logo-loader
viewBristol-Myers Squibb Co

Bristol-Myers Squibb drops on surprise third quarter profits miss

Third quarter profits slumped to US$845mln or 51 cents per share from US$1.20bn or 72 cents a share in the year-earlier period

cancer cells
Sales of BMY’s Opdivo cancer immunotherapy were strong, despite fierce competition from the likes of Merck in that space

Shares in Bristol Myers Squibb Co (NYSE:BMY) slipped in pre-market trade on Thursday after the pharmaceutical giant’s third quarter profits missed expectations, despite revenues coming ahead of Wall Street forecasts.

The New York-based group, which has a market cap in excess of US$100bn, saw revenues rise to US$5.25bn (Q3 2016: US$4.92bn) in the three months ended September 30, ahead of the US$5.19bn expected by analysts.

Bristol couldn’t translate the top-line beat into higher profits, which instead slumped to US$845mln or 51 cents per share from US$1.20bn or 72 cents a share in the year-earlier period.

Adjusted earnings per share for the quarter was 75 cents, below the consensus forecast of 77 cents.

Strong sales of BMY’s Opdivo and Empliciti cancer drugs couldn’t offset poor performance from a host of others, including skin cancer treatment Yervoy, Eliquis deep vein thrombosis pills and rheumatoid arthritis drug Orencia.

As for its full-year outlook, Bristol decreased its EPS guidance to between US$2.36 and US$2.46 (from US$2.66 to US$2.76), although it did increase its adjusted EPS guidance to US$2.95 to US$3.05 (from US$2.90 to US$3.00).

Dr Giovanni Caforio, chairman and chief executive officer, said: “Looking forward, our focus is on continuing to deliver strong commercial performance, advance our pipeline and ensure our resources are applied to priority areas of our portfolio for sustainable, long-term growth.”

Shares were down 1.6% to US$63 in pre-market trade.

Quick facts: Bristol-Myers Squibb Co

Price: 59.48 USD

NYSE:BMY
Market: NYSE
Market Cap: $139.43 billion
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Fidelity Minerals sees exciting road ahead for company with...

Fidelity Minerals (CVE: FMN) CEO Ian Graham joined Steve Darling from Proactive Vancouver on Skype to provide a corporate update. Graham discussed the latest on the recent sale of their Cerro Dorado asset and why they decided to do a share consolidation. Graham also discusses the shift in...

1 hour, 59 minutes ago

2 min read