: Bristol Myers stock takes a hit from earnings miss and lower outlook amid disappointing Revlimid sales

Shares of Bristol Myers Squibb Co. BMY shed 2.2% in premarket trading Thursday, after the drugmaker missed second-quarter earnings expectations and cut its full-year outlook, amid a more rapid than expected decline in sales of its cancer treatment Revlimid. Net income rose to $2.07 billion, or 99 cents a share, from $1.42 billion, or 66 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $1.75 missed the FactSet consensus of $1.98. Revenue fell 5.6% to $11.23 billion, below the FactSet consensus of $11.81 billion, as Revlimid sales dropped 41%. For 2023, the company cut its guidance ranges for EPS to $7.35 to $7.65 from $7.95 to $8.25 and for revenue growth to a low single-digit percentage decline from an increase of about 2%. Revlimid sales are now expected to be about $5.5 billion, down from previous expectations of $6.5 billion. The stock has dropped 6.2% over the past three months through Wednesday, while the S&P 500 SPX has advanced 10.4%.

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