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Bristol Myer Squibb’s stock falls after cutting adjusted EPS for 2022

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Shares of Bristol Myers Squibb Co.
BMY,
+1.83%

were down 1.9% in premarket trading on Friday after the company told investors to expect less revenue from its cancer drug Revlimid and lower adjusted EPS for the full year of 2022. Bristol had net income of $1.2 billion, or 59 cents per share, in the first quarter of 2022, down from $2.0 billion, or 89 cents per share, in the same quarter a year ago. Adjusted earnings per share were $1.96, against the FactSet consensus of $1.91. The company said it had revenue of $11.6 billion in the first three months of the year, compared with $11.0 billion in the same quarter in 2021. The FactSet consensus was $11.3 billion. The blood thinner Eliquis, Bristol’s top-selling drug, brought in $3.2 billion in sales, up from $2.9 billion in the first quarter of last year. Its immuno-oncology therapy, Opdivo, also produced double-digit revenue growth, generating $1.9 billion in sales in the first quarter of 2022, up from $1.7 billion in the same quarter a year ago. Sales of Revlimid fell to $2.8 billion, compared with $2.9 billion in the same quarter a year ago. The company cut its guidance for the year, saying it now expects Revlimid sales to fall between $9.0 and $9.5 billion instead of $9.5 billion to $10.0 billion and adjusted EPS of $2.92 to $3.22 in 2022 instead of $3.37 to $3.67. Bristol’s stock has gained 23.8% this year, while the broader S&P 500
SPX,
+2.47%

is down 10.0%.

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