Why Bristol Myers Squibb Stock Is Sinking Today
Shares of Bristol Myers Squibb (NYSE: BMY) were down 8.3% as of 11:19 a.m. ET on Thursday. The sell-off came after the big drugmaker announced its first-quarter results before the market opened.
Bristol Myers Squibb reported Q1 revenue of $11.9 billion, up 5% year over year. The company posted a loss of $5.89 per share based on generally accepted accounting principles (GAAP) compared to a profit of $1.07 per share in the prior-year period. It also announced a non-GAAP loss of $4.40 per share, down from earnings of $2.05 per share in the first quarter of 2023.
The decline in Bristol Myers Squibb's share price today wasn't because of its Q1 numbers. The company's revenue came in above the consensus estimate of nearly $11.5 billion. Analysts also expected Bristol Myers Squibb to post a steeper loss of $4.44 per share.
Source Fool.com
