Bristol Myers Squibb Posts 4Q Adjusted Profit, Growth for Eliquis, Opdivo

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 [e-mail]

(END) Dow Jones Newswires

February 04, 2021 07:44 ET (12:44 GMT)

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