Biopharmaceutical company Bristol Myers Squibb (NYSE: BMY) will be announcing earnings results this Thursday before the bell. Here’s what to expect.

Bristol-Myers Squibb beat analysts’ revenue expectations by 3.7% last quarter, reporting revenues of $12.22 billion, up 2.9% year on year. It was a very strong quarter for the company, with a solid beat of analysts’ revenue estimates and an impressive beat of analysts’ full-year EPS guidance estimates.

Is Bristol-Myers Squibb a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, analysts are expecting Bristol-Myers Squibb’s revenue to decline 3.2% year on year to $11.93 billion, a reversal from the 7.4% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.21 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Bristol-Myers Squibb has a history of exceeding Wall Street’s expectations, beating revenue estimates every single time over the past two years by 5% on average.

Looking at Bristol-Myers Squibb’s peers in the pharmaceuticals segment, some have already reported their Q4 results, giving us a hint as to what we can expect. Merck delivered year-on-year revenue growth of 5%, beating analysts’ expectations by 1.8%, and Pfizer reported a revenue decline of 1.2%, topping estimates by 5.5%.

Read our full analysis of Merck’s results here and Pfizer’s results here.

Investors in the pharmaceuticals segment have had fairly steady hands going into earnings, with share prices down 1.7% on average over the last month. Bristol-Myers Squibb is up 5.8% during the same time and is heading into earnings with an average analyst price target of $58.04 (compared to the current share price of $56.07).

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