Financial Report: Bristol-Myers Squibb

Bristol-Myers Squibb

4Q Revenues: $7.9 billion (+33%)

4Q Loss: $1.1 billion (earnings were $1.2 billion 4Q18)

FY Revenues: $26.1 billion (+16%)

FY Earnings: $3.4 billion (-30%)

Comments: Eliquis sales were $2.0 billion in the quarter, up 19%. Opdivo sales were $1.8 billion, down 2%. Orencia sales were $792 million in the quarter, up 8%. Sprycel sales were up 2% to $549 million. Yervoy sales were flat at $385 million. Top selling Celgene products include: Revlimid with sales of $1.3 billion, Pomalyst/Imnovid with $322 million in sales, and Abraxane with $166 million in sales. Revenue growth was primarily due to the Celgene acquisition (closed on November 20, 2019). In connection with the regulatory approval process of the acquisition, Celgene entered into an agreement to divest the global rights to Otezla to Amgen Inc. for $13.4 billion in cash. Research and development expenses increased 52% to $2.1 billion in the quarter primarily due $500 million related to the Celgene acquisition. Marketing, selling and administrative expenses increased 30% to $1.7 billion in the quarter primarily due to $400 million costs associated with the Celgene acquisition.