Shares of Bristol Myers Squibb Co. (BMY) dropped 2.2% in premarket trading on Thursday following the drugmaker's disappointing second-quarter earnings report. The company also slashed its full-year outlook due to a faster-than-anticipated decline in sales of its cancer treatment drug, Revlimid.

Earnings and Revenue

In the second quarter, Bristol Myers Squibb reported a net income of $2.07 billion, or 99 cents per share, compared to $1.42 billion, or 66 cents per share, in the same period last year. However, the adjusted earnings per share of $1.75 fell short of the FactSet consensus estimate of $1.98.

The company's revenue for the quarter declined by 5.6% to $11.23 billion, below the FactSet consensus estimate of $11.81 billion. Notably, sales of Revlimid plummeted by 41%.

Revised Guidance for 2023

Looking ahead, Bristol Myers Squibb revised its guidance for 2023. The company now expects earnings per share to range between $7.35 and $7.65, down from the previous range of $7.95 to $8.25. Additionally, revenue growth is projected to experience a low single-digit percentage decline, instead of an anticipated increase of about 2%.

The new sales forecast for Revlimid is around $5.5 billion, compared to the earlier estimate of $6.5 billion.

Stock Performance

Over the past three months, Bristol Myers Squibb's stock has declined by 6.2%. In contrast, the S&P 500 has advanced by 10.4% during the same period.

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