Bristol-Myers Squibb reported quarterly earnings and revenue on Friday that beat expectations as its portfolio of new drugs posted strong sales growth.
Here's what the company reported for the fourth quarter compared to what Wall Street expected, according to a survey of analysts by LSEG, formerly 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 of the world's largest pharmaceutical companies, posted $11.48 billion in revenue for the three months ended Dec. 31, up 1% from the same period last year.
The company said it achieved revenue growth largely due to higher sales of a group of new drugs, including anemia drug Reblozyl and advanced melanoma treatment Opdualag. That group brought in $1.07 billion in sales during the quarter, up 66% from $645 million in the same period a year earlier.
Bristol Myers has faced pressure to launch new drugs as its blockbuster blood cancer treatment Revlimid (and, eventually, other top-selling treatments such as blood thinner Eliquis and cancer immunotherapy Opdivo) compete with bigger imitators. cheap.
While Bristol Myers beat earnings expectations, its earnings were down from a year earlier. The company reported net income of $1.76 billion, or 87 cents per share. That compares with net income of $2.02 billion, or 95 cents per share, in the same period a year earlier. Excluding certain items, adjusted earnings per share were $1.70 for the period.
Bristol Myers also released its full-year 2024 forecast. While its revenue outlook was in line with Wall Street estimates, it anticipates higher-than-expected profits for the year.
The company expects full-year adjusted earnings of between $7.10 and $7.40 per share. Bristol Myers also forecast 2024 revenue to increase by single digits.
The full-year guidance excludes the impact of any potential acquisitions, including the company's planned purchases of RayzeBio and Karuna Therapeuticsalong with divestitures and other items, executives said during an earnings call Friday.
Analysts surveyed by LSEG expect full-year adjusted earnings of $7 per share and sales growth of 1.9%. Some estimates may have included the impact of planned acquisitions.
Bristol Myers said Eliquis and Opdivo also contributed to the slight sales growth in the fourth quarter.
Eliquis earned $2.87 billion in sales during the quarter, up 7% from the same period last year. Analysts expected Eliquis to generate $2.85 billion in revenue, according to estimates compiled by FactSet.
Eliquis, which Bristol Myers shares with Pfizer, is among the first 10 drugs selected to face price negotiations with the federal Medicare program. Those pricing talks intensified Thursday after Medicare sent its initial price offers for each drug to manufacturers.
Meanwhile, Opdivo generated $2.39 billion in revenue, up 8% from the fourth quarter of 2022. That's slightly below the $2.44 billion analysts were expecting, according to FactSet estimates.
Eliquis, Opdivo and the company's new drugs helped offset declining sales at Revlimid, which grossed $1.45 billion in the quarter. That's 36% less than the same period last year.
But that figure is higher than the $1.33 billion analysts expected, according to FactSet estimates.
Some new drugs, such as Reblozyl and Opdualag, beat revenue estimates.
Reblozyl posted $320 million in sales during the quarter. Analysts were expecting revenue of $273.7 million, according to FactSet.
Opdualag generated $190 in sales during the fourth quarter. Analysts had expected revenue of $187.4 million.
But the performance of other new drugs fell short of Wall Street's expectations.
Abecma, which treats multiple myeloma, had $100 million in sales during the quarter. Analysts were expecting $106.6 million, according to FactSet.
Zeposia, a drug that treats adults with relapsing forms of multiple sclerosis, reported sales of $133 million. Analysts expected it to generate $150 million in revenue.
Bristol Myers' new drug sales “were mixed,” JPMorgan analyst Chris Schott wrote in a note Friday.
