By Tess Stynes And Jonathan D. Rockoff
Bristol-Myers Squibb Co. reported better-than-expected
fourth-quarter revenue, boosted by robust sales of its key drugs
and a stronger dollar.
Bristol reported a profit of $13 million, or a penny a share,
down from $726 million, or 44 cents a share, a year earlier.
Excluding a pension-related charge and other items, per-share
earnings fell to 46 cents from 51 cents, due to the impact of a
diabetes business the company divested last year.
Revenue decreased 4.1% to $4.26 billion. Excluding the impact of
the divested diabetes business, global revenue rose 6%, or 9%
excluding currency fluctuations.
The company's immunotherapies, a new class of drugs that fights
cancer with the help of the body's immune system, showed sales
gains, Bristol said. Sales of Yervoy, a skin-cancer immunotherapy,
surged 41% to $366 million in the fourth quarter, while Opdivo,
another skin-cancer drug approved in late December, contributed
sales of $5 million.
The New York, N.Y., company is poised for a management shift,
with Chief Operating Officer Giovanni Caforio set to become chief
executive in May. Dr. Caforio will succeed CEO Lamberto Andreotti,
who will become chairman of the board.
"I'm looking forward to continuing our work together," Dr.
Caforio said during a conference call with analysts and
investors.
Dr. Caforio will face the task of maintaining Bristol's early
lead in immunotherapy drugs, while coping with the loss of aging
products. Bristol loses the U.S. rights to Abilify schizophrenia
and depression treatment in April; Bristol reported $423 million in
fourth-quarter U.S. sales from Abilify.
In Bristol's hepatitis C segment, the drugs Daklinza and
Sunvepra posted combined sales of $207 million.
Sales of leukemia drug Sprycel increased 9% to $398 million.
Sales of blood-thinner Eliquis--sold by Bristol and collaboration
partner Pfizer Inc.--soared to $281 million from $71 million. The
drug, previously approved for uses such as stroke prevention in
atrial fibrillation, received regulatory approvals in August to
treat recurring deep vein thrombosis and pulmonary embolism. Mr.
Andreotti said he expected the drug's "strong performance trends
will continue."
For the year, Bristol forecast per-share earnings of $1.55 to
$1.70 and revenue between $14.4 billion and $15 billion, assuming
current currency rates. Analysts polled by Thomson Reuters expected
per-share profit of $1.71 and revenue of $15.61 billion.
Write to Tess Stynes at tess.stynes@wsj.com and Jonathan D.
Rockoff at Jonathan.Rockoff@wsj.com
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