Bristol Myers Squibb Reports 2Q Loss as Covid-19 Drags on Sales
August 06 2020 - 7:47AM
Dow Jones News
By Matt Grossman
Bristol Myers Squibb Co. swung to a second-quarter loss but
reported a larger-than-expected adjusted profit, as the coronavirus
pandemic damped sales.
The New York City-based pharmaceutical company reported a loss
in the latest quarter of $85 million, or 4 cents a share, compared
with a profit of $1.43 billion, or 87 cents a share, in the same
three-month period a year earlier.
On an adjusted basis, Bristol Myers Squibb earned a profit of
$1.63 a share. Analysts polled by FactSet had estimated the
company's adjusted profit would be $1.48 a share.
Revenue was $10.13 billion, up from $6.27 billion a year
earlier. The revenue growth reflected the addition of results from
Celgene Corp., which Bristol Myers Squibb acquired in a deal that
closed last fall.
On a pro-forma basis that estimated the company's revenue trend
had last year's second quarter included Celgene revenue, sales were
roughly flat.
Bristol Myers Squibb estimated that the Covid-19 pandemic
reduced sales by roughly $600 million in the quarter. The
pandemic's impact stemmed from inventory work-downs from the first
quarter, as well as fewer patient visits to doctors for
non-Covid-19 health complaints as people avoided social
settings.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
August 06, 2020 07:32 ET (11:32 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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