Bristol-Myers Squibb Posts 3Q Sales Growth as R&D Spending Rises
October 27 2021 - 7:48AM
Dow Jones News
By Matt Grossman
Bristol-Myers Squibb Co. on Wednesday logged year-over-year
sales growth and posted earnings that exceeded analysts'
adjusted-profit forecast for the third quarter, while the abatement
of the Covid-19 pandemic led to an increase in
research-and-development spending.
The New York City-based pharmaceutical company recorded earnings
of 69 cents a share, compared with 82 cents a share a year earlier.
Net income was $1.55 billion, down from $1.87 billion.
Stripping out one-time items, the company's adjusted earnings
were $2.00 a share. Analysts were forecasting adjusted earnings of
$1.92 a share, according to FactSet.
Revenue rose by 10% to $11.62 billion, from $10.54 billion a
year earlier, it said. Analysts had anticipated revenue of $11.61
billion.
Demand for Bristol's Revlimid and Eliquis drugs drove a 12%
increase in U.S. revenue year over year to $7.3 billion.
International sales were up 8% at $4.3 billion, the company
said.
Research-and-development expenses grew 7% to $2.4 billion, in
part because of the comparison with a lull in such activity a year
ago during the earlier phases of the pandemic, the company
said.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
October 27, 2021 07:33 ET (11:33 GMT)
Copyright (c) 2021 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