Bristol-Myers Squibb beats forecasts, helped by strong product growth
US pharma major Bristol-Myers Squibb (NYSE: BMY) presented fourth-quarter and full-year 2013 financial, which beat consensus estimated from analysts. Nevertheless, the firm’s shares fell 4.4% to $51.57 by late morning trading today.
B-MS posted fourth quarter 2013 revenues of $4.4 billion, an increase of 6% compared to the same period a year ago and exceed Wall Street forecasts of $4.3 billion, boosted by cancer drugs and antivirals. US revenues increased 1% to $2.3 billion in the quarter, while international revenues rise 11% to $2.2 billion.
The company reported earnings of $726 million, or $0.44 per share, down 21% on a generally accepted accounting principles basis in the fourth quarter, compared with $925 million, or $0.56 per share, in the year-earlier period, when B-MS took a big write-off for a failed hepatitis C drug.
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