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Key Takeaways
- Bristol Myers Squibb beat profit and sales estimates as the pharmaceutical firm’s new drugs drove sales.
- The company also posted 2024 earnings guidance above analysts’ estimates.
- Shares of Bristol Myers Squibb edged higher in intraday trading Friday, but have lost nearly 40% of their value since hitting an all-time high in December 2022.
Bristol Myers Squibb (BMY) shares edged 0.7% higher in intraday trading Friday after posting better-than-expected results and guidance as it benefited from the addition of new drugs to its lineup.
The pharmaceutical company reported fourth quarter earnings per share (EPS) of $1.70, with revenue rising 1% from a year ago to $11.48 billion. Both beat forecasts.
Bristol Myers Squibb said new product sales grew 66%, led by sales of its Reblozyl anemia medicine, which were 61% higher at $274 million, and its Opdualag treatment for advanced skin cancer, up 83% to $187 million.
The company also posted solid sales for its two most popular drugs, blood thinner Eliquis and cancer immunotherapy Opdivo. Eliquis sales were up 7%, while Opdivo sales grew 8%.
CEO Christopher Boerner noted Bristol Myers Squibb “saw good performance” from its in-line and new products, adding that it took several actions in the quarter “to strengthen the company and build a foundation for sustainable growth.”
Bristol Myers Squibb said it anticipates 2024 EPS in the range of $7.10 to $7.40, exceeding estimates. It projects revenue growing by a low-single-digit percentage, with analysts looking for a rise of 1.9%.
Shares of Bristol Myers Squibb were 0.7% higher at $48.87 per share as of about 12:15 p.m. ET Friday following the news. However, they’ve been in a long downward slide, losing nearly 40% their value since hitting an all-time high in December 2022.
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