By Matt Grossman
Bristol-Myers Squibb Co. Thursday posted first-quarter revenue growth and a better earnings result than a year ago, though its sales and adjusted-profit figures came in below analysts' expectations.
The New York City-based pharmaceutical company logged earnings of 89 cents a share, compared with a loss of 34 cents a share in the same three-month period a year earlier. The company's total net earnings were $2.02 billion, compared with a loss of $775 million a year ago.
On an adjusted basis, Bristol-Myers's earnings were $1.74 a share. Analysts polled by FactSet had forecast adjusted earnings of $1.81 a share.
Revenue grew to $11.07 billion, from $10.78 billion in the prior-year period. Analysts were expecting revenue of $11.13 billion. The revenue growth was driven by sales of drugs such as Revlimid and Eliquis, partially offset by declines from Opdivo and Sprycel.
Marketing, selling and administrative expenses grew by 4% to $1.67 billion amid higher advertising and promotion expenses. Research and development spending dropped by 6% to $2.23 billion.
Bristol-Myers maintained its previously issued guidance for full-year adjusted earnings of $7.35 to $7.55 a share, forecasting world-wide revenue growth in the high single digits. Analysts surveyed by FactSet have been forecasting full-year adjusted earnings of $7.48 a share, on revenue of $46.29 billion.
Write to Matt Grossman at email@example.com
(END) Dow Jones Newswires
April 29, 2021 07:35 ET (11:35 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.