Bristol Myers 4th quarter profit tops Street view on strong sales from Celgene drugs

Bristol Myers Squibb Co reported higher-than-expected fourth quarter earnings on Thursday on strong sales from the blood cancer drugs it acquired through its $74 billion purchase of Celgene in 2019. Revenue for the quarter was $11.1 billion, topping analyst estimates of $10.7 billion. Most of that outperformance came from sales of Celgene's long-time flagship multiple myeloma drug Revlimid and Pomalyst, which also treats the blood cancer.

Bristol Myers Squibb Co reported higher-than-expected fourth quarter earnings on Thursday on strong sales from the blood cancer drugs it acquired through its $74 billion purchase of Celgene in 2019. Excluding one-time items, the company said it earned $3.3 billion, or $1.46 a share in the quarter. Analysts on average expected $1.42 a share, according to IBES data from Refinitiv.

The company posted a net loss of $10 billion, or $4.45 a share, for the quarter mostly due to a charge related to its more than $13 billion acquisition of MyoKardia, which closed in November. Revenue for the quarter was $11.1 billion, topping analyst estimates of $10.7 billion.

Most of that outperformance came from sales of Celgene's long-time flagship multiple myeloma drug Revlimid and Pomalyst, which also treats the blood cancer. Bristol Myers reported more than $3.3 billion in Revlimid sales for the quarter, beating analyst estimates by more than $200 million. Pomalyst sales were $835 million, topping estimates by nearly $40 million.

The drugmaker raised its 2021 profit forecast to $7.35 to $7.55 per share, up from its prior view of $7.15 to $7.45 a share. Shares of Bristol Myers closed at $62.03 on the New York Stock Exchange on Wednesday.