Why Bristol-Myers Squibb (BMY) Shares Are Trading Lower Today - Bristol-Myers Squibb (NYSE:BMY)

Bristol-Myers Squibb Co BMY has posted Q2 revenues of $11.89 billion, an increase of 2% Y/Y, beating the consensus of $11.45 billion.
Eliquis, Opdivo, Abecma, Opdualag, and Reblozyl drove sales growth, partially offset by the loss of exclusivity products (primarily Revlimid) and foreign exchange impacts.
When adjusted for foreign exchange impacts, Q2 revenues increased 5%.
Eliquis sales increased 16% to $3.23 billion, Opdivo sales increased 8% to $2.06 billion.
Adjusted EPS of $1.93 came ahead of the consensus of $1.82 and 18% higher than the $1.63 posted a year ago.
Adjusted gross margin decreased from 79.8% to 78.3%, primarily driven by product mix.
Guidance: Bristol Myers reiterated FY22 adjusted EPS guidance of $7.44 - $7.74, compared to the consensus of $7.46.
Revenues are expected to be $46 billion (prior view of inline with 2021 of $46.4 billion) compared to the consensus of $46.24 billion.
Inline Products & New Product Portfolio is expected to grow in the low-double digits and contribute approximately $36 billion in FY22 (versus the $36.5 billion previously).
Price Action: BMY shares are down 1.67% at $72.40 during the premarket session on the last check Wednesday.

Bristol-Myers Squibb Expects Lower FY22 Sales Versus FY21