=Bristol-Myers (BMY) reported earnings on Thur 27 Oct 2016 (b/o)

Bristol-Myers beats by $0.12, beats on revs; raises FY16 EPS above consensus; guides FY17 EPS in-line; adds to buyback, announces new operating model  :

• Reports Q3 (Sep) earnings of $0.77 per share, excluding non-recurring items, $0.12 better than the Capital IQ Consensus of $0.65; revenues rose 21.0% year/year to $4.92 bln vs the $4.8 bln Capital IQ Consensus. Global revenues increased 22% adjusted for foreign exchange impact. Excluding Erbitux, global revenues increased 26% or 27% adjusted for foreign exchange impact. U.S. revenues increased 36% to $2.8 billion in the quarter compared to the same period a year ago. International revenues increased 5%. When adjusted for foreign exchange impact, international revenues increased 7%. Gross margin as a percentage of revenues was 73.5% in the quarter compared to 73.0% in the same period a year ago.
  • Opdivo sales +202% to $920 mln, just shy of estimates 
  • Yervoy sales +19% to $285 mln, above estimates.
• Co issues upside guidance for FY16, sees EPS of $2.80-2.90 (from $2.55-2.65), excluding non-recurring items, vs. $2.63 Capital IQ Consensus Estimate. Worldwide revenues increasing in the high-teens. Gross margin as a percentage of revenues to be ~75%.
• Co issues in-line guidance for FY17, sees EPS of $2.85-3.05, excluding non-recurring items, vs. $2.92 Capital IQ Consensus Estimate.  
• Bristol-Myers Squibb today announced its Board of Directors approved a new $3 billion repurchase authorization for the Company's common stock. This is incremental to the current repurchase program, announced in June 2012, under which the Company has approximately $1.1 billion remaining.
• Bristol-Myers Squibb announced an evolution of its operating model to drive the company's continued success in the near and long term through a more focused investment in commercial opportunities against key brands and markets, a competitive and more agile R&D organization that can accelerate the pipeline, streamlined operations and realigned manufacturing capabilities that broaden biologics capabilities to reflect current and future portfolio. The new operating model will enable the company to deliver the strategic, financial and operational flexibility necessary to invest in the highest priorities across the company.