Shares of Bristol-Myers Squibb (NYSE:BMY) advanced 2.5% in the market pre-open Friday after the pharmaceutical company unveiled better-than-expected earnings and revenue for the fiscal fourth quarter.
Notably, Bristol reported Q4 earnings per share (EPS) of $1.70, ahead of Wall Street’s consensus of $1.60. Revenue stood at $11.48 billion in the quarter, up 0.6% year-over-year and better than the expected $11.2 billion.
The company posted an adjusted gross margin of 76.4%, slightly lower than the previous year's 77.9% but above the projected 75.6%.
Moreover, Bristol’s Eliquis revenue reached $2.87 billion, marking a 6.9% increase year-over-year and surpassing the forecast of $2.83 billion, while Opdivo revenue grew by 7.7% year-over-year to $2.39 billion, in line with expectations.
Revlimid sales amounted to $1.45 billion and Reblozyl sales were $320 million, both exceeding analysts' predictions of $1.27 billion and $280 million, respectively.
For the full fiscal 2024, the pharma firm expects EPS to range between $7.10 and $7.40, compared to analysts’ expectations of $7.39.
The company sees revenue increasing by low single digits this year, and gross margin hitting 74%. Operating expenses are anticipated to grow by low single digits as well.
"We did take a number of actions in the fourth quarter that will strengthen the company for long-term sustainable growth, and we're certainly working to accelerate the opportunities that we have in our hands today," Chief Commercialization Officer Adam Lenkowsky said in an interview.