PFE - Bristol-Myers Q1 Loss Narrower Than Expected Sales Beat | Benzinga
Bristol-Myers Squibb Company (NYSE: BMY) reported an adjusted loss per share of $4.40, narrower than the Zacks Consensus Estimate of a loss of $4.53 per share. In the year-ago quarter, BMY posted adjusted earnings per share of $2.05.
The year-over-year deterioration can be attributed to higher acquired IPRD costs, reflecting the impact of recent acquisitions and an increase in operating expenses. The bottom-line was also negatively impacted due to higher interest expenses resulting from new debt issuance to fund recent acquisitions.
Total revenues of $11.9 billion surpassed the Zacks Consensus Estimate of $11.4 billion. Revenues also increased 5% from the year-ago period's level, primarily driven by Eliquis, Reblozyl and Opdualag's encouraging performance. However, this was partially offset by a decline in the sales of Opdivo and Revlimid.
The stock is trading down following the quarterly earnings release.
The company's shares have lost 4.8% year to date compared with the industry's decline of 9.4%.
Image Source: Zacks Investment Research
Quarterly Details
Revenues increased 7% to $8.5 billion in the United States due to higher sales of Eliquis, Reblozyl and Opdualag. However, Opdivo revenues were down 10% to $1.2 billion due to inventory and the timing of orders. Lower sales of the multiple myeloma drug Revlimid also adversely impacted top-line growth.
International revenues were flat year over year at $3.4 billion due to lower average net selling prices. The negative impact from foreign exchange was 5%.
Growth Portfolio Revenues
Revenues from the Growth portfolio totaled $4.8 billion, up 8% from the year-ago level. The top line grew 11% year over year when adjusted for foreign exchange impacts. Growth Portfolio revenues were primarily driven by higher demand for Reblozyl, Opdualag, Yervoy, Camzyos, and Sotyktu, partially offset by Opdivo and Abecma.
Total sales of the immuno-oncology drug Opdivo, approved for multiple cancer indications, went down 6% year over year to $2.1 billion. The figure also missed the Zacks Consensus Estimate and our estimate of $2.3 billion and $2.33 billion, respectively.
Sales of the rheumatoid arthritis drug Orencia increased 4% to $798 million.
Melanoma drug Yervoy contributed $583 million to the top line, up 15% year over year.
Reblozyl sales surged 72% year over year to $354 million. The drug's label was expanded ...