Bristol Myers Squibb reported quarterly earnings and income that topped expectations on Friday as its portfolio of new medicine posted sturdy gross sales development.
This is what the corporate reported for the fourth quarter in contrast with what Wall Avenue was anticipating, primarily based on a survey of analysts by LSEG, previously often called Refinitiv:
- Earnings per share: $1.70 adjusted vs. $1.53 anticipated
- Income: $11.48 billion vs. $11.19 billion anticipated
Bristol Myers, one of many world’s largest pharmaceutical corporations, booked $11.48 billion in income for the fourth quarter, up 1% from the identical interval final 12 months.
The corporate stated it eked out income development largely as a consequence of greater gross sales of a bunch of latest medicine, together with anemia drug Reblozyl and superior melanoma therapy Opdualag. That group raked in $1.07 billion in gross sales for the quarter, up 66% from the $645 million for the year-earlier interval.
Bristol Myers has confronted strain to launch new medicine as its blockbuster blood most cancers therapy Revlimid – and finally, different top-selling remedies corresponding to blood thinner Eliquis and most cancers immunotherapy Opdivo – competes with cheaper copycats.
Whereas Bristol Myers beat earnings expectations, its revenue shrank from the prior 12 months. The corporate reported web revenue of $1.76 billion, or 87 cents per share. That compares with a web revenue of $2.02 billion, or 95 cents per share, for the year-ago interval. Excluding sure objects, adjusted earnings per share had been $1.70 for the interval.
Bristol Myers additionally issued its full-year 2024 forecast. Whereas its income outlook was in step with Wall Avenue estimates, it anticipates greater than anticipated earnings for the 12 months.
The corporate expects full-year adjusted earnings of $7.10 to $7.40 per share. Bristol Myers additionally forecast 2024 revenues would improve by low single digits.
Analysts surveyed by LSEG anticipate full-year adjusted earnings of $7 per share and gross sales development of 1.9%.
Bristol Myers stated Eliquis and Opdivo additionally contributed to the slight gross sales development within the fourth quarter.
Eliquis raked in $2.87 billion in gross sales for the quarter, up 7% from the year-ago interval. Analysts had anticipated Eliquis to attract $2.85 billion in income, in accordance with estimates compiled by FactSet.
Eliquis, which Bristol Myers shares with Pfizer, is among the many first 10 medicine chosen to face value negotiations with the federal Medicare program. These value talks heated up on Thursday after Medicare despatched its preliminary value presents for every drug to producers.
In the meantime, Opdivo generated $2.39 billion in income, which is up 8% from the fourth quarter of 2022. That is barely under the $2.44 billion analysts had anticipated, in accordance with FactSet estimates.
Eliquis, Opdivo and the corporate’s new medicine helped offset falling gross sales for Revlimid, which raked in $1.45 billion for the quarter. That is down 36% from the identical interval a 12 months in the past.
However that quantity is greater than the $1.33 billion that analysts had anticipated, in accordance with FactSet estimates.
Bristol Myers will maintain an earnings name at 8 a.m. ET.
