Bristol-Myers Squibb Co (NYSE:BMY) stock took a hit today after AstraZeneca plc (ADR) (NYSE:AZN) reported a failed drug test.

AstraZeneca plc (ADR)’s failed test was for lung cancer drug Imfinzi. The drug didn’t meet one of its primary endpoints during a Phase III trial. This resulted in AZN stock taking a dive today on news of the missed endpoint.

The reason that this matters to BMY stock is because it has a similar drug in testing. Bristol-Myers Squibb Co is testing a combination of Opdivo and Yervoy. Credit Suisse analysts warn that the similarity between the two drug tests may tamper expectations for BMY’s efforts. However, it also notes that the drop will seem blown out of proportion within a few months.

The bad news for BMY stock came at the same time that it released its earnings report for the second quarter of 2017. This includes earnings per share of 74 cents for the quarter. This is an increase over its earnings per share of 69 cents from the same time last year. Bristol-Myers Squibb Co was also able to match Wall Street’s earnings per share estimate.

When it comes to revenue, Bristol-Myers Squibb Co reported $5.14 billion for the second quarter of the year. The biopharmaceutical company reported revenue of $4.87 billion in the second quarter of 2016. Analysts were expecting BMY to report revenue of $5.09 billion for the second quarter of 2017.

Bristol-Myers Squibb Co also updated its guidance for the full year of 2017 in its most recent earnings report. The company now expects earnings per share for the year to range from $2.90 to $3.00. Previous expectations placed earnings per share between $2.85 and $3.00. Wall Street is looking for earnings per share of $2.95 for 2017.

BMY stock was down 3% as of noon Thursday and is down 8% year-to-date.

As of this writing, William White did not hold a position in any of the aforementioned securities.