Bristol Myers Squibb, a leading drugmaker, reported impressive earnings and revenue in the fourth quarter, surpassing analysts’ expectations. The company recorded adjusted earnings of $1.70 per share on $11.5 billion in revenue, outperforming the estimated earnings of $1.55 on sales of $11.2 billion.
Positive Outlook and Strong Growth in New Product Portfolio
Bristol Myers witnessed a remarkable 66% surge in revenue from its new product portfolio, which amounted to $1.1 billion. This surge contributed to a 1% overall increase in total revenue. Encouragingly, the company projects adjusted earnings for the full year to be between $7.10 and $7.40 per share, surpassing Wall Street’s estimates of $7.02.
Potential Rebound in Stock Performance
Despite a decline of 33% over the past 12 months and 5% this year, Bristol Myers’ earnings beat and the optimistic outlook for 2024 could signal the start of a rebound. As a result, the company’s shares experienced a rise of 3.5% before the opening of trading on Friday.
Rival Drugmakers Holding Steady
In premarket trading, competitor drugmakers remained largely unaffected. Merck saw no change after experiencing a notable 4.6% increase on Thursday due to its own impressive earnings report. Johnson & Johnson showed a slight decrease before the market opened, while Pfizer remained stable and London-listed AstraZeneca slipped by 0.1%.
