Bristol-Myers Squibb Stock Sinks 2.7% After Fourth-quarter Earnings Miss And Downbeat Outlook

By Emma Court Markets MarketWatch Pulse

Bristol-Myers Sqibb shares sunk 2.7% in pre-market trade Thursday after the company reported a fourth-quarter earnings miss and revenue beat. Earnings for the latest quarter were $894 million, or 53 cents per share. In the year-earlier period the company had a loss of $197 million, or 12 cents per share. Adjusted EPS was 63 cents, compared with the FactSet consensus of 67 cents. Revenue rose to $5.24 billion from $4.29 billion, beating the FactSet consensus of $5.12 billion. The company said global revenue growth was driven by sales for its blockbuster cancer drug Opdivo, along with drugs Eliquis, Orencia, Sprycel and Yervoy. Bristol-Myers confirmed its 2017 EPS guidance range of $2.47 to $2.67 and reduced its adjusted EPS guidance range to $2.70 to $2.90 from $2.85 to $3.05. Shares of Bristol-Myers have risen 0.5% over the last three months, compared with a 7.4% rise in the S&P 500 .

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