Strong Sales For Opdivo And Eliquis Boost Bristol-Myers Squibb Results

Bristol-Myers Squibb Company reported results for the fourth quarter and full year of 2017, which were highlighted by strong sales for Opdivo and Eliquis along with regulatory and clinical progress in oncology for Opdivo and the Opdivo plus Yervoy combination.

“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, M.D., chairman and chief executive officer, 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.”


	Fourth Quarter
$ amounts in millions, except per share amounts
	2017	2016	Change
Total Revenues	$5,449	$5,243	4%
GAAP Diluted EPS	(1.42)	0.53	**
Non-GAAP Diluted EPS	0.68	0.63	8%


	Full Year
$ amounts in millions, except per share amounts
	2017	2016	Change
Total Revenues	$20,776	$19,427	7%
GAAP Diluted EPS	0.61	2.65	(77)%
Non-GAAP Diluted EPS	3.01	2.83	6%

** In excess of +/- 100%

FOURTH QUARTER FINANCIAL RESULTS

Bristol-Myers Squibb posted fourth quarter 2017 revenues of $5.4 billion, an increase of 4 percent compared to the same period a year ago. Revenues increased 2 percent when adjusted for the impact of foreign exchange.
U.S. revenues increased 7 percent to $2.9 billion in the quarter compared to the same period a year ago. International revenues increased 1 percent. When adjusted for foreign exchange impact, international revenues decreased 3 percent.
Gross margin as a percentage of revenue decreased from 73.6 percent to 69.3 percent in the quarter primarily due to product mix.
Marketing, selling and administrative expenses decreased 11 percent to $1.3 billion in the quarter.
Research and development expenses increased 37 percent to $1.9 billion in the quarter primarily due to license and asset acquisition charges of $377 million in the fourth quarter of 2017.
The effective tax rate increased to 434 percent in the quarter from 17 percent in the fourth quarter last year primarily due to a one-time $2.9 billion charge resulting from U.S. tax reform.
The company reported net loss attributable to Bristol-Myers Squibb of $2.3 billion, or $1.42 per share, in the fourth quarter compared to net earnings of $894 million, or $0.53 per share, for the same period in 2016. The results in the current quarter include the significant transitional impact from U.S. tax reform.
The company reported non-GAAP net earnings attributable to Bristol-Myers Squibb of $1.1 billion, or $0.68 per share, in the fourth quarter, compared to $1.1 billion, or $0.63 per share, for the same period in 2016. An overview of specified items is discussed under the “Use of Non-GAAP Financial Information” section.
Cash, cash equivalents and marketable securities were $9.3 billion, with a net cash position of $1.3 billion, as of December 31, 2017.

(Source: Bristol-Myers Squibb Company)