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Investing.com -- Bristol-Myers Squibb (NYSE:BMY) reported first quarter earnings that surpassed analyst expectations, driven by strong performance in its Growth Portfolio. The pharmaceutical giant’s shares rose 1.5% following the announcement.
The company posted adjusted earnings per share of $1.80, beating the analyst estimate of $1.52 by $0.28. Revenue for the quarter came in at $11.2 billion, exceeding the consensus estimate of $10.68 billion. However, total revenues decreased 6% YoY, or 4% excluding foreign exchange impacts.
Bristol-Myers Squibb’s Growth Portfolio, which includes key products like Opdivo, Breyanzi, Reblozyl, and Camzyos, saw revenues increase 16% to $5.6 billion. The company also noted strong early U.S. launch results for Cobenfy. Conversely, the Legacy Portfolio revenues declined 20% to $5.6 billion, primarily due to generic competition for drugs like Revlimid and Pomalyst.
"Our strong execution in the first quarter drove continued momentum across our Growth Portfolio and meaningful progress in the pipeline," said Christopher Boerner, Ph.D., board chair and chief executive officer of Bristol Myers Squibb.
Looking ahead, the company provided guidance for fiscal year 2025, projecting earnings per share between $6.70 and $7.00, compared to the analyst consensus of $6.74. Revenue is expected to range from $45.8 billion to $46.8 billion, slightly above the consensus estimate of $45.76 billion.
U.S. revenues decreased 7% to $7.9 billion, while international revenues dipped 2% to $3.3 billion but increased 2% when excluding foreign exchange effects. The company also noted that its Legacy Portfolio was impacted by the U.S. Medicare Part D redesign.