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Bristol Myers Squibb (BMY) This autumn earnings report 2023

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

Here is what the corporate reported for the fourth quarter in contrast with what Wall Road was anticipating, primarily based on a survey of analysts by LSEG, previously often called Refinitiv:

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  • Earnings per share: $1.70 adjusted vs. $1.53 anticipated
  • Income: $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 12 months. 

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

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

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Whereas Bristol Myers beat earnings expectations, its revenue shrank from the prior 12 months. The corporate reported web revenue of $1.76 billion, or 87 cents per share. That compares with a web revenue of $2.02 billion, or 95 cents per share, for the year-ago interval. Excluding sure objects, adjusted earnings per share have been $1.70 for the interval.

Bristol Myers additionally issued its full-year 2024 forecast. Whereas its income outlook was according to Wall Road estimates, it anticipates larger than anticipated earnings for the 12 months.

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The corporate 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 count on full-year adjusted earnings of $7 per share and gross sales development of 1.9%.

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

Eliquis raked in $2.87 billion in gross sales for the quarter, up 7% from the year-ago interval. Analysts had anticipated Eliquis to attract $2.85 billion in income, in response to estimates compiled by FactSet.

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Eliquis, which Bristol Myers shares with Pfizer, is among the many first 10 medication chosen to face worth negotiations with the federal Medicare program. These worth talks heated up on Thursday after Medicare despatched its preliminary worth affords for every drug to producers. 

In the meantime, Opdivo generated $2.39 billion in income, which is up 8% from the fourth quarter of 2022. That is barely under the $2.44 billion analysts had anticipated, in response to FactSet estimates. 

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Eliquis, Opdivo and the corporate’s new medication helped offset falling gross sales for Revlimid, which raked in $1.45 billion for the quarter. That is down 36% from the identical interval a 12 months in the past. 

However that quantity is larger than the $1.33 billion that analysts had anticipated, in response to FactSet estimates. 

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Bristol Myers will maintain an earnings name at 8 a.m. ET.

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