Bristol-Myers Squibb Earnings: Revenues and Net Income DROP

S&P 500 (NYSE:SPY) component Bristol-Myers Squibb Company (NYSE:BMY) posted a decrease in profit as revenue declined. Bristol-Myers Squibb is a global company that develops, manufactures, and sells pharmaceutical products.

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Bristol-Myers Squibb Company Earnings Cheat Sheet for the Second Quarter

Results: Net income for the large-cap pharmaceutical fell to $645 million (38 cents per share) vs. $902 million (52 cents per share) a year earlier. This is a decline of 28.5% from the year-earlier quarter.

Revenue: Fell 18.2% to $4.44 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: Bristol-Myers Squibb Company fell short of the mean analyst estimate of 50 cents per share. Analysts were expecting revenue of $4.46 billion.

Quoting Management: “We have been preparing for the expected loss of exclusivity of Plavix and Avapro/Avalide for a number of years and I am pleased with our company’s progress as we look to the future,” said Lamberto Andreotti, chief executive officer, Bristol-Myers Squibb. “With the growth of a large number of key products from across our portfolio, the promising data from our immuno-oncology franchise presented at ASCO and the innovative planned acquisition of Amylin we are building a strong foundation for success.”

Key Stats:

A year-over-year revenue decrease last quarter snaps a streak of four consecutive quarters of revenue increases. The best quarter in that span was the second quarter of the last fiscal year, which saw revenue rise 14%.

After three quarters of profit increases, the company reported a profit increase last quarter. Net income rose 11.7% in the first quarter from the year earlier, while the figure rose 76.4% in the fourth quarter of the last fiscal year and 2.1% in the third quarter of the last fiscal year.

The company fell short of estimates last quarter after beating the mark the quarter before with net income of 64 cents versus a mean estimate of net income of 61 cents per share.

Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the third quarter is 42 cents per share, down from 44 cents ninety days ago. The average estimate for the fiscal year is now $1.94 per share, down from $1.96 sixty days ago.

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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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