Core Viewpoint - Bristol-Myers Squibb Company (BMY) reported better-than-expected fourth-quarter 2024 results, but the outlook for 2025 is below expectations due to anticipated revenue declines from generic competition [1][2][18]. Financial Performance - Adjusted earnings per share (EPS) for Q4 2024 were $1.67, exceeding the Zacks Consensus Estimate of $1.46, but down from $1.70 in the same quarter last year [1]. - Total revenues reached $12.3 billion, surpassing the Zacks Consensus Estimate of $11.6 billion and reflecting an 8% increase year-over-year [1]. - For the full year 2024, revenues rose 7% to $48.3 billion, beating the Zacks Consensus Estimate of $47.5 billion [15]. Revenue Breakdown - U.S. revenues increased 9% to $8.6 billion, while international revenues grew 5% to $3.7 billion [4]. - The Growth Portfolio generated $6.4 billion in revenues, a 21% increase year-over-year, driven by strong sales of Reblozyl, Breyanzi, Camzyos, Yervoy, and Opdualag [5]. - Sales of Eliquis were $3.2 billion, up 11%, and exceeded estimates [11]. Drug Performance - Sales of Reblozyl surged 71% to $547 million, outperforming estimates [7]. - Opdivo sales rose 4% to $2.48 billion but fell short of expectations [6]. - Breyanzi sales skyrocketed 160% to $263 million, significantly beating estimates [9]. Cost and Margin - Gross margin decreased to 74% from 76.4% year-over-year due to product mix changes [14]. - Adjusted research and development expenses increased 13% to $2.8 billion, while marketing and administrative expenses remained flat at $2.1 billion [14]. 2025 Guidance - The company expects adjusted EPS in the range of $6.55-$6.85 for 2025, below the Zacks Consensus Estimate of $6.98 [16]. - Projected revenues for 2025 are approximately $45.5 billion, reflecting a potential 18-20% decline in the Legacy Portfolio due to generic competition [16]. Strategic Initiatives - Bristol-Myers announced an expansion of its strategic productivity initiative, targeting approximately $2 billion in additional annualized cost savings by the end of 2027 [19].

For the quarter ended December 2024, Bristol Myers Squibb (BMY) reported revenue of $12.34 billion, up 7.5% over the same period last year. EPS came in at $1.67, compared to $1.70 in the year-ago quarter.The reported revenue represents a surprise of +6.59% over the Zacks Consensus Estimate of $11.58 billion. With the consensus EPS estimate being $1.46, the EPS surprise was +14.38%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall ...

Group 1 - Bristol Myers Squibb reported quarterly earnings of $1.67 per share, exceeding the Zacks Consensus Estimate of $1.46 per share, but down from $1.70 per share a year ago, representing an earnings surprise of 14.38% [1] - The company achieved revenues of $12.34 billion for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 6.59% and up from $11.48 billion year-over-year [2] - Bristol Myers has consistently outperformed consensus EPS and revenue estimates over the last four quarters [2] Group 2 - The stock has gained approximately 5.6% since the beginning of the year, outperforming the S&P 500's gain of 3.1% [3] - The future performance of Bristol Myers' stock will largely depend on management's commentary during the earnings call and the sustainability of earnings expectations [3][4] - Current consensus EPS estimate for the upcoming quarter is $1.66 on revenues of $11.32 billion, and for the current fiscal year, it is $6.98 on revenues of $46.32 billion [7] Group 3 - The Medical - Biomedical and Genetics industry, to which Bristol Myers belongs, is currently ranked in the top 28% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5] - The current estimate revisions trend for Bristol Myers is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6]

