Bristol-Myers Squibb Earnings Cheat Sheet: Snaps Cold Streak With 32% Profit Growth

S&P 500 (NYSE:SPY) component Bristol-Myers Squibb Company (NYSE:BMY) reported net income above Wall Street’s expectations for the first quarter. Bristol-Myers Squibb Company is a global company which develops, manufactures and sells pharmaceutical products.

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Bristol-Myers Squibb Company Earnings Cheat Sheet for the First Quarter

Results: Net income for the drug manufacturer rose to $986 million (56 cents/share) vs. $743 million (43 cents/share) in the same quarter a year earlier. A rise of 32.7% from the year earlier quarter.

Revenue: Rose 4.2% to $5.01 billion YoY.

Actual vs. Wall St. Expectations: BMY beat the mean analyst estimate of 53 cents/share. Estimates ranged from 49 cents per share to 56 cents per share.

Quoting Management: “The strength of our financial and R&D performance in the first quarter confirms our ability to execute our focused BioPharma strategy and helps position us for long-term success,” said Lamberto Andreotti, chief executive officer, Bristol-Myers Squibb.

Key Stats: Last quarter’s profit increase breaks a streak of three consecutive quarters of year-over-year profit decreases. In the fourth quarter of the last fiscal year, net income fell 94% from the year earlier while the figure dropped 1.8% three quarters ago and 5.7% four quarters ago.

Gross margins grew 0.4 percentage point to 73.2%. The growth seemed to be driven by increased revenue, as the figure rose 4.2% from the year earlier quarter while costs rose 2.8%.

Over the last five quarters, revenue has increased 10.2% on average year over year. The biggest increase came in the fourth quarter of the last fiscal year, when revenue rose 74.9% from the year earlier quarter.

Competitors to Watch: Pfizer Inc. (NYSE:PFE), Merck & Co., Inc. (NYSE:MRK), Eli Lilly & Co. (NYSE:LLY), Sanofi-Aventis SA (NYSE:SNY), Abbott Laboratories (NYSE:ABT), Novartis AG (NYSE:NVS), Johnson & Johnson (NYSE:JNJ), Roche Holding Ltd. (RHHBY), GlaxoSmithKline plc (NYSE:GSK), and AstraZeneca plc (NYSE:AZN).

Today’s Performance: Shares of BMY are trading at $28.44 as of April 28, 2011 at 9:47 AM ET, up from the previous close.


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