Bristol-Myers Squibb's Quarterly Earnings Preview: What You Need to Know

Based in New York, New York, Bristol-Myers Squibb Company (BMY) is a global biopharmaceutical leader focused on discovering, developing, and delivering innovative medicines. With a market cap of $108.2 billion, BMY addresses unmet medical needs across therapeutic areas, including oncology, immunology, and cardiovascular health. The company is scheduled to announce its Q3 earnings before the market opens on Thursday, Oct. 31.

Ahead of the event, analysts expect BMY to report a profit of $1.52 per share, down 24% from $2 in the year-ago quarter. The company has consistently beaten Wall Street's earnings estimates in the last four quarters. 

Bristol Myers Squibb's adjusted earnings of $2.07 per share for the last quarter surpassed the consensus estimate by 26.2%. Strong drug sales and ongoing cost-cutting efforts fueled the company's Q2 2024 beat.

For fiscal 2024, analysts expect BMY to report EPS of $0.75, down 90% from $7.51 in fiscal 2023. 

BMY stock is up 4% on a YTD basis, underperforming the broader S&P 500 Index's ($SPX) 22.5% gains and the Health Care Select Sector SPDR Fund’s (XLV) 12.4% returns over the same time frame.

Despite the weak price momentum this year, shares of Bristol-Myers Squibb surged 11.4% on July 26 following its solid Q2 earnings report. The company reported revenue of $12.2 billion, surpassing the consensus estimates of $11.5 billion. 

The consensus opinion on BMY stock is cautious, with an overall “Hold” rating. Out of 24 analysts covering the stock, five advise a “Strong Buy” rating, 17 suggest a “Hold” rating, and two suggest a “Strong Sell.” This configuration is slightly bullish compared to three months ago when the stock had four “Strong Buy” ratings.

BMY's average analyst price target is $54.09, indicating a 1.3% potential upside from the current levels.

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On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.