Bristol Myers Squibb (BMY) has adjusted its 2024 line-item guidance upwards. The company now projects non-GAAP EPS to be between $0.60 and $0.90, an increase from the previous range of $0.40 to $0.70. Additionally, total revenue is anticipated to reach the upper end of the low single-digit range, revised from the earlier low single-digit growth forecast. Analysts surveyed by Thomson Reuters had anticipated an EPS of $0.51, generally excluding special items.
For the second quarter, the company's GAAP net income attributable to shareholders stood at $1.7 billion, or $0.83 per share, down from $2.1 billion, or $0.99 per share, in the same period last year. Non-GAAP net earnings were $4.2 billion, or $2.07 per share, up from $3.7 billion, or $1.75 per share, the previous year. Analysts had, on average, expected an EPS of $1.63, according to Thomson Reuters.
Second-quarter revenues totaled $12.2 billion, reflecting a 9% increase—or 11% when adjusted for foreign exchange impacts—primarily driven by the Growth Portfolio and Eliquis. Analysts had, on average, estimated revenues of $11.55 billion. The Growth Portfolio's worldwide revenues surged to $5.6 billion from $4.7 billion, marking an 18% increase on a reported basis, or 21% after foreign exchange adjustments.
Additionally, Bristol Myers Squibb reported successful results from the Phase 3 trial assessing the efficacy and safety of cendakimab in patients with eosinophilic esophagitis, as it met both co-primary endpoints. The company plans to collaborate with investigators to present these findings at an upcoming medical conference.
Shares of Bristol Myers Squibb rose by 4% in pre-market trading on Friday.
