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Bristol-Myers Squibb Reiterates Non-GAAP EPS Guidance for 2019

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Non-GAAP EPS guidance

In its first-quarter earnings press release, Bristol-Myers Squibb (BMY) reiterated its non-GAAP (generally accepted accounting principles) EPS guidance of $4.10–$4.20.

Analysts expect Bristol-Myers Squibb’s non-GAAP EPS to rise 5.27% YoY (year-over-year) to $4.19 in 2019, 5.94% YoY to $4.44 in 2020, and 6.80% YoY to $4.74 in 2021.

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Analysts expect Bristol-Myers Squibb’s non-GAAP EPS to rise 4.22% YoY to $1.05 in the second quarter, fall 3.98% YoY to $1.05 in the third quarter, and rise 3.03% YoY to $0.97 in the fourth quarter of 2019.

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GAAP EPS estimates

In its first-quarter earnings press release, Bristol-Myers Squibb raised its GAAP EPS guidance from its previously projected range of $3.75–$3.85 to $3.84–$3.94.

Analysts expect Bristol-Myers Squibb’s GAAP EPS to rise 32.24% YoY to $4.01 in 2019, 6.91% YoY to $4.28 in 2020, and 7.83% YoY to $4.62 in 2021.

These estimates don’t assume a revenue contribution from its Celgene deal, as the transaction has yet to be completed.

Expense guidance

In its first-quarter earnings press release, Bristol-Myers Squibb reiterated its guidance for 2019 marketing, selling, and administrative expense growth. The company expects these expenses to fall by close to the mid-single digits on both a GAAP and a non-GAAP basis.

In its first-quarter earnings press release, Bristol-Myers Squibb revised its expected YoY GAAP R&D (research and development) expense decline from the mid-single digits to the high single digits for 2019. The company, however, reiterated its guidance of YoY non-GAAP R&D expense growth in the high single digits for 2019.

Opdivo and Eliquis

In the first quarter, Opdivo reported revenue of $1.80 billion, a YoY rise of 19%, while Eliquis reported revenue of $1.92 billion, a YoY rise of 28%. According to the company’s first-quarter earnings conference call, Opdivo and Eliquis are expected to lose their exclusivity in 2028 and 2026, respectively.

 

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