A Revenue Triumph Amidst Industry Turbulence
Bristol-Myers Squibb Company BMY revealed a fourth-quarter revenue surge to an impressive $11.48 billion, marking a 1% increase over a year. This rise, surpassing market estimates set at $11.19 billion, was primarily fueled by a lift in the sales of the new product portfolio, as well as by notable gains from Eliquis and Opdivo. These success stories offset the decline in earnings from Revlimid.
The U.S. market also experienced a 1% upturn in revenues, totaling $8.0 billion. This achievement was mainly attributed to a boost in sales of the new product portfolio, Eliquis, and Opdivo, which managed to outweigh the diminish in Revlimid’s performance.
Spotlight on Product Performance
Sales of Eliquis reached a staggering $2.87 billion, marking a substantial 7% rise from the previous year. Contrarily, sales of Revlimid suffered a 36% setback, plummeting to $1.45 billion in the quarter. Meanwhile, the sales of Opdivo, the company’s cancer immunotherapy drug, surged by an impressive 8%, reaching a significant $2.39 billion.
The company reported an adjusted EPS of $1.70, demonstrating a 7% downturn from the previous year. Though this marked a decline, it still outperformed the market consensus, which was set at $1.53.
Projections and Anticipations for the Future
Guidance: Bristol-Myers Squibb has released its forecast for fiscal year 2024, setting the adjusted EPS in the range of $7.10 to $7.40 as opposed to the consensus of $7.00. Moreover, predictions suggest a low-single-digit increase in total 2024 revenues. Excluding foreign exchange, the company expects a similar low single-digit increase in total revenues.
Perspectives on Industry Standing
In January, BofA Securities downgraded Bristol-Myers Squibb, citing the loss of exclusivity for drugs like Eliquis and Opdivo, coupled with the anticipation that a new product lineup would offset these losses and propel market valuation.
The Market Response
Price Action: As of the last check on Friday, BMY shares have fallen by 0.60%, standing at $48.38.