From CNBC:

Bristol Myers Squibb exceeded earnings and revenue expectations, with quarterly earnings per share at $1.70 adjusted vs. $1.53 expected and revenue at $11.48 billion vs. the expected $11.19 billion. Revenue increased 1% from the same period last year, largely due to higher sales of new drugs, including Reblozyl and Opdualag.

Bristol Myers’ profit shrank from the prior year, reporting a net income of $1.76 billion, or 87 cents per share, compared to $2.02 billion, or 95 cents per share, for the year-ago period. The company anticipates full-year adjusted earnings of $7.10 to $7.40 per share, with revenue expected to increase by the low single digits for 2024.

Bristol Myers new drugs, Reblozyl and Opdualag, saw strong sales growth, with $1.07 billion in sales for the quarter, up 66% from the year-earlier period. However, the company’s new drug sales were mixed, with some exceeding and others falling short of analysts’ revenue expectations.

Bristol Myers’ blockbuster drugs, Eliquis and Opdivo, contributed to slight sales growth in the fourth quarter, with Eliquis taking in $2.87 billion in sales, up 7% from the prior year, and Opdivo generating $2.39 billion in revenue, up 8% from the same period in 2022.

The company’s new drugs, Eliquis and Opdivo helped offset declining sales for Revlimid, which saw a 36% decrease from the same period a year ago, despite exceeding analysts’ revenue expectations.

Bristol Myers’ new drug sales were mixed, with some new drugs, such as Reblozyl and Opdualag, exceeding revenue estimates, while others, such as Abecma and Zeposia, fell short of what Wall Street was expecting.



Read more: Bristol Myers Squibb (BMY) Q4 earnings report 2023