Shares of healthcare major Bristol-Myers Squibb (NYSE:BMY) are tanking today after the company delivered lower-than-expected second-quarter numbers on both top-line and bottom-line fronts.
Owing to lower Revlimid sales, revenue dropped 5.8% year-over-year to $11.2 billion, missing expectations by $610 million. EPS at $1.75 too missed the cut by $0.23. During the quarter, while U.S. revenue dropped by 5% to $7.9 billion, international revenue too declined by 8% to $3.3 billion. While Opdivo sales tracked higher, the company continues to see an impact from stiff generic competition. BMY’s new product portfolio though clocked a 79% year-over-year growth to $862 million in Q2.
Looking ahead, for full-year 2023, Revlimid sales are expected at $5.5 billion with total revenue anticipated to decline in the low single digit (previous outlook for a 2% growth). EPS for the year is now seen hovering between $7.35 and $7.65. In comparison, BMY had earlier pegged EPS for the year between $7.95 and $8.25.
Further, the company has also announced a share repurchase program worth $4 billion for the third quarter.
Overall, the Street has a $73.20 consensus price target on BMY alongside a Moderate Buy consensus rating.
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