Bristol-Myers Squibb Co (NYSE:BMY) released its earnings report for the first quarter of the year of Thursday.

Earnings per share reported by Bristol-Myers Squibb Co for the first quarter of 2018 was 94 cents. This is up from its earnings per share of 84 cents from the same time last year. It also beat out Wall Street’s earnings per share estimate of 85 cents for the period.

During the first quarter of the year, Bristol-Myers Squibb Co reported net income of $1.50 billion. The pharmaceutical company reported net income of $1.53 billion in the first quarter of 2017.

Bristol-Myers Squibb Co’s earnings report for the first quarter of 2018 also includes revenue of $5.19 billion. This is an increase over the company’s revenue of $4.93 billion that was reported in the same period of the year prior. However, it fails to reach analysts’ revenue estimate of $5.24 billion for the quarter.

Bristol-Myers Squibb Co also updated its outlook in its most recent earnings report, but it isn’t all good news for investors. The company says it is lowering its GAAP earnings per share expectations for 2018 to between $2.70 and $2.80. It’s previous guidance for GAAP earnings per share was ranging from $3.00 to $3.15.

While Bristol-Myers Squibb Co is lowering its GAAP earnings per share estimate for 2018, it is also increasing its Non-GAAP earnings per share outlook for the year. It now expects Non-GAAP earnings per share for 2018 to range from $3.35 to $3.45. The previous guidance range was $3.15 to $3.30. Wall Street is estimating earnings per share of $3,26 for the year.

BMY stock was up slightly as of noon Thursday.

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