– Drugmaker Bristol Myers Squibb Co on Friday posted slightly better than expected fourth-quarter earnings on strong sales of blood thinner Eliquis and cancer drug Opdivo.
The company said it earned $4.07 billion in the quarter, or $1.83 a share, up from $3.33 billion or $1.46 a share, a year earlier. Analysts on average expected the compay to earn around $1.80 a share, according to Refinitv IBES data.
Revenue in the quarter was $11.99 billion compared with $11.07 billion in 2020. Sales of Eliquis rose 18% to $2.7 billion and sales of cancer immuniterapy rose 11% to $1.99 billion in the quarter.
Sales of the company’s top-selling cancer drug Revlimid rose 1% to $3.33 billion in the quarter. That drug will have generic competition in the United States and internationally this year, and sales are expected to decline.
Bristol Myers still expects earnings and sales growth this year. The company forecast 2022 earnings per share of $7.65 to $7.95 a share. Analysts, on average, had forecast $7.86 a share for the year.
It also reiterated its 2022 sales forecast of $47 billion.
(Reporting by Michael Erman; Editing by Lincoln Feast.)