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Sep 30, 2021
Bristol-Myers Squibb Q3 2021 Earnings Report
Reported solid sales, strong commercial execution, and continued pipeline progress
Key Takeaways
Bristol Myers Squibb reported a strong third quarter in 2021, marked by a 10% increase in revenues to $11.6 billion. The company saw GAAP EPS of $0.69 and non-GAAP EPS of $2.00. Advances in the product pipeline included FDA Priority Review for relatlimab and nivolumab combination.
Third quarter revenues reached $11.6 billion, a 10% increase year-over-year.
GAAP earnings per share were reported at $0.69, while non-GAAP EPS stood at $2.00.
The FDA granted priority review for the fixed-dose combination of relatlimab and nivolumab for treating unresectable or metastatic melanoma.
The company updated its GAAP EPS guidance range to $2.68 - $2.83 and its non-GAAP EPS guidance range to $7.40 - $7.55 for 2021.
Forward Guidance
Bristol Myers Squibb is updating its 2021 GAAP EPS guidance range of $2.77 - $2.97 to $2.68 - $2.83 and its non-GAAP EPS guidance range of $7.35 - $7.55 to $7.40 - $7.55.
Positive Outlook
- Worldwide revenues increasing in the high-single digits.
- Gross margin as a percentage of revenue is expected to be approximately 79% for GAAP and approximately 80% for non-GAAP.
- Marketing, selling and administrative expenses to be in-line with 2020 levels for GAAP and increasing in the low-single digits for non-GAAP.
- Research and development expenses increasing in the low-single digits for GAAP and increasing in the mid-single digits for non-GAAP.
- An effective tax rate of approximately 26% for GAAP and approximately 16.5% for non-GAAP.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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