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(Sharecast News) - Shares in pharmaceutical giant Bristol Myers Squibb headed south in early trading as its solid Q4 revenue performance was offset by FY25 guidance that fell short of Wall Street expectations.
Bristol Myers Squibb posted a Q4 net income of $72.0m, down from $1.8bn a year earlier, while revenue rose 8% year-on-year to $12.34bn. Excluding certain items, it posted adjusted earnings per share of $1.67 for Q4, ahead of expectations of $1.46 per share.
However, Bristol Myers Squibb's FY25 guidance fell short of expectations and warned that some of its older drugs were facing competition from cheaper generics.
Bristol Myers expects revenue to come in around $45.5bn, below the $47.36bn expected by analysts, while its revenue guidance also pointed to an approximately $500.0m negative impact from FX headwinds.
The New York-based firm also noted that it still plans to cut $1.5bn in costs by the end of FY25, with the money saved set to be invested into drug development.
As of 1415 GMT, Bristol Myers Squibb shares were down 3.70% in pre-market trading at $57.50 each.
Reporting by Iain Gilbert at Sharecast.com
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