Bristol-Myers Squibb Swings to 4Q Loss, Beats Sales Expectations
February 06 2020 - 7:54AM
Dow Jones News
By Dave Sebastian
Bristol-Myers Squibb Co. (BMY) swung to a fourth-quarter loss as
its expenses increased, though it beat adjusted-earnings and sales
expectations.
The pharmaceutical company on Thursday posted a net loss of
$1.06 billion, or 55 cents a share, compared with net income of
$1.16 billion, or 71 cents a share, in the same quarter last year.
Adjusted earnings were $1.22 a share.
Analysts polled by FactSet were expecting earnings of 85 cents a
share, or 88 cents a share on an adjusted basis.
Revenue for the quarter was $7.95 billion, compared with $5.97
billion in the prior year, driven by the acquisition of Celgene
Corp. that closed on Nov. 20. Analysts were looking for $7.12
billion.
Expenses rose to $8.07 billion from $4.47 billion in the
comparable period last year.
Bristol last Friday said it withdrew its application in the
European Union for the combination of Opdivo and Yervoy for the
treatment of advanced non-small cell lung cancer. EU regulators
turned Bristol's application away due to protocol changes in its
CheckMate-227 study, the company said.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
February 06, 2020 07:39 ET (12:39 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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