Bristol-Myers Squibb Revenue Fueled By Eliquis -- Earnings Review
February 05 2018 - 8:12AM
Dow Jones News
By Allison Prang
Bristol-Myers Squibb Co. (BMY) reported earnings for its fourth
quarter on Monday before the market opened. Here's what you need to
know:
LOSS: The company reported a loss of $2.33 billion, or $1.42 a
share, compared with the same period a year prior when it reported
a profit of $894 million, or 53 cents a share. The loss was due to
a $3.03 billion provision charge for income taxes as a result of
the new tax law.
ADJUSTED PROFIT: On an adjusted basis, the company made $1.12
billion, or 68 cents a share. Analysts polled by Thomson Reuters
were expecting adjusted earnings of 67 cents a share.
REVENUE: Revenue rose 3.9% to $5.45 billion. Sales of Eliquis, a
drug to help with blood clots, rose 44% to $1.36 billion, bringing
in the most of any of the company's other drugs. Sales of Opdivo, a
medicine for cancer treatment and the company's second-largest drug
by revenue during the quarter, were $1.36 billion, up 3.9% from the
comparable period the year before. Those gains were offset by
falling revenue in some of Bristol-Myers' other brands. Revenue
from the company's Hepatitis C franchise fell 74% to $59 million
and revenue from the company's Reyataz franchise, which treats HIV,
fell 31% to $143 million. Analysts were expecting revenue of $5.35
billion.
GROSS MARGIN: The company said its gross margin as a percentage
of revenue fell to 69.3% from from 73.6%.
COSTS: Research and development costs were $1.92 billion, up
37%. The company said the uptick was because of $377 million from
license and asset acquisition charges. The cost of products sold
was $1.67 billion, up 21%. Marketing, selling and administrative
expenses fell to $1.3 billion, down 11%.
GUIDANCE: The company said it expects adjusted earnings for the
year to be between $3.15 and $3.30 a share. That is in line with
analysts' expectations of $3.23. Bristol-Myers expects revenue for
2018 to rise in the low to mid-single digits. Adjusted research and
development expenses are expected to rise in the high single
digits, it said. Gross margin as a percentage of revenue is
expected to be about 70%.
Shares rose 4% premarket. In the past 12 months, they've rise
25%.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
February 05, 2018 07:57 ET (12:57 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
Bristol Myers Squibb (NYSE:BMY)
Historical Stock Chart
From Aug 2024 to Sep 2024
Bristol Myers Squibb (NYSE:BMY)
Historical Stock Chart
From Sep 2023 to Sep 2024