Bristol-Myers Tops Q4 Earnings Forecast, Boosts 2021 Outlook

Bristol-Myers lifted its 2021 profit outlook after a stronger-than-expected fourth quarter earnings report boosted by sales from drugs linked to its 2019 purchase of Celgene.
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Bristol-Myers Squibb Co.  (BMY) - Get Report posted stronger-than-expected fourth quarter earnings Thursday, and boosted its full-year profit forecast, as sales linked to its 2019 purchase of Celgene continue to support growth. 

Bristol-Myers said non-GAAP earnings for the three months ending in December were pegged at $1.46, up 20% from the same period last year and 4 cents ahead of the Street consensus forecast. Group revenues, Bristol-Myers said, rose 40% to $11.1 billion, against analysts' estimates of a $10.7 billion tally.

Looking into the 2021 financial year, Bristol-Myers said it sees non-GAAP earnings in the range of $7.35 to $7.55 per share, up from its previous estimate of $7.15 to $7.45 per share, with worldwide revenues increasing at a "high single digit" percentage rate.

“In our first full year as a new company we delivered solid operational and financial results, and laid a strong foundation for the future,” said CEO Giovanni Caforio. “I am grateful to our team whose resilience and continued focus enabled us to grow our inline business, launch promising new drugs and significantly advance our pipeline while keeping our colleagues safe and maintaining the supply of our medicines to patients."

"The growth opportunities from our in-line and launch portfolios combined with a robust product pipeline and disciplined business development strategy strongly position the company to accelerate the renewal of our portfolio and achieve long-term sustainable growth," he added”  

Bristol-Myers shares were marked 0.5% higher in early trading following the earnings release at $62.40 each. 

Earlier this week, data from a phase 3 study of the group's psoriasis treatment deucravacitinib -- a potential challenger to Novartis AG's Cosentyx -- showed that “significantly more patients” had reduced psoriasis when compared to patients taking a placebo. 

Last year, Bristol-Myers shares were lifted by positive late-stage data from a key lung cancer treatment study that showed patients responding to treatments of chemotherapy and Opdivo, the group's blockbuster drug, when compared to patients who only received chemotherapy.