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Bristol Myers Squibb
posted third-quarter earnings and revenue that beat Wall Street estimates, but sales of drug Revlimid fell.
Bristol Myers
(ticker: BMY) posted third-quarter earnings of $2 a share on revenue of $10.97 billion. Analysts surveyed by FactSet were expecting the drugmaker to report earnings of $1.76 a share on revenue of $10.96 billion.
Last year, the company reported third-quarter earnings of $1.99 a share on revenue of $11.22 billion.
Bristol Myers
said that the decline in revenue was due to lower sales of cancer-fighting drug Revlimid.
Revlimid, which is a prescription drug used to treat adults with multiple myeloma, saw worldwide revenue decline by 41% from the prior year. This was due to generic competition and an increased number of patients who received the drug for free through the Bristol Myers Squibb Patient Assistance Foundation.
Bristol Myers also said it now expects fiscal 2023 earnings to be between $7.50 a share to $7.65 a share. The company previously expected earnings to be between $7.35 a share to $7.65 a share.
Shares of Bristol Myers were down 4.7% in premarket trading Thursday to $53.95. Coming into the session, the stock has dropped 21% in 2023.
Write to Angela Palumbo at [email protected]
Read the full article here
