Bristol Myers Q1 Earnings Surpass Street Expectations, Lowers FY22 Guidance

Bristol-Myers Squibb Co BMY has posted Q1 revenues of $11.65 billion, an increase of 5% Y/Y (7% constant currency), beating the consensus of $11.36 billion.
Eliquis, Opdivo, cell therapy products, and Reblozyl drove sales growth.
Eliquis sales increased 11% to $3.21 billion, Opdivo sales increased 12% to $1.92 billion, and Yervoy sales clocked a 13% jump to $515 million.
Adjusted EPS of $1.96 came ahead of the consensus of $1.91 and 13% higher than the $1.74 posted a year ago.
U.S. revenues increased 10% to $7.7 billion, and International revenues decreased 3% to $4 billion.
Adjusted gross margin increased from 78.1% to 79.2% in the quarter, primarily driven by foreign exchange.
Guidance: Bristol Myers expects FY22 adjusted EPS of $7.44 - $7.74, below the previous guidance of $7.65 - $7.95, compared to the consensus of $7.73.
Revenues are expected to be in-line with 2021 (prior view $47 billion, increasing low-single digits). The company posted FY21 revenue of $46.4 billion.
Revlimid sales are expected to be $9 billion - $9.5 billion, compared to the prior range of $9.5-$10 billion.
In-line Products & New Product Portfolio is expected to grow in the low-double digits and contribute approximately $36.5 billion in FY22.
Price Action: BMY shares are down 1.58% at $75.98 during the premarket session on the last check Friday.