Bristol Myers Squibb (BMY) suffered a net loss of $11.9 billion, equivalent to $5.89 per share, during the first quarter, deviating significantly from a profitable position last year when it recorded a net income of $2.3 billion or $1.07 per share. Even when you discount for unusual transactions, the company still posted a net loss of $8.9 billion or $4.40 per share, compared to a net profit of $4.3 billion or $2.05 per share during the same period in the previous year. This loss was more considerable than the $4.44 per share estimated loss projected by a 17-analyst survey conducted by Thomson Reuters.
On the brighter side, Bristol Myers Squibb's total product sales showed a slight increase, rising from $11.05 billion last year to $11.56 billion for the reviewed quarter. Overall revenues rose by 5% to $11.9 billion—an improvement of 6% after adjusting for foreign exchange impacts. This increase was primarily due to successful product turnover in Eliquis, Reblozyl, and Opdualag. However, this achievement was slightly dwarfed by lower returns from Opdivo and Revlimid. Despite these setbacks, the company's revenues outperformed analyst average projections of $11.46 billion. Sales within the U.S market surged 7% up to $8.5 billion.
The company has had to readjust some of its 2024 targets, including the non-GAAP earnings per share (EPS) guidance, due to recent transactions. The overall impact of these deals was about $6.73. Consequently, the newly revised non-GAAP EPS guidance stands between $0.40 and $0.70. Analysts project the company's profit per share at about $0.65.
