Bristol-Myers Squibb Company (NYSE: BMY) shares moved higher after the company issued better-than-expected adjusted earnings and revenue growth guidance for the full year 2024.
The company estimates that adjusted earnings per share for the fiscal year will range from $7.10 to $7.40. This forecast is based on a low single-digit growth rate for global revenue overall.
Thomson Reuters reports that the company’s earnings per share for this year are projected to be $7.00, and analysts anticipate a 1.9 percent increase in revenue to reach $45.58 billion. This forecast relies on a survey conducted with twenty-three analysts.
In the fourth quarter, Bristol-Myers Squibb disclosed a net income attributable to the company of $1.76 billion, equivalent to $0.87 per share. This represents a decrease from the prior-year quarter figures of $2.02 billion or $0.95 per share. When excluding certain items, the adjusted net earnings per share for the quarter came in at $1.70, down from last year’s $1.82.
Bristol-Myers Squibb reported a 1% decrease in overall revenues for the quarter, coming in at $11.48 billion as opposed to $11.41 billion the year before. Analysts had anticipated earnings of $1.53 per share, with projected revenues for the quarter at $11.19 billion.
Bristol-Myers Squibb (NYSE: BMY) Stock Reaction
BMY stock rose 0.08% to close at $48.71 on Friday. The traders had exchanged hands with 27,886,822 (27.88 million) shares compared to the average daily trading volume of 15.22 million.
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