Shares of Bristol Myers Squibb were down 2.5% in premarket trading on Wednesday after the company lowered guidance for earnings per share for the year. Bristol had earnings of $1.4 billion, or 66 cents per share, in the second quarter of 2022, compared with $1.0 billion, or 47 cents per share, in the same quarter a year ago. Adjusted earnings per share were $1.93, against a FactSet consensus of $1.77. The company reported revenue of $11.9 billion for the quarter, up from $11.7 billion a year ago. The FactSet consensus was $11.4 billion. This was driven by a 16% increase in revenue for the blood-thinner Eliquis, to $3.2 billion, and an 8% jump in revenue for its oncology therapy Opdivo, to $2.0 billion. The company lowered its full-year EPS guidance to $2.71 to $3.01 from $2.92 to $3.22. It did not change guidance for adjusted EPS; it is still expected to come in at $7.44 to $7.74. Bristol’s stock is up 18.1% this year, while the broader S&P 500 has declined 16.7%.
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