Bristol-Myers Squibb Company BMY said that its fourth-quarter revenues were $11.48 billion, up 1% Y/Y, beating the consensus of $11.19 billion, primarily due to higher sales of new product portfolio, as well as Eliquis and Opdivo, partially offset by lower sales of Revlimid.
U.S. revenues increased by 1% to $8.0 billion primarily due to higher sales of the new product portfolio, Eliquis and Opdivo, partially offset by lower sales of Revlimid.
Sales of Eliquis were $2.87 billion, up 7% from last year. Sales of Revlimid fell 36% to $1.45 billion in the quarter. Sales of its cancer immunotherapy Opdivo rose 8% to $2.39 billion.
The company’s adjusted EPS was $1.70, down 7% Y/Y, beating the consensus of $1.53.
Bristol-Myers Squibb forecasts fiscal year 2024 adjusted EPS of $7.10-$7.40 versus consensus of $7.00.
Total 2024 revenues are expected to increase by low-single-digits; Excluding foreign exchange, total revenues are expected to increase by low single-digits.
In January, BofA Securities downgraded Bristol-Myers Squibb, noting that initially, the analyst believed that Bristol’s loss of exclusivity for drugs like Eliquis and Opdivo was widely understood, and it was anticipated that a new product lineup would compensate for these losses and boost market value.
BMY shares are down 0.60% at $48.38 on the last check Friday.
