Bristol-Myers beats sales, profit forecasts
Cost cuts and growing sales of its treatments for cancer, blood clots and diabetes lift figures
Bristol-Myers Squibb’s quarterly sales and earnings beat Wall Street expectations, helped by cost cuts and growing sales of its treatments for cancer, blood clots and diabetes.
The company today said it earned $726 million, or 44 cents per share, in the fourth quarter. That compared with $925 million, or 56 cents per share, in the year-earlier period, when Bristol-Myers took a big write-off for a failed hepatitis C drug.
Excluding special items, the drugmaker earned 51 cents per share, well above the average analyst estimate of 43 cents, according to Thomson Reuters.
Global company revenue rose 6 per cent to $4.44 billion, topping Wall Street expectations of $4.3 billion.
Bristol-Myers shares were up 1.9 per cent to $55 per share in premarket trading.
The company said it continues to expect earnings this year of $1.65 to $1.80 per share, excluding special items. The forecast assumes current foreign exchange rates and closing of the planned sales of Bristol-Myers’ diabetes business to British drugmaker AstraZeneca in the first quarter.
Results were helped in the quarter as marketing, selling and administrative expenses fell 7 percent, and research spending shrank 12 per cent.(Reuters)