Bristol-Myers Revenue Rises 8.7%,
April 28 2016 - 7:28AM
Dow Jones News
By Tess Stynes
Bristol-Myers Squibb Co. said its first-quarter revenue rose a
better-than-expected 8.7%, boosted by the continued expansion of
the pharmaceutical company's Opdivo cancer immunotherapy and growth
of other key drugs.
The pharmaceutical company's adjusted per-share earnings,
excluding certain one-time items, topped analysts' estimates and
Bristol-Myers raised its 2016 guidance.
The company now expects per-share earnings of $2.50 to $2.60 and
revenue growth in low-double digit range this year, compared with
its previous estimate for per-share profit of $2.30 to $2.40 and
revenue growth in the mid-single digits.
For the three month-period ended March 31, Bristol-Myers
reported revenue increased to $4.39 billion from $4.04 billion a
year earlier. Excluding currency effects, the growth was 11%.
Analysts polled by Thomson Reuters expected revenue of $4.25
billion.
The company's Opdivo, also known as nivolumab, was first
approved for sale in December 2014 for advanced melanoma.
Chief Executive Giovanni Caforio said in prepared remarks that
"the launch of Opdivo continues to accelerate with data in new
cancers, additional indications and continued rapid market
adoption."
Bristol-Myers in its earnings release noted that Opdivo recently
received approval in Europe to treat renal cancer and lung cancers.
The company also received positive opinions from European
regulators on its combination Opdivo/Yervoy treatment for melanoma
and Empliciti in multiple myeloma.
For the latest quarter, Opdivo sales surged to $704 million from
$40 million during the year-earlier period, when it was entering
the market. Analysts have expected Opdivo will amass billions of
dollars in yearly sales, as its launch progresses and its use
continues to broadens to other cancers.
Sales of Yervoy, another skin-cancer immunotherapy drug declined
again in the latest quarter, falling 19% to $263 million globally,
partly because of Opdivo's growth, particularly in skin cancer.
However, U.S. Yervoy sales increased 10% to $199 million in the
U.S., with a boost from the approval of Bristol-Myers'
Opdivo/Yervoy combination regimen for melanoma.
Bristol's Yervoy was the first immunotherapy, approved in
2011.
Over all, Bristol-Myers reported a profit of $1.2 billion, or 71
cents a share, unchanged from the year earlier. Excluding one-time
items, adjusted per-share earnings rose to 74 cents from 71 cents.
Analysts expected per-share profit of 65 cents.
Among other key drugs, sales of anticlotting drug Eliquis sales
more than doubled to $734 million.
Sales of its hepatitis C franchise drugs grew 62% to $427
million.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
April 28, 2016 07:13 ET (11:13 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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