Bristol-Myers Squibb's stock gains 2% after adjusted earnings beat
Shares of Bristol-Myers Squibb gained 2.6% in premarket trading on Thursday after the drugmaker posted stronger-than-expected adjusted first-quarter earnings. The company had a loss of $755 million, or 34 cents per share, in the quarter, compared with earnings of $1.7 billion, or $1.04 per share, in the same quarter a year ago. Bristol cited a number of factors including acquisition and integration expenses for the Celgene Corp. acquisition, which closed in November. Adjusted earnings per share were $1.72, against a FactSet consensus of $1.49. Revenue for the quarter nearly doubled, to $10.8 billion, up from $5.9 billion, driven by the Celgene deal, which the company said made up 71% of that growth. The FactSet consensus was $10.7 billion in revenue. Celgene's chemotherapy Revlimid was the top-selling drug for the quarter, bringing in $2.9 billion, while sales of blood thinner Eliquis jumped 37% to $2.6 billion, up from $1.9 billion. The company updated its guidance for the year and now expects revenue of $40 billion to $42 billion. It now expects earnings per share of 37 cents to 57 cents, compared with its previous estimate of 75 cents to 95 cents. The company's stock is down 4.7% year-to-date, while the S&P 500 has fallen 11.8%.
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