertainties applicable to all forward-looking statements.
Revenue & Expenses
Visualization of income flow from segment revenue to net income