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Dec 31, 2022
Bristol-Myers Squibb Q4 2022 Earnings Report
Reported fourth quarter revenues of $11.4 billion and full-year revenues of $46.2 billion.
Key Takeaways
Bristol Myers Squibb reported a decrease in fourth-quarter revenues by 5% to $11.4 billion, driven by recent LOE products and foreign exchange impacts, which was partially offset by in-line products and new product portfolio. The company reported GAAP EPS of $0.95 and non-GAAP EPS of $1.82 for the quarter.
Fourth Quarter Revenues from In-Line Products and New Product Portfolio were $9.0 Billion, an Increase of 7%, or 12% When Adjusted for Foreign Exchange
Fourth Quarter GAAP EPS was $0.95 and Non-GAAP EPS was $1.82, including Net Impact of ($0.01) Per Share for GAAP and Non-GAAP EPS Due to Acquired IPRD Charges and Licensing Income
Full-Year GAAP EPS was $2.95 and Non-GAAP EPS was $7.70, including Net Impact of ($0.24) Per Share for GAAP and Non-GAAP EPS Due to Acquired IPRD Charges and Licensing Income
Provided GAAP and Non-GAAP Financial Guidance for 2023 Reflecting Continued Revenue and Earnings Growth
Forward Guidance
Bristol Myers Squibb provides its 2023 GAAP EPS guidance range of $4.03 - $4.33 and its non-GAAP EPS guidance range of $7.95 - $8.25.
Positive Outlook
- Total revenues are expected to increase by approximately 2% at reported rates and approximately 2% excluding foreign exchange.
- Revenues from Revlimid are expected to be approximately $6.5 billion.
- Gross margin is expected to be approximately 77% for GAAP and for non-GAAP.
- Operating expenses are expected to decrease by mid-single digits for GAAP and decrease by low single digits for non-GAAP.
- An effective tax rate of approximately 22% for GAAP and approximately 17% for non-GAAP.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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