Bristol Myers Squibb results top estimates as new drugs post strong sales development 

By omshreeinfotech Feb 2, 2024
Bristol Myers Squibb results top estimates as new drugs post strong sales development 

Bristol Myers Squibb reported quarterly earnings and income that topped expectations on Friday as its portfolio of new drugs posted strong sales development. 

Here’s what the corporate reported for the fourth quarter in contrast with what Wall Street was anticipating, based mostly on a survey of analysts by LSEG, previously recognized as Refinitiv:

  • Earnings per share: $1.70 adjusted vs. $1.53 anticipated
  • Revenue: $11.48 billion vs. $11.19 billion anticipated

Bristol Myers, one of many world’s largest pharmaceutical companies, booked $11.48 billion in income for the fourth quarter, up 1% from the identical interval final yr. 

The firm stated it eked out income development largely attributable to greater sales of a bunch of new drugs, together with anemia drug Reblozyl and superior melanoma remedy Opdualag. That group raked in $1.07 billion in sales for the quarter, up 66% from the $645 million for the year-earlier interval. 

Bristol Myers has confronted stress to launch new drugs as its blockbuster blood most cancers remedy Revlimid – and ultimately, different top-selling treatments such as blood thinner Eliquis and most cancers immunotherapy Opdivo – competes with cheaper copycats

While Bristol Myers beat earnings expectations, its revenue shrank from the prior yr. The firm reported internet earnings of $1.76 billion, or 87 cents per share. That compares with a internet earnings of $2.02 billion, or 95 cents per share, for the year-ago interval. Excluding sure gadgets, adjusted earnings per share had been $1.70 for the interval.

Bristol Myers additionally issued its full-year 2024 forecast. While its income outlook was according to Wall Street estimates, it anticipates greater than anticipated earnings for the yr.

The firm 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 sales development of 1.9%.

Bristol Myers stated Eliquis and Opdivo additionally contributed to the slight sales development within the fourth quarter. 

Eliquis raked in $2.87 billion in 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 drugs chosen to face value negotiations with the federal Medicare program. Those value talks heated up on Thursday after Medicare despatched its preliminary value presents for every drug to producers. 

Meanwhile, Opdivo generated $2.39 billion in income, which is up 8% from the fourth quarter of 2022. That’s barely beneath the $2.44 billion analysts had anticipated, in accordance with FactSet estimates. 

Eliquis, Opdivo and the corporate’s new drugs helped offset falling sales for Revlimid, which raked in $1.45 billion for the quarter. That’s down 36% from the identical interval a yr in the past. 

But 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.

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