Shares of Bristol-Myers Squibb Co (NYSE:BMY) dropped 4% in pre-market trading, erasing nearly $5 billion from the pharmaceutical company's market value.
It came after the drugmaker announced a one-year delay in its target to achieve $10 billion in sales from its new-product portfolio.
BMS now anticipates exceeding $10 billion in sales by 2026, as opposed to its earlier projection of $10 billion to $13 billion by 2025.
It attributed the delay to slower-than-expected sales growth of new drugs such as Reblozyl for anaemia, Sotyktu for psoriasis, and Zeposia for multiple sclerosis.
All of this meant third-quarter results were something of a sideshow, even if they did exceed the Street's forecasts.
BMS reported earnings of $4.1 billion, or $2 per share, a slight decrease from $4.3 billion, or $1.99 per share, in the same period last year, but still significantly ahead of consensus expectations of $1.76.
Ahead of the bell, the shares were changing hands for $54.30, down $2.31.