-- Bristol-Myers Squibb's (BMY) Q1 results are expected to come in line with consensus, but weaker oncology sales and one-off factors are likely to give way to volatility, RBC Capital Markets said Friday in a note.
The investment firm said the quarter will be difficult to model due to volatility from destocking patterns, tough year-over-year comparisons, policy impacts and generic phasing dynamics.
RBC said it estimates the company to report Q1 revenue of $10.75 billion and earnings of $1.42 per share. Analysts polled by FactSet expect $1.42 in non-GAAP EPS, $1.17 in GAAP EPS and $10.87 billion in revenue.
Investor focus during the quarterly call will be on the company's upcoming trial results, particularly late-stage data for drug candidates milvexian and cobenfy, which are key to determining when Bristol-Myers returns to growth.
Bristol-Myers will report Q1 results on April 30.
RBC has a sector perform rating and price target of $60 on the stock.
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