Strong Fourth-Quarter Performance
Bristol-Myers Squibb Company (BMY) reported fourth-quarter revenues of $11.48 billion, a 1% increase year over year, surpassing the consensus of $11.19 billion. The growth was primarily driven by higher sales of a new product portfolio, Eliquis, and Opdivo, partially offset by lower sales of Revlimid. U.S. revenues also increased by 1% to $8.0 billion, led by the new product portfolio, Eliquis, and Opdivo, although offset by lower Revlimid sales.
Product Performance
Notably, Eliquis sales reached $2.87 billion, up 7% from the previous year, while Revlimid sales declined by 36% to $1.45 billion in the quarter. Sales of the cancer immunotherapy Opdivo rose by 8% to $2.39 billion.
Earnings and Guidance
The company’s adjusted earnings per share (EPS) was $1.70, a decrease of 7% year over year but beating the consensus of $1.53. Looking ahead, Bristol-Myers Squibb forecasts fiscal year 2024 adjusted EPS of $7.10-$7.40, compared to the consensus of $7.00. Total 2024 revenues are expected to rise by low-single-digits, with a similar expectation for revenues excluding foreign exchange effects.
BofA Securities Outlook
In January, BofA Securities downgraded Bristol-Myers Squibb. The analyst initially believed that the market had already accounted for the loss of exclusivity for drugs like Eliquis and Opdivo, but it was expected that a new product lineup would compensate for these losses and boost market value.
Stock Movement
As of the latest check on Friday, BMY shares were down by 0.60% at $48.38.