Financial Performance & Guidance - Bristol-Myers Squibb's (BMS) Q4 2024 total revenues remained consistent with GAAP and Non-GAAP figures, reaching $12.3 billion, and full-year revenues also matched at $48.3 billion[51] - The company projects 2025 total revenues to be approximately $45.5 billion[21, 56] - BMS anticipates Non-GAAP EPS to be in the range of $6.55 to $6.85 for 2025[21, 56] - An expanded strategic productivity initiative is expected to yield incremental cost savings of approximately $2 billion by the end of 2027, with around $1 billion expected in 2025[21, 55] Portfolio Performance - The Growth Portfolio experienced a revenue increase of 21%, or 23% Ex-FX, in Q4 2024[11, 26] - For the full year 2024, the Growth Portfolio's revenue grew by 17%, or 19% Ex-FX[14, 15] - Legacy portfolio revenues were $6 billion in Q4 2024 and $25.7 billion for the full year 2024[12, 15] - Eliquis sales reached $3.195 billion in Q4 2024, representing an 11% year-over-year increase, and $13.333 billion for the full year, a 9% increase[33] Pipeline & Strategic Focus - BMS is focusing on transformational medicines, driving operational effectiveness, and strategically allocating capital to deliver sustained top-tier growth and long-term shareholder returns[23] - The company has a potential for 10+ New Molecular Entities (NMEs) and 30+ major Life Cycle Management (LCM) indications between 2025 and 2030[23] - Cobenfy is identified as having expansion opportunities with potential multi-billion-dollar peak sales over the decade[17]

