Bristol-Myers Squibb Co BMY delivered better than expected results for the third quarter. The company boosted its EPS outlook for the year 2016 and initiated guidance for 2017.
- Reports adjusted EPS of $0.77, beats by $0.12.
- Delivers revenue of $4.9 billion, tops by $0.11 billion.
- Boosts Adjusted EPS forecast from $2.55-$2.65 to $2.80-$2.90 for the year 2016 versus analysts estimate of $2.63.
- Initiates adjusted EPS outlook of $2.85-$3.05 for the year 2017. Analysts' expect $2.91.
- Announces $3 billion share buyback authorization.
Bristol-Myers CEO Giovanni Caforio commented, "Our third quarter was marked by strong commercial execution and solid trends across our products and geographies…. As we focus on the future, we are evolving our operating model to more effectively focus resources on key priorities and simplify execution to deliver sustainable growth and to speed transformational medicines to patients."
Following the results, the stock gained 4.08 percent to $51.30 in the pre-market session.
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