Bristol Myers Squibb Co.
BMY,
on Friday reported fourth-quarter results that beat analysts’ expectations, helped by portfolio stalwarts like the blood thinner Eliquis as well as strong growth among newer drugs.
The drugmaker reported fourth-quarter net income of $1.762 billion, or 87 cents per share, down from $2.022 billion, or 95 cents per share, in the year-earlier period. Adjusted earnings per share came to $1.70, down 7% from a year earlier but ahead of the FactSet consensus of $1.55. Revenue totaled $11.477 billion in the quarter, up 1% from a year earlier and topping the FactSet consensus of $11.192 billion.
For the full year 2024, Bristol Myers Squibb said it expects sales growth in the low single-digits and adjusted earnings per share of $7.10 to $7.40, ahead of analysts’ estimates.
Among Bristol Myers’ top-selling products, growth in sales of blood thinner Eliquis and cancer drug Opdivo helped offset declining sales of multiple myeloma treatment Revlimid, which is facing generic competition.
Eliquis, one of 10 drugs selected for the first round of Medicare price negotiations under the Inflation Reduction Act, generated $2.87 billion in sales in the fourth quarter, up 7% from a year earlier and slightly ahead of analysts’ expectations.
Revlimid sales fell 36% from a year earlier, to $1.45 billion in the fourth quarter.
Bristol Myers’ new product portfolio accounted for $1.072 billion in sales in the quarter, up 66% from a year earlier. Melanoma treatment Opdualog and anemia drug Reblozyl helped fuel that growth, but sales of the CAR-T cell therapy Abecma fell 20%, to $100 million.
The company’s partner on Abecma, 2seventy bio Inc.
TSVT,
said earlier this week that it is pivoting to focus exclusively on the development and commercialization of the cell therapy and is selling its research-and-development pipeline to Regeneron Pharmaceuticals Inc.
REGN,
With analysts watching for a reset after a rough 12 months, as the shares have dropped more than 30%, Bristol Myers has been on a shopping spree lately. In December, the company struck deals to buy radiopharmaceuticals company RayzeBio Inc.
RYZB,
as well as Karuna Therapeutics Inc.
KRTX,
which has a key experimental schizophrenia treatment, KarXT. A regulatory decision on KarXT is expected in September.
Last month, the company closed its acquisition of cancer drugmaker Mirati Therapeutics Inc.
Bristol Myers Squibb shares are down 5.2% year to date, while the S&P 500
SPX
has gained 2.9%.