Bristol-Myers Q2 Results Beat Market; Updates FY25 Outlook Above Street; Stock Up In Pre-market

(RTTNews) - Drug maker Bristol-Myers Squibb Co. (BMY) reported Thursday lower profit in its second quarter, despite slightly higher revenues. However, adjusted earnings and top line beat market estimates.

Further, the company trimmed fiscal 2025 adjusted earnings view, and raised revenue forecast. Both outlook is above the Street.

In pre-market activity on the NYSE, Bristol-Myers shares were gaining around 3.5 percent to trade at $47.65

For fiscal 2025, the company now expects adjusted earnings per share in a range of $6.35 to $6.65, compared to previously expected adjusted earnings of $6.70 to $7.00 per share.

The outlook includes an unfavorable $0.57 per share impact from the BioNTech Acquired IPRD charge in the second quarter.

Further, Bristol Myers Squibb now expects revenue in a range of approximately $46.5 billion to $47.5 billion, higher than previously expected approximately $45.8 billion to $46.8 billion. The revision reflects the strength of the Growth Portfolio, better-than-expected Legacy Portfolio sales in the second quarter, and a favorable impact of approximately $200 million related to foreign exchange rates.

The Wall Street analysts on average expect the company to report earnings of $6.32 per share on revenues of $46.26 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 the second quarter, net income attributable to Bristol Myers Squibb was $1.31 billion or $0.64 per share, lower than last year's $1.68 billion or $0.83 per share a year ago.

Adjusted earnings were $3.0 billion or $1.46 per share, compared to $4.2 billion or $2.07 per share last year. Analysts had expected the company to earn $1.10 per share.

Both reported and adjusted include net impact of $0.57 due to the Acquired IPRD charge associated with the BioNTech strategic partnership.

Total revenues edged up 1 percent to $12.27 billion from last year's $12.20 billion. Revenues were flat on a constant currency basis. The Street expected revenues of $11.38 billion.

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