Bristol Myers Squibb posted an adjusted (non-GAAP) loss of $4.40 per share for the first quarter of 2024, compared with EPS of $2.05 a year earlier, despite revenue growth of 5% to nearly 11.9 billion (+6% at constant exchange rates).

The pharmaceutical company explains this heavy loss by the non-recurring net impact of acquired IPRD charges and license revenues from recently concluded transactions, an impact amounting to $6.30 per share.

These charges have led the Group to drastically update its target range for adjusted EPS for the current year: it now expects it to be between $0.40 and $0.70, instead of the previous estimates of $7.10 to $7.40.

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