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Bristol-Myers Q1 Results Beat View; Cuts 2020 GAAP Profit Outlook

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Biopharmaceutical company Bristol-Myers Squibb Co. (BMY) reported a loss in the first quarter, compared to profit last year. The company cut its GAAP earnings per share and revenue outlook for fiscal year 2020. But it reaffirmed annual adjusted profit guidance.

Both adjusted earnings per share for the quarter and revenue beat analysts' estimates.

The company lowered its 2020 GAAP earnings per share guidance to a range of $0.37 - $0.57, from the prior range of $0.75 - $0.95 per share.

The company now projects revenues for fiscal year 2020 to be between $40.0 billion and $42.0 billion, compared to the previous outlook of $40.5 billion and $42.5 billion. Analysts expect revenues of $41.65 billion for fiscal year 2020.

In addition, the company affirmed its 2020 non-GAAP earnings per share guidance in a range of $6.00 to $6.20. Analysts expect annual earnings of $6.17 per share.

The company also affirmed 2021 non-GAAP earnings per share guidance in a range of $7.15 to $7.45. Analysts expect annual earnings of $7.38 per share.

Bristol Myers reported that its net loss attributable to the company for the first-quarter was $775 million or $0.34 per share, compared to net earnings of $1.71 billion or $1.04 per share, for the same period a year ago.

The latest-quarter results included costs and expenses resulting from purchase price accounting, contingent value rights fair value adjustments, and other acquisition and integration expenses.

Non-GAAP net earnings attributable to the company for the first-quarter was $4.0 billion, or $1.72 per share, compared to $1.8 billion or $1.10 per share, for the same period a year ago. Analysts polled by Thomson Reuters expected the company to report earnings of $1.49 per share for the first-quarter. Analysts' estimates typically exclude special items.

Revenues for the first-quarter were $10.78 billion, an increase of 82% on a reported basis and 13% on a pro forma basis, or 8% excluding the impact of the COVID-19 pandemic. Analysts expected revenues of $10.02 billion for the quarter.

The increase in revenue was driven primarily by the impact of the Celgene Acquisition, representing 71% of the growth. The latest-quarter benefitted by about $500 million due to COVID-19 related buying patterns. Revenues increased 83% when adjusted for foreign exchange.

U.S. revenues increased 96% to $6.8 billion in the quarter. International revenues increased 62% to $4.0 billion in the quarter. When adjusted for foreign exchange impact, international revenues increased 65%.

In Thursday pre-market trade, BMY is trading at $62.48, up $1.33 or 2.17 percent.

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