Bristol Myers Squibb Reports First Quarter Financial Results for 2023
Revenue Growth Driven by Strong Performance in Key Products
Earnings per Share Exceed Analyst Expectations
Bristol Myers Squibb Company (NYSE: BMY) today announced financial results for the first quarter ended March 31, 2023.
Key Financial Highlights:
- Revenue: $11.2 billion, an increase of 7% year-over-year
- GAAP net income: $2.0 billion, a decrease of 10% year-over-year
- Non-GAAP net income: $2.3 billion, an increase of 6% year-over-year
- GAAP diluted earnings per share: $0.67, a decrease of 11% year-over-year
- Non-GAAP diluted earnings per share: $0.78, an increase of 4% year-over-year
"We had a solid first quarter with strong revenue growth driven by the continued success of our key products," said Dave Ricks, Chairman and CEO of Bristol Myers Squibb. "Our performance reflects our commitment to innovation and delivering life-changing medicines to patients worldwide."
The company's revenue growth was primarily driven by strong demand for its oncology products, including Opdivo, Yervoy, and Reblozyl. These products accounted for approximately 60% of total revenue in the quarter.
Bristol Myers Squibb also announced that it is raising its full-year 2023 financial guidance due to its strong start to the year. The company now expects revenue to be between $46.5 billion and $47.5 billion, an increase from its previous guidance range of $46 billion to $47 billion. The company also raised its non-GAAP diluted EPS guidance to a range of $3.28 to $3.43, up from its previous guidance range of $3.23 to $3.38.
"We are encouraged by our progress in the first quarter and remain confident in our ability to deliver on our financial and strategic goals for the year," said Ricks. "We are committed to continuing to invest in innovation and bringing new medicines to market that improve the lives of patients."
Comments