Revenue Performance - Fourth quarter revenues were $12.3 billion, an increase of 8% year-over-year, or 9% when adjusted for foreign exchange[2]. - Full-year revenues reached $48.3 billion, a 7% increase compared to the previous year, or 9% when adjusted for foreign exchange[4]. - Growth Portfolio revenues for the fourth quarter were $6.4 billion, up 21% year-over-year, or 23% when adjusted for foreign exchange[12]. - Bristol Myers Squibb reported revenues of $48.3 billion, a 7% increase, or 9% when adjusted for foreign exchange impacts, driven by the Growth Portfolio and higher demand for Eliquis[21]. - U.S. revenues increased 9% to $34.1 billion, primarily due to higher demand for the Growth Portfolio and Eliquis, partially offset by generics on Sprycel, Revlimid, and Abraxane[21]. - International revenues increased 3% to $14.2 billion, or 8% when adjusted for foreign exchange impacts, mainly due to demand for Growth Portfolio products[21]. - Total revenues for the Growth Portfolio increased to $22.6 billion, a 17% growth compared to $19.4 billion in the prior year, or 19% when adjusted for foreign exchange impacts[26]. - Total revenues for 2024 reached $48.3 billion, a 7% increase compared to $45.0 billion in 2023[60]. Earnings and Losses - The company achieved a GAAP loss per share of $(4.41) for the full year, while non-GAAP EPS was $1.15, an 85% decrease from the previous year[4]. - The company reported a GAAP net loss of $8.9 billion, or $(4.41) per share, compared to a profit of $8.0 billion, or $3.86 per share in the previous year[22]. - Non-GAAP net earnings were $2.3 billion, or $1.15 per share, down from $15.6 billion, or $7.51 per share for the same period a year ago[22]. - The company reported a net loss of $8,933 million for the full year 2024, compared to a net income of $8,040 million in 2023[54]. - The net earnings attributable to Bristol-Myers Squibb for Q4 2024 were $3,408 million, compared to a loss of $8,948 million in Q4 2023[78]. - Diluted earnings per share for Q4 2024 were $1.67, compared to a loss of $4.41 per share in Q4 2023[78]. Expenses and Cost Management - Research and development expenses increased 29% to $3.2 billion in the fourth quarter, primarily due to recent acquisitions[6]. - Research and development expenses increased 20% to $11.2 billion on a GAAP basis, primarily due to recent acquisitions and IPRD impairment charges[21]. - Marketing, selling, and administrative expenses increased 8% to $8.4 billion on a GAAP basis, attributed to the timing of spend and recent acquisitions[21]. - The company expanded its strategic productivity initiative to deliver approximately $2 billion in additional cost savings by the end of 2027[2]. - The company is expanding its strategic productivity initiative to achieve an additional $2 billion in annualized cost savings by the end of 2027[28]. Taxation - The effective tax rate on a GAAP basis was 56.6%, significantly impacted by intangible asset impairments[9]. - The effective tax rate on a non-GAAP basis increased from 14.7% to 56.8%, primarily due to a non-tax deductible charge related to the Karuna acquisition[21]. - The effective tax rate for Q4 2024 was 19.9%, compared to 56.6% in Q4 2023[78]. Future Guidance - The company provided 2025 guidance with expected revenues of approximately $45.5 billion and non-GAAP EPS in the range of $6.55 to $6.85[2]. - Bristol Myers Squibb is targeting approximately $45.5 billion in total revenues for 2025, reflecting an expected revenue decline of 18-20% in the Legacy Portfolio due to generics[31]. - The company anticipates a gross margin of approximately 72% and operating expenses of around $16 billion for 2025[32]. - The company anticipates continued growth in its pipeline and strategic initiatives, with a focus on capital allocation and productivity improvements[47]. Product Performance - Key drivers for the Growth Portfolio included increased demand for Reblozyl, Breyanzi, Camzyos, and Opdualag[26]. - Opdivo generated $9.3 billion in total revenue, with a 2% growth in the U.S. and 14% growth internationally[23]. - Reblozyl saw an 80% increase in U.S. revenue, contributing significantly to the Growth Portfolio's performance[26]. - Eliquis sales increased by 11% year-over-year to $3,195 million in Q4 2024, despite a 3% decline in international sales[56]. - Opdivo sales grew by 4% year-over-year to $2,479 million in Q4 2024, with international sales increasing by 7%[56]. - Reblozyl saw a significant increase in sales, up 71% year-over-year to $547 million in Q4 2024[56]. - Breyanzi's revenue surged by 105% to $747 million, up from $364 million in the previous year[60]. - Eliquis generated $13.3 billion, a 9% increase from $12.2 billion in 2023, despite a 1% decline in international sales[60]. Debt and Cash Position - Cash and cash equivalents decreased to $10,346 million in 2024 from $11,464 million in 2023, representing a decline of 9.8%[82]. - Total cash, cash equivalents, and marketable debt securities decreased to $11,179 million in 2024 from $12,644 million in 2023, a reduction of 11.6%[82]. - Short-term debt obligations improved to $(2,046) million in 2024 from $(3,119) million in 2023, indicating a decrease of 34.4%[82]. - Long-term debt increased to $(47,603) million in 2024 from $(36,653) million in 2023, reflecting an increase of 29.9%[82]. - The net debt position worsened to $(38,470) million in 2024 compared to $(27,128) million in 2023, an increase of 42.0%[82]. Market and Regulatory Environment - Forward-looking statements indicate potential risks including pricing pressures and regulatory changes that could impact future financial performance[49]. - The company plans to include Puerto Rico revenues in International revenues starting in 2024, which may affect future reporting[61]. - Foreign exchange impacts were unfavorable, affecting revenue growth by approximately 2% in the Growth Portfolio for the year[64].

The Bristol Myers Squibb research and development center at Cambridge Crossing in Cambridge, Massachusetts, on Dec. 27, 2023.Bristol Myers Squibb on Thursday said it will slash $2 billion in costs by the end of 2027, expanding its ongoing cost savings effort to chart a path toward long-term growth. Bristol Myers said savings will be driven by organizational changes and efforts to streamline operations and will allow the company to invest in new science and drug brands expected to deliver growth. The pharmac ...

Bristol Myers Squibb (BMY) announced that it has obtained a positive opinion from the Committee for Medicinal Products for Human Use (“CHMP”) of the European Medicines Agency for two of its drugs.The CHMP recommended approval of Opdivo (nivolumab) plus Yervoy (ipilimumab) for the first-line treatment of adult patients with unresectable or advanced hepatocellular carcinoma (HCC).The CHMP also recommended approval of Breyanzi (lisocabtagene maraleucel; liso-cel) for relapsed or refractory follicular lymphoma. ...

