Bristol-Myers Squibb Earnings: BMY Stock Jumps 2% on Q2 Beats

Bristol-Myers Squibb (NYSE:BMY) earnings for the second quarter of fiscal year 2020 have BMY stock higher on Thursday. This is after reporting revenue of $10.1 billion, which is above Wall Street’s estimate of $9.97 billion. Additionally, the company also reported adjusted earnings per share (EPS) of $1.63, while analysts were expecting $1.48 for the quarter.

Bristol-Myers (BMY) logo at the top of a cellphone.

Source: Piotr Swat / Shutterstock.com

Moreover, Bristol-Myers Squibb also reported GAAP losses per share of 4 cents during the period.

Now let’s see what else is worth mentioning from the most recent BMY stock earnings report.

  • Revenue for the quarter comes in 61% higher compared to $6.27 billion during the same time last year.
  • Adjusted EPS was up 38% from $1.18 during Q2 2019.
  • Bristol-Myers Squibb’s earnings also includes a net loss of $85 million.
  • That is much worse than net income of $1.44 billion from the second quarter of 2019.

Giovanni Caforio, M.D., chairman and CEO of Bristol-Myers Squibb, said this about the BMY stock earnings report:

“Our second quarter results reflect the passion and focus of our employees, who continue to introduce new medicines, support patients with serious diseases and deliver strong results during the COVID-19 pandemic. Our teams drove strong commercial execution while continuing to progress our integration initiatives. With several new product launches and the achievement of multiple milestones from our late-stage pipeline, I am confident that we are building a leading biopharma with a renewed portfolio of transformational medicines. Our financial flexibility and continued opportunities to invest in innovation position us well to deliver for the long-term.”

The company also announced that it is updating its previous EPS guidance range of $6.00-$6.20 to $6.10-$6.25 for FY2020. Additionally, Bristol-Myers Squibb is also expecting revenue of between $40.5 billion and $42 billion during the period. Meanwhile, Wall Street analysts are calling for EPS of $6.20 on revenue of $41.9 billion for FY2020.

BMY stock was up 2.4% as of Thursday morning.

Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2020/08/bristol-myers-squibb-earnings-bmy-stock-jumps-2-on-q2-beats/.

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