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Sep 30, 2022
Bristol-Myers Squibb Q3 2022 Earnings Report
Reported strong results driven by in-line products and new product portfolio growth.
Key Takeaways
Bristol Myers Squibb reported third quarter revenues of $11.2 billion, a decrease of 3% compared to the same period in 2021. The company's in-line and new product portfolio revenues increased 8% to $8.6 billion. Earnings per share were $0.75, and non-GAAP EPS was $1.99.
Third quarter revenues were reported at $11.2 billion.
In-line products and new product portfolio saw strong revenue growth of 8%, or 13% when adjusted for foreign exchange.
Earnings per share was $0.75 and non-GAAP EPS was $1.99.
FDA approved Sotyktu for adults with moderate-to-severe plaque psoriasis.
Forward Guidance
Bristol Myers Squibb is adjusting its 2022 GAAP line-item guidance primarily due to the acquisition of Turning Point and reaffirming non-GAAP EPS guidance.
Positive Outlook
- Total Sales: ~$46.0 billion (No change)
- In-line Products & New Product Portfolio: ~$36.0 billion or Low double-digit increase (No change)
- Gross Margin: ~78% (No change)
- Operating Expenses: Mid single-digit decline (No change)
- Tax Rate: ~24%
Challenges Ahead
- Recent LOE Products: ~$10.0 billion or double-digit decline (No change)
- Revlimid: $9.0-$9.5 billion (No change)
- Diluted EPS: $2.54-$2.84
- The 2022 financial guidance excludes the impact of any potential future strategic acquisitions and divestitures
Historical Earnings Impact
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Avg. Return Before/After Earnings
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