Shares of biopharmaceutical company Bristol Myers Squibb (NYSE:BMY) are trending lower today after it posted a mixed set of first-quarter numbers.
Revenue dropped 3% year-over-year to $11.3 billion, missing the cut by $290 million. EPS at $2.05, on the other hand, outperformed estimates by $0.08. The drop in the top line was attributable to Revlimid generic erosion and adverse foreign currency impact. This was partially offset by gains in Opdivo and Eliquis and new products including Opdualag, Abecma, and Reblozyl.
While U.S. sales inched up by 4%, the company’s international sales dropped by 16% during the quarter. Looking ahead, for the full-year 2023, BMY expects total revenue to rise by about 2% with Revlimid contributing about $6.5 billion in sales. EPS is expected to hover between $7.95 and $8.25.
Overall, the Street has a $77.13 consensus price target on BMY, implying a potential upside of 13.4% in the stock. That’s after a nearly 6% slide in the share price so far this year.
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