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Bristol-Myers Slashes Outlook As Q4 Profit Misses The Mark
From StockNews.com: Bristol-Myers Squibb Co (NYSE:BMY) early Thursday posted mixed fourth quarter earnins reuslts and lowered its 2017 outlook, amid fears of regulators capping drug prices.
The New York City-based pharmaceuticals giant reported Q4 EPS of $0.63, which was $0.03 worse than the Wall Street consensus estimate of $0.66. Revenues surged 22.3% from last year to $5.24 billion, however, beating analysts’ $5.13 billion view. BMY also noted that international revenues increased an even better 25%, or 28% when excluding currency exchange effects.
Bristol-Myers’ gross margin as a percentage of revenue fell to 73.6% in the latest period, down from 77.8%, hurt by an unfavorable product mix.
BMY provided the following global revenue results for its drugs in Q4:
- Opdivo grew by $835 million
- Eliquis grew by $346 million (up 57%)
- Orencia grew 16%
- Sprycel grew 15%
- Yervoy had sales of $264 million
Looking ahead, BMY cut its earnings guidance for 2017. It now expects EPS for the year of $2.70 to $2.90, which is lower than Wall Street’s $2.97 estimate. Worldwide revenues are now seen rising in the low-single digits (previously, BMY expected a high-teens increase), and gross margin as a percentage of revenue is now expected to range from 72% to 73% (down from a prior 75%).
Bristol-Myers Squibb Co shares fell $1.05 (-2.12%) in premarket trading Thursday. Prior to today’s report, BMY had declined -14.65% year-to-date, versus a 2.70% rise in the benchmark S&P 500 index during the same period.
BMY currently has a StockNews.com POWR Rating of D (Sell), and is ranked #53 of 133 stocks in the Medical – Pharmaceuticals category.
This article is brought to you courtesy of StockNews.com.
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