5 Stocks That Beat Profit Expectations

4. Bristol-Myers Squibb Company (NYSE:BMY)

Number of Hedge Fund Holders: 73

Shares of Bristol-Myers Squibb Company (NYSE:BMY) turned red on Wednesday, 27 October 2021, despite beating expectations for the third quarter. The biopharmaceutical giant earned $2 per share on an adjusted basis, up 23 percent from $1.63 per share in the comparable period of 2020. Analysts were looking for earnings of $1.92 per share.

Revenue for the quarter jumped 10 percent on a year-over-year basis to $11.62 billion, just ahead of the consensus forecast of $11.61 billion. The company attributed the latest performance to strong demand for Revlimid, Eliquis, and Opdivo.

If we break down the total revenue by region, U.S. revenue jumped 12 percent on a year-over-year basis to $7.3 billion. In comparison, international revenue rose eight percent to $4.3 billion in the quarter.

Looking forward, Bristol-Myers Squibb Company (NYSE:BMY) expects adjusted earnings in the range of $7.40 – $7.55 per share for the full year, compared to its previous forecast of $7.35 – $7.55 per share.

Commenting on the quarter, CEO Giovanni Caforio said:

“Our strong results reflect increased adoption of our new product portfolio and continued demand growth across all four core therapeutic areas. Our teams advanced the product portfolio and achieved significant regulatory and clinical milestones, including for the fixed-dose combination of relatlimab and nivolumab. Our deep and diverse product pipeline, commercial execution and financial flexibility provide a strong foundation that is enabling the company to bring new medicines that benefit patients with serious unmet needs, drive in-line product performance and deliver sustained growth.”