Bristol-Myers Squibb (NYSE:BMY) reported better-than-expected earnings and revenue for the first quarter of 2024.
Still, BMY stock fell by 1.7% in premarket trading.
The company reported a loss per share of $4.40, compared to the estimated loss per share of $4.47. Revenue for the quarter reached $11.9 billion, exceeding the consensus projection of $11.46 billion.
The adjusted gross margin for the quarter was 75.5%, a decrease from 77.8% year-over-year but above the estimated 74.3%.
Bristol-Myers Squibb has updated its forecast for adjusted EPS for the year to range between 40 cents and 70 cents, significantly revising down from the previously anticipated range of $7.10 to $7.40. The new outlook incorporates the impact from the Karuna Therapeutics asset acquisition and SystImmune collaboration, the company said.
This new forecast includes the impact of acquired in-process research and development (IPRD) costing $6.30 per share, and reflects the dilution impacts from recent acquisitions: 13 cents per share from RayzeBio and 30 cents from the Karuna deal.
“We had a good start to 2024, with revenue growth, important advances in our pipeline and the closure of several strategically important transactions,” said Christopher Boerner, Ph.D., board chair and CEO of Bristol Myers Squibb.
“Our focus remains on strengthening the company's long-term growth profile. As a part of our continued evolution, we're executing a strategic productivity initiative that will allow us to be more agile, drive efficiency across the company, and prioritize investing in opportunities where we see the greatest potential to get the most promising medicines to patients as quickly as possible."