Bristol Myers Squibb Posts 4Q Adjusted Profit, Growth for Eliquis, Opdivo
February 04 2021 - 07:59AM
Dow Jones News
By Matt Grossman
Bristol Myers Squibb Co. Thursday logged a fourth-quarter
adjusted profit as higher sales of Eliquis and Opdivo, as well as
medications it acquired in an acquisition, pushed revenue
higher.
The New York City-based pharmaceutical company logged a loss of
$4.45 a share, compared with a loss of 55 cents a share in the
year-ago quarter. The net loss attributable to the company was
$10.03 billion, compared with a net loss of $1.06 billion in the
year-ago quarter.
The past quarter's results included a $11.44 billion in-process
research-and-development charge related to Bristol's acquisition of
MyoKardia Inc., a pharmaceutical company focused on cardiovascular
treatments, which closed in the quarter.
Bristol's adjusted profit was $1.46 a share. Analysts surveyed
by FactSet were forecasting adjusted earnings of $1.42 a share.
Revenue climbed 39% year over year, to $11.07 billion, up from
$7.95 billion in the year-ago period. Analysts were expecting
revenue of $10.73 billion. The latest quarter's revenue results
include Bristol's acquisition of Celgene Corp.
Sales of Revlimid, a drug acquired as part of the Celgene deal,
contributed $3.28 billion to Bristol's sales. Sales of Eliquis were
up by 12% to $2.27 billion, and Opdivo sales climbed 2% to $1.79
billion.
Research and development costs grew by 79% year over year,
including $500 million of new costs related to the portfolio
acquired from Celgene.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
February 04, 2021 07:44 ET (12:44 GMT)
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