Bristol Myers Squibb posts 82% jump in Q1 revenue, buoyed by Celgene purchase, COVID-19-related sales

Headline results for the first quarter:


$10.8 billion (forecasts of $10.7 billion)



$775 million

Versus profit of $1.7 billion

Note: All changes are versus the prior-year period unless otherwise stated

What the company said:

Bristol Myers Squibb explained that the increase in revenue was driven primarily by the impact of its acquisition of Celgene, which represented 71% of the growth, while the quarter also benefitted by approximately $500 million due to COVID-19-related buying patterns.

CEO Giovanni Caforio said that amid the pandemic, "our teams have maintained a reliable supply of medicine globally [and] implemented innovative programmes to ensure patients continue to have access to needed medicines." He added that the drugmaker is "well positioned to continue to successfully drive commercial execution of our inline business, launch new brands, progress our integration efforts and deliver our synergy targets while advancing our pipeline."

Bristol Myers Squibb noted that the quarterly loss includes expenses associated with the Celgene takeover, which closed in November. Specifically, earnings for the first three months of the year were hurt by purchase-price accounting, "contingent value rights fair value adjustments" and other acquisition and integration expenses, the company said.

Other results:

  • Revlimid: $2.9 billion, acquired in connection with the Celgene takeover, topping analyst estimates of $2.8 billion
  • Eliquis: $2.6 billion, up 37%, coming in ahead of forecasts of around $2.2 billion
  • Opdivo: $1.8 billion, down 2%
  • Orencia: $714 million, up 12%
  • Pomalyst/Imnovid: $713 million, acquired in connection with the Celgene takeover
  • Sprycel: $521 million, up 14%
  • Yervoy: $396 million, up 3%
  • Abraxane: $300 million, acquired in connection with the Celgene takeover
  • Empliciti: $97 million, up 17%

Looking ahead:

Bristol Myers Squibb continues to expect earnings per share for 2020 to be in the range of $6.00 to $6.20, although revenue is now seen between $40 billion and $42 billion, with both ends of the guidance cut by $500 million. Analysts had projected revenue of $41.6 billion for the year. The company said the forecast assumes that peak business disruption from the pandemic will be felt in the second quarter, but assumes "a return to a more stable business environment in the third quarter and minimal impact from the fourth quarter of 2020 onwards."

Bristol Myers Squibb also indicated that "all clinical trial activities are planned to resume by the end of the year where local country restrictions have been lifted."

To read more Top Story articles, click here.