Yahoo Finance Bristol-Myers' (BMY) to Report Q1 Earnings: What You Should Know
Bristol-Myers Squibb Company BMY is scheduled to report first-quarter 2024 results on Apr 25, before market open. In the previously reported quarter, the company’s earnings beat estimates by 11.84%.
Bristol Myers Squibb Company Price, Consensus and EPS Surprise
Bristol Myers Squibb Company price-consensus-eps-surprise-chart | Bristol Myers Squibb Company Quote
Factors at Play
Total revenues in the first quarter are likely to have been boosted by growth in in-line product revenues and new product portfolio revenues. The Zacks Consensus Estimate for total revenues in the first quarter is pegged at $11.4 billion.
Increased sales of the key immuno-oncology drug Opdivo on consistent label expansions for newer metastatic and adjuvant indications are likely to have boosted the top line in the first quarter. Opdivo’s demand is also being driven by growth in the first-line lung, upper gastrointestinal and adjuvant bladder cancer indications. Both the Zacks Consensus Estimate and our model estimate for Opdivo’s sales are pegged at $2.3 billion.
The blood thinner drug Eliquis is one of the top revenue generators for BMY. The solid performance of the drug in the United States is likely to have continued in the to-be-reported quarter. However, pricing pressure and generic competition in have pulled down total sales in the previous quarters and the trend has likely continued in the first quarter of 2024. The Zacks Consensus Estimate and our estimate for Eliquis’ sales are pegged at $3.6 billion and $3.5 billion, respectively.
The Zacks Consensus Estimate for Pomalyst’s first-quarter sales is pegged at $828 million and our estimate for the same is pinned at $828 million.
The Zacks Consensus Estimate and our estimate for Yervoy sales are pegged at $552 million and $534 million, respectively.
Among the new products, Reblozyl posted solid growth in the last reported quarter, driven by strong demand and a broad label in the first-line setting in the United States. We note that the FDA had earlier approved Reblozyl (luspatercept-aamt) as a first-line treatment for anemia in adults with lower-risk myelodysplastic syndromes who may require transfusions. Reblozyl continues to be launched in different markets across the globe. These factors are expected to have fueled sales in the first quarter as well.
The Zacks Consensus Estimate and our estimate for Reblozyl’s sales are pinned at $325 million and $341.5 million, respectively.
Strong growth in Opdualag (first-line melanoma) sales is likely to have fueled top-line growth in the first quarter. The Zacks Consensus Estimate and our estimate for Opdualag’s sales are pinned at $202 million and $201.5 million, respectively.
Breyanzi’s sales have likely seen sequential growth, primarily driven by growth in demand in second-line and third-line large B cell lymphoma indications and the increased manufacturing capacity.
Zeposia’s sales are likely to have increased, driven by increased demand in multiple sclerosis and ulcerative colitis indications. However, Abecma's revenues are being impacted by competition in the United States. The decline in Revlimid’s revenues from generic erosion across several countries has likely pulled down the top line.
Operating expenses are projected to have increased due to additional costs of the Mirati acquisition and investment in new product launches.
Recent Key Developments
BMY recently acquired commercial-stage oncology company Mirati Therapeutics, Inc. for $58.00 per share in cash, amounting to a total equity value of $4.8 billion. The acquisition added Mirati’s lung cancer drug Krazati (adagrasib) to BMY’s strong oncology portfolio.
Bristol-Myers also acquired Karuna Therapeutics, Inc. The acquisition added KarXT (xanomeline-trospium), an antipsychotic with a novel mechanism of action and a differentiated efficacy and safety profile, and Karuna’s early-stage and pre-clinical pipeline to its portfolio. Moreover, the recent acquisition of RayzeBio added its proprietary radiopharmaceutical platform, along with its innovative pipeline of potentially first-in-class and best-in-class actinium-based radiopharmaceutical therapeutics, to Bristol-Myers’ oncology portfolio.
Earnings Surprise History
BMY’s earnings beat estimates in three of the trailing four quarters and missed in the remaining one, delivering an average surprise of 4.24%.
What Our Model Predicts
Our proven model does not conclusively predict an earnings beat for Bristol-Myers this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is not the case here, as you will see below.
Earnings ESP: Earnings ESP for BMY is 0.0%, as both the Zacks Consensus Estimate and Most Accurate Estimate stand at -$4.51 per share. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.
Zacks Rank: The company currently carries a Zacks Rank #3.
Share Price Performance
The company’s shares have lost 3.8% in the year-to-date period compared with the industry's 11.1% decline.
Image Source: Zacks Investment Research
Stocks to Consider
Here are some drug/biotech stocks that have the right combination of elements to beat on earnings this time around.
Oncolytics Biotech ONCY has an Earnings ESP of +5.88% and a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
ONCY beat on earnings in three of the trailing four quarters and missed in the remaining one, delivering an average surprise of 5.20%.
Fate Therapeutics FATE has an Earnings ESP of +2.53% and a Zacks Rank #3 at present.
FATE beat on earnings in each of the trailing four quarters, delivering an average surprise of 28.86%. Shares of FATE have risen 28.1% in the past year.
Omega Therapeutics OMGA has an Earnings ESP of +7.25% and a Zacks Rank #2 at present.
OMGA beat on earnings in three of the trailing four quarters and missed in the other one, delivering an average surprise of 16.04%.
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Bristol Myers Squibb Company (BMY) : Free Stock Analysis Report
Oncolytics Biotech Inc. (ONCY) : Free Stock Analysis Report
Fate Therapeutics, Inc. (FATE) : Free Stock Analysis Report
Omega Therapeutics, Inc. (OMGA) : Free Stock Analysis Report
