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Bristol Myers posts strong revenue growth of 62% driven by Celgene Acquisition

  • Bristol Myers Squibb (NYSE:BMY) Q2 results:
  • Revenues: $10,129M (+61.5%).
  • Top sellers: Revlimid: $2,884; Eliquis: $2,163M (+6%); Opdivo: $1,653M (-9%); Orencia: $750M (4%); Pomalyst/Imnovid: $745M.
  • The increase in reported revenue was driven primarily by the impact of the Celgene Acquisition. Revenues remained consistent on a pro forma basis, as sales were estimated to be negatively impacted by ~$600M mainly due to COVID-19 disruptions.
  • Gross margin increased from 68.6% to 73.4% primarily due to product mix, partially offsetted by inventory purchase price accounting adjustments.
  • Net loss: ($85M) (-105.9%); loss/share: ($0.04) (-104.6%); non-GAAP Net Income: $3,750M (+93.4%); non-GAAP EPS: $1.63 (+38.1%).
  • 2020 guidance: revenues: $40.5B  - $42.0B from $40.0B - 42.0B. The average analyst consensus is $42B; EPS: ($0.06) - $0.09 from $0.37 - $0.57; non-GAAP EPS: $6.10 - $6.25 from $6.00 - $6.20. The mid-point for analyst expectation is $6.22.
  • While analyzing any company, financial strength and dividend safety are considered some of the most important factors. In that context, "BMY’s debt is rated A+ stable by the S&P, A- negative by Fitch and A2 negative by Moody’s" says, Chuck Walston in his article "Bristol-Myers Squibb: Growth And Valuation Trump Other Concerns" at SA.
  • Management projects debt will drop below 1.5X EBITDA by 2023.
  • Shares are up 3% premarket.
  • Previously: Bristol Myers Squibb EPS beats by $0.16, beats on revenue (Aug. 6)

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