Bristol Myers Q3 Earnings In-line With Expectations, Raises Lower End Of FY21 Adjusted EPS Outlook

Bristol Myers Squibb & Co BMY has posted Q3 revenues of $11.6 billion, an increase of 10%, in line with the consensus estimate of $11.58 billion.
Sales growth was driven by Revlimid (+11%), Eliquis (+15%), Opdivo (+7%), and a new product portfolio.
Adjusted EPS of $2.00 came ahead of the consensus of $1.92 and 23% higher than 1.63 posted a year ago.
U.S. revenues increased 12% to $7.3 billion, and International revenues increased 8% to $4.3 billion.
Adjusted gross margin increased from 76.3% to 80.3%, primarily due to lower unwinding of inventory purchase price accounting adjustments.
FY21 Guidance: Bristol Myers updated its FY21 GAAP EPS guidance of $2.77 - $2.97 to $2.68 - $2.83 and adjusted EPS of $7.35 - $7.55 to $7.40 - $7.55
Price Action: BMY shares are up 0.26% at $58.39 during the premarket session on the last check Wednesday.

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