BMY Q4 Earnings and Sales Beat Estimates, Shares Down on 2025 Outlook

Bristol-Myers Squibb Company BMY reported fourth-quarter 2024 adjusted earnings per share (EPS) of $1.67, which beat the Zacks Consensus Estimate of $1.46.  In the year-ago quarter, BMY posted an adjusted EPS of $1.70.Total revenues of $12.3 billion surpassed the Zacks Consensus Estimate of $11.6 billion. The top line also increased 8% from the year-ago period’s level, primarily driven by the Growth portfolio and an increase in Eliquis sales.BMY’s shares are trading down following the results as the outlook for 2025 is below expectations.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.The company’s shares have gained 22.7% in the past year against the industry's decline of 6.4%.Image Source: Zacks Investment ResearchRevenues increased 9% to $8.6 billion in the United States. International revenues increased 5% year over year to $3.7 billion. Increases in the sales of drugs from the growth portfolio and Eliquis were offset by the generic erosion of Sprycel Revlimid, Abraxane and Pomalyst.      BMY’s Growth Portfolio Fuels Top Line in Q4BMY’s Growth Portfolio comprises drugs like Opdivo, Orencia, Yervoy, Reblozyl, Camzyos, Breyanzi, Opdualag, Zeposia, Abecma, Sotyku, Krazati, Augtyro and Cobenfy.Revenues from the Growth portfolio totaled $6.4 billion, up 21% from the year-ago level. Sales grew 23% when adjusted for foreign exchange impacts.Growth Portfolio revenues were primarily driven by higher demand for Reblozyl, Breyanzi, Camzyos, Yervoy and Opdualag.Total sales of the immuno-oncology drug Opdivo, approved for multiple cancer indications, rose 4% year over year to $2.48 billion. The figure missed both the Zacks Consensus Estimate of $2.53 billion and our model estimate of $2.55 billion.Sales of the rheumatoid arthritis drug Orencia increased 2% to $1 billion.Melanoma drug Yervoy contributed $675 million to the top line. The figure rose 19% year over year.Reblozyl sales surged 71% year over year to $547 million. Reblozyl sales beat the Zacks Consensus Estimate of $473 million and our model estimate of $461 million.Opdualag sales jumped 34% to $254 million. Opdualag sales beat the Zacks Consensus Estimate of $252 million and our model estimate of $253 million.Breyanzi sales skyrocketed 160% to $263 million and beat the Zacks Consensus Estimate of $241 million and our model estimate of $240 million.  Camzyos sales, too, surged 153% to $223 million.Sales of Zeposia rose 19% to $158 million. Abecma sales inched up 5% to $105 million.  Sotyktu sales totaled $83 million. Augtyro and Krazati raked in sales of $15 million and $39 million, respectively.Newly approved schizophrenia drug Cobenfy generated sales of $10 million.Sprycel Pulls Down BMY’s Legacy Portfolio RevenuesRevenues for the Legacy Portfolio totaled $6 billion, down 4% year over year.Eliquis sales of $3.2 billion were up 11%. Sales also beat both the Zacks Consensus Estimate and our model estimate of $3 billion.Please note that Bristol-Myers has a collaboration agreement with Pfizer PFE for Eliquis. The companies collaborated in 2007. Profits and losses are shared equally on a global basis, except in certain countries where Pfizer commercializes Eliquis and pays BMY a sales-based fee.Multiple myeloma (MM) drug Revlimid revenues declined 8% to $1.3 billion due to lower demand owing to generic erosion. Sales surpassed both the Zacks Consensus Estimate and our model estimate of $1.1 billion.  MM drug Pomalyst generated sales of $823 million, down 8% year over year.Leukemia drug Sprycel sales plunged 62% year over year to $198 million due to generic competition.Abraxane revenues declined 30% to $174 million.Costs and MarginGross margin decreased to 74% from 76.4% in the year-ago quarter due to product mix. Adjusted research and development expenses increased 13% to $2.8 billion.  Adjusted marketing, selling and administrative expenses remained relatively flat at $2.1 billion.Acquired IPRD decreased to $30 million from $600 million.Bristol Myers Squibb Company Price, Consensus and EPS Surprise Bristol Myers Squibb Company price-consensus-eps-surprise-chart | Bristol Myers Squibb Company QuoteBMY’s 2024 ResultsRevenues rose 7% to $48.3 billion (company’s guidance: 5%). The figure also beat the Zacks Consensus Estimate of $47.5 billion.EPS of $1.15 was down 85% from $7.51 in 2023. The figure surpassed management’s guidance of 75-95 cents and the Zacks Consensus Estimate of 92 cents.BMY’s 2025 GuidanceBristol-Myers expects adjusted earnings to be in the range of $6.55-$6.85 in 2025. The Zacks Consensus Estimate for EPS is pegged at $6.98.Revenues are expected to be approximately $45.5 billion. Generic competition for Revlimid, Pomalyst, Sprycel and Abraxane is expected to result in a revenue decline of approximately 18-20% of the Legacy Portfolio. The guidance also reflects an approximate $500-million negative impact on revenues due to foreign exchange.The Zacks Consensus Estimate for revenues in 2025 is pinned at $46.32 billion.Our Take on BMY’s Q4 PerformanceBMY’s better-than-expected quarterly results were driven by higher demand for Reblozyl, Breyanzi, Yervoy, Camzyos and Opdualag. Growth in Eliquis drug also led to an upside in the top line.  However, the outlook for 2025 was below expectations. Generic competition for Revlimid, Pomalyst, Sprycel and Abraxane is adversely impacting revenue growth and newer drugs might not be able to offset this decline in the near term.Bristol Myers also announced an expansion of its existing strategic productivity initiative to include approximately $2 billion in additional annualized cost savings by the end of 2027.BMY’s Zacks Rank & Stocks to ConsiderBristol-Myers currently carries a Zacks Rank #3 (Hold).Some better-ranked stocks from the pharma/biotech sector are BioMarin Pharmaceutical BMRN and Alnylam Pharmaceuticals ALNY. While BMRN currently sports a Zacks Rank #1 (Strong Buy), ALNY carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.In the past 90 days, estimates for BioMarin Pharmaceutical’s 2024 EPS have improved from $3.27 to $3.28. Estimates for 2025 EPS have increased from $3.93 to $4 during the same timeframe.BMRN’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 28.7%.In the past 30 days, estimates for Alnylam Pharmaceuticals’ 2024 loss per share have remained constant at 39 cents. The consensus mark for 2025 EPS is currently pegged at 41 cents.ALNY’s earnings beat estimates in three of the trailing four quarters and met once, delivering an average surprise of 65.67%. 7 Best Stocks for the Next 30 DaysJust released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."Since 1988, the full list has beaten the market more than 2X over with an average gain of +24.3% per year. So be sure to give these hand picked 7 your immediate attention. See them now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Alnylam Pharmaceuticals, Inc. (ALNY): Free Stock Analysis Report Bristol Myers Squibb Company (BMY): Free Stock Analysis Report Pfizer Inc. (PFE): Free Stock Analysis Report BioMarin Pharmaceutical Inc. (BMRN): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks