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Must-Read Notes on Bristol-Myers Squibb’s 4Q17 and 2017 Earnings

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Must-Read Notes on Bristol-Myers Squibb’s 4Q17 and 2017 Earnings PART 1 OF 9

Bristol-Myers Squibb’s 4Q17 Earnings Performance

Bristol-Myers Squibb’s 4Q17 performance

Bristol-Myers Squibb (BMY) surpassed Wall Street analysts’ estimates for earnings per share (or EPS) and revenues during 4Q17. BMY reported EPS of $0.68 on revenues of $5.5 billion during 4Q17. For fiscal 2017, the company reported EPS of $3.01 on revenues of $20.8 billion.

The chart below compares the revenues of Bristol-Myers Squibb since 1Q16.

Bristol-Myers Squibb’s 4Q17 Earnings Performance

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Revenues and EPS 

Bristol-Myers Squibb (BMY) reported revenues of ~$5.4 billion for 4Q17, representing ~3.9% growth in revenues compared to ~$5.2 billion for 4Q16. These revenues include ~2.0% growth at constant exchange rates and ~2.0% favorable impact of foreign exchange. For 4Q17, Bristol-Myers Squibb reported EPS of $0.68, compared to EPS of $0.63 for 4Q16.

For fiscal 2017, Bristol-Myers Squibb reported revenues of ~$20.8 billion for ~6.9% growth in revenues compared to ~$19.4 billion for 2016. The company reported EPS of $3.01 for 2017 for 6.0% growth compared to EPS of $2.83 for 2016.

Segment-wise performance: Prioritized brands

Bristol-Myers Squibb (BMY) restructured its business into a single segment. However, the drugs are classified into two categories based on the brands.

The prioritized brands include key products such as Opdivo, Eliquis, Orencia, Empliciti, Sprycel, and Yervoy. The total revenues for its prioritized brands increased ~15.0% to $4.2 billion during 4Q17 compared to revenues of ~$3.7 billion for 4Q16. The overall sales for these drugs reported positive growth in 4Q17 compared to 4Q16 sales.

For 2017, the revenues for prioritized brands totaled $15.8 billion for 27.2% growth compared to revenues of $12.4 billion during 2016.

Segment-wise performance: Established brands

Bristol-Myers Squibb’s (BMY) established brands include the HIV products, Hepatitis B products (or HBV products), Hepatitis C products (or HCV products), and other brands. The total revenues for established brands decreased ~22.6% to $1.2 billion during 4Q17, compared to revenues of $1.5 billion for 4Q16.

For 2017, the revenues for BMY’s established brands totaled ~$5.0 billion, a 28.8% decrease compared to revenues of ~$7.0 billion during 2016.

Bristol-Myers Squibb’s Eliquis is one of its best-selling drugs and one of the company’s key products. Eliquis is a factor Xa inhibitor developed by the Bristol-Myers Squibb and Pfizer (PFE) alliance and is used to reduce the risk of stroke and treatment of venous thromboembolic events.

Other factor Xa inhibitors include Mylan’s (MYL) Arixtra, Johnson & Johnson’s (JNJ) Xarelto, Portola Pharmaceuticals’ (PTLA) Bevyxxa, and Daiichi-Sankyo’s Savaysa.

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