Core Viewpoint - Bristol-Myers Squibb Company (BMY) is set to report its Q4 and full-year 2024 results on February 6, with sales and earnings estimates of $11.56 billion and $1.46 per share respectively [1] Financial Estimates - The earnings estimate for 2024 has increased to $0.92 from $0.91 per share over the past 60 days, although the annual earnings estimate has been negatively impacted by acquisition-related expenses [2] - BMY's earnings surprise history shows an average surprise of 15.54% over the last four quarters, with a notable 20.81% surprise in the last reported quarter [3][4] Revenue Drivers - Total quarterly revenues are expected to rise due to growth in product franchise sales, particularly from immuno-oncology drugs [6] - Key drugs contributing to revenue include Opdivo, Orencia, Yervoy, and Reblozyl, with Q4 sales estimates for Opdivo at $2.5 billion and Orencia at approximately $966 million [7][8] Product Performance - Opdivo has maintained momentum through consistent label expansions, while Reblozyl has shown strong growth in both domestic and international markets [9][10] - Eliquis sales are projected at $3 billion, driven by increased demand in the U.S. [15] Market Position and Valuation - BMY shares have increased by 29% over the past year, outperforming the industry and the S&P 500 [16][17] - The current price/earnings ratio for BMY is 8.49x forward earnings, which is lower than its historical mean and the large-cap pharma industry average [19] Strategic Initiatives - The company has made strategic acquisitions to enhance its product portfolio, which are beginning to yield positive results, although it has incurred significant debt to finance these acquisitions [22] - Recent FDA approvals for new drugs like Cobenfy for schizophrenia and Opdivo Qvantig for subcutaneous use are expected to further diversify BMY's pipeline [21][23] Investment Outlook - BMY is viewed as a solid long-term investment, with management's efforts to stabilize revenue amidst generic challenges being commendable [25] - The attractive dividend yield is highlighted as a positive factor for investors [26]

Wall Street analysts forecast that Bristol Myers Squibb (BMY) will report quarterly earnings of $1.46 per share in its upcoming release, pointing to a year-over-year decline of 14.1%. It is anticipated that revenues will amount to $11.56 billion, exhibiting an increase of 0.7% compared to the year-ago quarter.The consensus EPS estimate for the quarter has been revised 7.6% lower over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their ...

Core Viewpoint - The article emphasizes the importance of a company's underlying business over its yield for dividend seekers, highlighting that some companies can provide both a strong business foundation and attractive yields [1]. Group 1: Bristol Myers Squibb - Bristol Myers Squibb is a leading drugmaker with a diverse portfolio, including several drugs generating over $1 billion in annual sales [3]. - The company experienced a period of slow revenue growth due to a patent cliff but rebounded with an 8% year-over-year revenue increase to $11.9 billion in the third quarter [4]. - Older products like Eliquis continue to perform well, with sales increasing by 11% year over year to $3 billion [5]. - Newer products, particularly Reblozyl, are contributing significantly to growth, with its revenue reaching $447 million, an 80% increase from the previous year [6]. - Bristol Myers Squibb is expected to manage upcoming patent cliffs effectively, with newer products and label expansions supporting continued financial strength and dividend sustainability [7]. - The stock has a forward yield of approximately 4.2%, significantly higher than the S&P 500's 1.3%, and has increased its payouts by nearly 38% over the past five years [8]. Group 2: Novartis - Novartis is another major player in the pharmaceutical industry, with 11 medicines generating over $1 billion in sales for 2024 [9]. - The company's top-selling drug, Entresto, saw a 26% year-over-year sales increase to $1.9 billion, while Cosentyx generated $1.7 billion, up 27% from the prior year [10]. - Total sales for Novartis reached $12.8 billion, reflecting a 9% increase compared to the previous year [10]. - Although Cosentyx's U.S. patent is set to expire, Novartis has a robust pipeline with 105 programs, including new medicines like Fabhalta, which is in the early stages of commercialization [11]. - Novartis has successfully increased its dividend for 27 consecutive years, with a forward yield of about 3.7% and a cash payout ratio just under 62% [12][13].