Bristol-Myers Squibb (NYSE: BMY) reported Q3 EPS of $0.75, $0.02 worse than the analyst estimate of $0.77. Revenue for the quarter came in at $5.25 billion versus the consensus estimate of $5.2 billion.

2017 FINANCIAL GUIDANCE

Bristol-Myers Squibb is decreasing its 2017 GAAP EPS guidance range from $2.66 - $2.76 to $2.36 - $2.46 and is increasing its non-GAAP EPS guidance range from $2.90 - $3.00 to $2.95 - $3.05. Both GAAP and non-GAAP guidance assume current exchange rates. Key revised 2017 GAAP and non-GAAP line-item guidance assumptions include:

• Gross margin as a percentage of revenue to be approximately 71.5% for GAAP.
• Research and development expenses are increasing approximately 25% - 30% compared to 2016 for GAAP.
• An effective tax rate of approximately 25% - 26% for GAAP and approximately 22% for non-GAAP.

GUIDANCE:

Bristol-Myers Squibb sees FY2017 EPS of $2.90-$3.00, versus the consensus of $2.99.

• Increases Third Quarter Revenues 7% to $5.3 Billion
• Posts Third Quarter GAAP EPS of $0.51 and Non-GAAP EPS of $0.75
• Achieves Important Clinical and Regulatory Milestones in Immuno-Oncology
  • Opdivo Approved in the U.S. for Patients with Previously Treated Hepatocellular Carcinoma
  • Opdivo Approved in the U.S. for Adult and Pediatric Patients with MSI-H or dMMR Previously Treated Metastatic Colorectal Cancer
  • CheckMate -214 Study Evaluating Opdivo + Yervoy Stopped Early For Demonstrating Overall Survival Benefit
• Updates 2017 GAAP and Non-GAAP EPS Guidance

For earnings history and earnings-related data on Bristol-Myers Squibb (BMY) click here.