BMS tops estimates as Celgene drugs help drive up Q4 sales

Headline results for the fourth quarter:

  • Revenue: $11.1 billion (forecasts of $10.7 billion), up 39%
  • Loss: $10 billion, versus a loss of $1.1 billion in the prior year

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

What the company said:

"In our first full year as a new company," following the $74-billion takeover of Celgene in late 2019, "we delivered solid operational and financial results, and laid a strong foundation for the future," commented CEO Giovanni Caforio. Quarterly sales in the US jumped 43% to $6.8 billion, while international revenues increased 34% to $4.3 billion.

Bristol Myers Squibb said the $10-billion net loss during the quarter stemmed largely from a charge related to its $13.1-billion acquisition of MyoKardia, which closed in November. Other charges and expenses were related to purchase price accounting from the Celgene acquisition and fair value adjustments for contingent value rights (CVR) tied to the takeover. The CVR evaporated at the end of 2020 because the FDA did not approve the CAR T-cell therapy lisocabtagene maraleucel by December 31, missing a key condition of the payout.

Other results:

  • Revlimid: $3.3 billion, up 18% on a pro forma basis, having been acquired via the Celgene merger, with the drug topping analyst estimates by more than $200 million
  • Eliquis: $2.3 billion, up 12%
  • Opdivo: $1.8 billion, up 2%
  • Orencia: $867 million, up 9%
  • Pomalyst/Imnovid: $835 million, up 21% on a pro forma basis, coming in nearly $40 million over consensus estimates
  • Sprycel: $564 million, up 3%
  • Yervoy: $471 million, up 22%
  • Abraxane: $297 million, down 12% on a pro forma basis
  • Empliciti: $91 million, down 3%
  • Onureg: $14 million, following its approval in the US in September for certain patients with acute myeloid leukaemia
  • Zeposia: $9 million, with the Celgene drug having been cleared by US and European regulators last year for patients with multiple sclerosis
  • Full-year sales: $42.5 billion, up 63%
  • Full-year loss: $9 billion, versus a profit of $3.4 billion the year before

Looking ahead:

Bristol Myers Squibb raised its 2021 profit forecast to $7.35 to $7.55 per share, up from its prior view of $7.15 to $7.45 a share, with worldwide revenues increasing at a high-single-digit percentage rate.

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