Bristol Myers Squibb reported quarterly earnings and revenue that topped expectations on Friday as its portfolio of recent drugs posted strong sales growth.
Here’s what the corporate reported for the fourth quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly often known as Refinitiv:
- Earnings per share: $1.70 adjusted vs. $1.53 expected
- Revenue: $11.48 billion vs. $11.19 billion expected
Bristol Myers, one among the world’s largest pharmaceutical corporations, booked $11.48 billion in revenue for the three months ended Dec. 31, up 1% from the identical period last yr.
The corporate said it eked out revenue growth largely as a result of higher sales of a gaggle of latest drugs, including anemia drug Reblozyl and advanced melanoma treatment Opdualag. That group raked in $1.07 billion in sales for the quarter, up 66% from the $645 million for the year-earlier period.
Bristol Myers has faced pressure to launch recent drugs as its blockbuster blood cancer treatment Revlimid – and eventually, other top-selling treatments equivalent to blood thinner Eliquis and cancer immunotherapy Opdivo – competes with cheaper copycats.
While Bristol Myers beat earnings expectations, its profit shrank from the prior yr. The corporate reported net income of $1.76 billion, or 87 cents per share. That compares with a net income of $2.02 billion, or 95 cents per share, for the year-ago period. Excluding certain items, adjusted earnings per share were $1.70 for the period.
Bristol Myers also issued its full-year 2024 forecast. While its revenue outlook was in keeping with Wall Street estimates, it anticipates higher-than-expected earnings for the yr.
The corporate expects full-year adjusted earnings of $7.10 to $7.40 per share. Bristol Myers also forecast 2024 revenue would increase by the low single digits.
Analysts surveyed by LSEG expect full-year adjusted earnings of $7 per share and sales growth of 1.9%.
Bristol Myers said Eliquis and Opdivo also contributed to the slight sales growth within the fourth quarter.
Eliquis raked in $2.87 billion in sales for the quarter, up 7% from the year-ago period. Analysts had expected Eliquis to attract $2.85 billion in revenue, in response to estimates compiled by FactSet.
Eliquis, which Bristol Myers shares with Pfizer, is among the many first 10 drugs chosen to face price negotiations with the federal Medicare program. Those price talks heated up on Thursday after Medicare sent its initial price offers for every drug to manufacturers.
Meanwhile, Opdivo generated $2.39 billion in revenue, which is up 8% from the fourth quarter of 2022. That is barely below the $2.44 billion analysts had expected, in response to FactSet estimates.
Eliquis, Opdivo and the corporate’s recent drugs helped offset falling sales for Revlimid, which raked in $1.45 billion for the quarter. That is down 36% from the identical period a yr ago.
But that number is higher than the $1.33 billion that analysts had expected, in response to FactSet estimates.
Bristol Myers will hold an earnings call at 8 a.m. ET.