Drug maker Bristol-Myers Squibb Co. (BMY), while reporting a profit in its first quarter compared to prior year's loss, despite weak revenues, on Thursday raised forecast for fiscal 2025 earnings and revenues. Quarterly adjusted earnings and top line beat market estimates.
In pre-market activity on the NYSE, Bristol-Myers shares were gaining around 1.4 percent to trade at $49.21.
For fiscal 2025, the company raised the midpoint of its adjusted earnings per share guidance by $0.15 per share to an expected range of $6.70 to $7.00 from previous estimate of $6.55 to $6.85.
The company increased its full-year revenue guidance to a range of approximately $45.8 billion to $46.8 billion from approximately $45.5 billion expected earlier.
The Wall Street analysts on average expect the company to report earnings of $6.74 per share on revenues of $45.76 billion. Analysts' estimates typically exclude special items.
The outlook revision reflects the strong performance of the Growth Portfolio, better-than-expected Legacy Portfolio sales in the first quarter of 2025, and a favorable impact of approximately $500 million related to foreign exchange rates, the company said.
In its first quarter, net earnings attributable to the company was $2.46 billion or $1.20 per share, compared to prior year's loss of $11.91 billion or $5.89 per share.
Adjusted net earnings were $3.7 billion or $1.80 per share, compared to a net loss of $8.9 billion or $4.40 per share last year.
Total revenues dropped 6 percent to $11.20 billion from last year's $11.87 billion.
Analysts expected earnings of $1.50 per share on revenues of $10.71 billion for the quarter.
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