Bristol-Myers Squibb (BMY) - Get Bristol-Myers Squibb Company Report on Thursday cut its guidance for 2017, saying it now expects adjusted earnings of $2.70 to $2.90 a share for the year, down from its previous guidance of $2.85 to $3.05.
Bristol Myers shares fell 2.52% in premarket trading on Thursday.
In the fourth quarter, the drugmaker posted earnings of $894 million, or 53 cents a share, compared with a loss of $197 million, or a loss of 12 cents, a year earlier.
Adjusted earnings rose to 63 cents a share from 38 cents. Revenue surged 22%, to $5.24 billion.
Analysts had expected earnings of 66 cents a share and revenue of $5.15 billion.
During the fourth quarter, Opdivo sales rose to $1.3 billion, up from $475 million during the period a year earlier. Yervoy sales edged 0.4% lower to $264 million worldwide. Revenue from another key Bristol-Myers product, the blood thinner Eliquis, jumped 57% to $948 million globally.
In August, the company said that Opdivo failed to meet a goal in a critical study, exploring the use of it for advanced lung cancer patients. At the time it said that there were prospects for combining Opdivo with Yervoy to treat these patients.
However, the company said last week that it would not pursue regulatory approval to for the drug in lung cancer patients.