Shares of Bristol Myers Squibb (BMY) rose in trading after reporting strong second-quarter results. The company’s adjusted earnings came in at $2.07 per share, an 18% increase year-over-year, which exceeded analysts’ expectations of $1.62 per share.
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BMY’s Q2 Revenue Breakdown
The pharmaceutical company generated Q2 revenues of $12.2 billion, up 9% year-over-year and surpassing analysts’ expectations of $11.5 billion. This revenue increase was driven by BMY’s growth portfolio, which includes new products as well as established brands like the cancer immunotherapy Opdivo.
The growth portfolio saw an 18% year-over-year increase in revenues, reaching $5.6 billion in the second quarter. Opdivo sales increased 11% year-over-year to $2.4 billion, while Reblozyl sales rose 82% to $425 million. Opdivo accounted for more than 15% of BMY’s total Q2 sales of $12.2 billion.
BMY’s FY24 Outlook
Looking at the company’s robust results, BMY raised its guidance for FY24. The company now expects its revenues to grow at the upper end of the low single-digit range with diluted EPS likely to be between $0.60 and $0.90 per share. This is above its prior forecast of earnings in the range of $0.40 to $0.70 per share and analysts’ expectations of earnings of $0.51 per share.
Is BMY a Good Stock to Buy?
Analysts remain sidelined about BMY stock, with a Hold consensus rating based on four Buys, nine Holds, and two Sells. Over the past year, BMY has declined by more than 15%, and the average BMY price target of $48.85 implies a downside potential of 0.3% from current levels. These analyst ratings are likely to change following BMY’s results today.
