Bristol Myers Q2 Earnings Slightly Ahead Of Estimates, Trims FY21 GAAP EPS Guidance - Bristol-Myers Squibb (NYSE:BMY)

Bristol Myers Squibb & Co BMY posted Q2 revenues of $11.7 billion, an increase of 16%, or 13%, when adjusted for foreign exchange, slightly above the consensus estimate of $11.3 billion.
Sales in the same period a year ago were negatively impacted by approximately $350 million of COVID-19-related channel inventory work downs.
Adjusted EPS of $1.93 came in marginally ahead of the consensus of $1.91 and 18% higher than 1.63 posted a year ago.
U.S. revenues increased 14% to $7.4 billion, and International revenues increased 18% to $4.3 billion.
Adjusted gross margin decreased from 80.5% to 79.8%, driven by foreign exchange and product mix.
Revlimid, Eliquis, Opdivo sales increased 11%, 29%, 16% to $3.2 billion, 2.8 billion, and 1.9 billion, respectively.
FY21 Guidance: Bristol Myers trimmed its 2021 GAAP EPS guidance of $3.18 - $3.38 to $2.77 - $2.97 and reaffirmed its adjusted EPS guidance range of $7.35 - $7.55 versus a consensus of $7.48.
it expects revenues to increase in the high-single digits, with an adjusted gross margin of around 80%
Price Action: BMY shares are up 0.09% at 67.55 during the premarket session on the last check Wednesday.