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Bristol-Myers Squibb’s 1Q18 Earnings Beat Wall Street Estimates

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Nov. 20 2020, Updated 11:57 a.m. ET

Bristol-Myers Squibb’s 1Q18 performance

Bristol-Myers Squibb (BMY) beat Wall Street analysts’ estimates for earnings per share (or EPS) and revenues in 1Q18. It reported EPS of $0.94 on revenues of $5.2 billion in 1Q18 today, compared to analysts’ estimates for EPS of $0.85 on revenues of $5.2 billion.

The above graph compares the revenues and EPS for Bristol-Myers Squibb since 1Q17.

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Revenues and EPS 

Bristol-Myers Squibb reported revenues of ~$5.2 billion in 1Q18, reflecting ~5% growth in revenues—compared to ~$4.9 billion in 1Q17. This higher revenue includes growth of ~1% at constant exchange rates and a ~4% favorable impact of foreign exchange. Bristol-Myers Squibb reported EPS of $0.94 for 1Q18, compared to EPS of $0.84 for 1Q17.

Segment performance  

Bristol-Myers Squibb has restructured its business into a single segment. However, the drugs are classified into two categories, based on the brands.

Prioritized brands include key products like Opdivo, Eliquis, Orencia, Empliciti, Sprycel, and Yervoy. The total revenues for prioritized brands increased by over 21% to $4.3 billion in 1Q18, compared to revenues of ~$3.6 billion for 1Q17. In 1Q18, Opdivo saw 34% growth in sales to $1.5 billion. Meanwhile, Eliquis saw 37% growth in sales to $1.5 billion, Orencia reported 4% growth in sales to $593 million, and Empliciti reported 4% growth in sales to $55 million. Sprycel and Yervoy reported lower sales in 1Q18.

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Established brands include HIV products, Hepatitis B products (or HBV products), Hepatitis C products (or HCV products), and other brands. The total revenues for established brands decreased ~36.3% to $841 million in 1Q18, compared to $1.3 billion in 1Q17. The decline was driven by lower sales for all the drugs under established brands, including Baraclude, the Sustiva franchise, the Reyataz franchise, and HCV products.

Changes in 2018 guidance  

Bristol-Myers Squibb also revised its 2018 guidance along with its 1Q18 earnings. The company increased the guidance range for non-GAAP (generally accepted accounting principles) EPS to $3.35–$3.45 for fiscal 2018, compared to the previous guidance range of $3.15–$3.30.

The Healthcare Select Sector SPDR ETF (XLV) invests 2.7% of its portfolio in Bristol-Myers Squibb (BMY), 5.2% in Merck & Co. (MRK), 2.5% in Eli Lilly and Co. (LLY), and 10.9% in Johnson & Johnson (JNJ).

Check out all the data we’ve added to our quote pages. Now you can get a valuation snapshot, earnings and revenue estimates, and historical data as well as dividend info. Take a look!

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