Bristol Myers Squibb Co. BMY posted net income of $2.262 billion, or $1.07 a share, for the first quarter, up from $1.278 billion, or 59 cents a share, in the year-earlier period. Adjusted per-share earnings came to $2.05, ahead of the $1.97 FactSet consensus. Revenue fell 3% to $11.337 billion from $11.648 billion, below the $11.496 billion FactSet consensus. The revenue decline was driven by Revlimid generic erosion and the strong dollar. Sales of Revlimid, a multiple myeloma treatment, fell 24% to $1.541 billion. The company is still expecting full-year revenue growth of 2% but raised its EPS guidance to a range of $4.10 to $4.40 from $4.03 to $4.33 in February. It still expects full-year adjusted EPS of $7.95 to $8.25. The stock was up 0.5% premarket but has fallen 10% in the year to date, while the S&P 500 has gained 5.6%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.