Bristol-Myers Squibb Co. (NYSE: BMY) reported its fourth quarter financial results and beat analysts’ estimates. The pharmaceutical company also reported strong results that met endpoint for its lung drug.
For the fourth quarter, Bristol-Myers reported revenue of $5.4 billion, increasing 4 percent year over year, and beating analysts’ estimates of $5.35 billion. The company reported an EPS of $0.68, increasing 8 percent year over year, and beating analysts’ estimates of $0.67.
In the fourth quarter, Bristol-Myers meet successful and key endpoint results (CheckMate-227) for its Opdivo in combination with Yervoy for patients suffering from lung cancer. In December, the U.S. Food and Drug Administration accepted Bristol-Myers Biologics License Application for priority review of Opdivo and Yervoy.
Opdivo reported revenue of $1.36 billion in global revenue, increasing 4 percent year over year. Sales increased 11 percent year over year in U.S. revenue. Eliquis reported global revenue of $1.36 billion, increasing 44 percent year over year.
For the full year, Opdivo sales increased 31 percent year over year and Eliquis sales increased 46 percent year over year.
For the full year, Bristol-Myers reported revenue of $20.78 billion, increasing 7 percent year over year. The company reported an non-GAAP EPS of $3.01, increasing 6 percent year over year.
“I am proud of our results in 2017, with sales growth driven by strong commercial performance of our prioritized brands and important scientific advances we are making across our pipeline,” said Giovanni Caforio, chief executive officer of Bristol-Myers Squibb.
“Additionally, we believe the exciting results from CheckMate -227 that we announced today are a meaningful step forward for patients with lung cancer. As we begin 2018, I am confident that we are well positioned for long-term growth through our strong commercial and R&D capabilities in bringing transformational medicines to patients with serious diseases.” added Caforio.
For 2018, Bristol-Myers forecasts a non-GAAP EPS in the range of $3.15 to $3.30. The company bases its guidance off expectations of global revenue increasing in the low- to mid-single digits. Analysts’ forecast an EPS of $3.23.