Solid cancer and blood clot treatment sales, as well as a smaller-than-forecast decline for Revlimid, helped deliver a top and bottom line beat for drugmaker Bristol Myers.
Bristol Myers Squibb (BMY) – Get Bristol-Myers Squibb Company Report posted stronger-than-expected second quarter earnings Wednesday, while repeating its full-year profit forecast, powered once again by solid sales gains for its cancer and blood clot treatments.
Bristol Myers said non-GAAP earnings for the three months ending in June came in at $1.93 per share, essentially flat to the same period last year but well ahead of the Street consensus forecast of $1.80 per share. Group revenues, Bristol Myers said, rose 1.7% to $11.9 billion, again topping analysts’ estimates of an $11.44 billion.
Bristol Myers blood clot treatment Eliquis saw sales rise 16% to $3.24 billion while Opdivo sales rose 8% to $2.063 billion. Sales of Revlimid, its blockbuster cancer drug, fell 22% in the face of generic competition to $2.5 billion.
Looking into the 2022 financial year, Bristol-Myers repeated its forecast of non-GAAP earnings in the range of $7.65 to $7.95 per share, with worldwide revenues coming in around $46 billion, a modest $1 billion decrease from its prior forecast.
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“The momentum with our business and strength of our pipeline, gives us significant opportunities to drive continued growth, starting with the anticipated approval for deucravacitinib in moderate to severe plaque psoriasis and the expected transition of milvexian, our next generation anti-thrombotic, to phase 3 development,” said CEO Giovanni Caforio. “With our financial strength and dedicated workforce, we are well positioned to help more patients and drive long-term value for our shareholders.”
Bristol-Myers shares were marked 0.86% lower in pre-market trading immediately following the earnings release to indicate an opening bell price of $73.00 each.
Last month, Bristol Myers unveiled a $4.1 billion deal to buy San Diego-based Turning Point Therapeutics (TPTX) – Get Turning Point Therapeutics Inc. Report as part of its ongoing expansion in the lucrative oncology space, which was kick-started with the $74 billion acquisition of cancer specialists Celgene Corp. in 2019.
Bristol Myers said the acquisition would clip 8 cents per share from its non-GAAP earnings this year, but will begin to boost its bottom line by 2025.