Bristol-Myers tops earnings estimates but lowers guidance

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Bristol-Myers Squibb Co. shares rose 0.9% after the company beat earnings estimates but lowered its full-year per-share earnings guidance. The New York-based drug company said it had net income of $1.353 billion, or 83 cents a share, in the quarter, down from $1.901 billion, or $1.16 a share, in the year-earlier period. Adjusted per-share earnings came to $1.17, ahead of the $1.07 FactSet consensus. Revenue rose 6% to $6.007 billion from $5.691 billion, also ahead of the FactSet consensus of $5.898 billion. The company said it is reducing its full-year guidance for EPS and adjusted EPS. It now expects EPS to range from $3.46 to $3.56, down from prior guidance of $3.73 to $3.83. It expects adjusted EPS of $4.25 to $4.35 from a prior range of $4.20 to $4.30. Shares have gained 9% in 2019, while the S&P 500 has gained 21%.