Bristol-Myers beats by $0.01, beats on revs; raises low end of FY17 EPS
- Reports Q2 (Jun) earnings of $0.74 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.73; revenues rose 5.6% year/year to $5.14 bln vs the $5.09 bln Capital IQ Consensus. Revenues increased 7% when adjusted for foreign exchange impact. U.S. revenues increased 7% to $2.9 billion in the quarter compared to the same period a year ago. International revenues increased 4%. When adjusted for foreign exchange impact, international revenues increased 7%. Gross margin as a percentage of revenue decreased from 75.2% to 69.6% in the quarter primarily due to product mix and a $127 million impairment charge in connection with the expected sale of manufacturing operations in Swords, Ireland.
- Co issues in-line guidance for FY17, sees EPS of $2.90-3.00 from $2.85-3.00, excluding non-recurring items, vs. $2.94 Capital IQ Consensus Estimate