Bristol-Myers Squibb reports third quarter results

Bristol-Myers SquibbBristol-Myers Squibb Company (NYSE:BMY) today reported results for the third quarter of 2016 which were highlighted by strong sales and operating performance, and continued growth for key products including Opdivo and Eliquis . The company raised full-year guidance for 2016 and provided guidance expectations for 2017, announced a new $3 billion share repurchase authorization, and announced an evolution of the company’s operating model to focus resources behind the company’s highest priorities, accelerate its pipeline and simplify infrastructure.

"Our third quarter was marked by strong commercial execution and solid trends across our products and geographies," said Giovanni Caforio, M.D., chief executive officer, Bristol-Myers Squibb."“While we are disappointed with the results of CheckMate -026, a setback in first-line lung in the short term, our overall strategic focus does not change. Going forward, we see growth in both the near and long term to continue to be driven by Opdivo, Eliquis and Orencia , and by an exciting pipeline of specialty medicines over time. As we focus on the future, we are evolving our operating model to more effectively focus resources on key priorities and simplify execution to deliver sustainable growth and to speed transformational medicines to patients."

Third quarter financial results

  • Bristol-Myers Squibb posted third quarter 2016 revenues of $4.9 billion, an increase of 21% compared to the same period a year ago. Global revenues increased 22% adjusted for foreign exchange impact. Excluding Erbitux , global revenues increased 26% or 27% adjusted for foreign exchange impact.
  • U.S. revenues increased 36% to $2.8 billion in the quarter compared to the same period a year ago. International revenues increased 5%. When adjusted for foreign exchange impact, international revenues increased 7%.
  • Gross margin as a percentage of revenues was 73.5% in the quarter compared to 73.0% in the same period a year ago.
  • Marketing, selling and administrative expenses decreased 3% to $1.1 billion in the quarter.
  • Research and development expenses increased 1% to $1.1 billion in the quarter.
  • The effective tax rate was 22.1% in the quarter, compared to 26.0% in the third quarter last year.
  • The company reported net earnings attributable to Bristol-Myers Squibb of $1.2 billion, or $0.72 per share, in the quarter compared to $706 million, or $0.42 per share, a year ago.
  • The company reported non-GAAP net earnings attributable to Bristol-Myers Squibb of $1.3 billion, or $0.77 per share, in the third quarter, compared to $648 million, or $0.39 per share, for the same period in 2015. An overview of specified items is discussed under the "Use of Non-GAAP Financial Information" section.
  • Cash, cash equivalents and marketable securities were $8.6 billion, with a net cash position of $1.8 billion, as of September 30, 2016.

Global revenues for the third quarter of 2016, compared to the third quarter of 2015, were driven by Opdivo, which grew by $615 million; Eliquis, which grew 90%; Yervoy , which grew 19%; Orencia, which grew 18%; and Sprycel , which grew 15%.

About Bristol-Myers Squibb
Bristol-Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases.

Most Popular Now

GSK reaches agreement with Novartis to acquire ful…

GlaxoSmithKline plc (LSE/NYSE: GSK) today announces that it has reached an agreement with Novartis for the buyout of Novartis' 36.5% stake in their Consumer Healthcare Jo...

Canadian neuroscientists say daily ibuprofen can p…

A Vancouver-based research team led by Canada's most cited neuroscientist, Dr. Patrick McGeer, has successfully carried out studies suggesting that, if started early enou...

Merck partners with Medisafe to help improve medic…

Merck, a leading science and technology company, today announced a new collaboration with US-based Medisafe to help its cardiometabolic patients better manage medication ...

New immunotherapy for lung cancer shows promise of…

In a groundbreaking development, results from a recent clinical trial to treat lung cancer show that a novel immunotherapy combination is surprisingly effective at contro...

Boehringer Ingelheim and OSE Immunotherapeutics an…

Boehringer Ingelheim and OSE Immunotherapeutics, a biotechnology company focused on the development of innovative immunotherapies, have announced a collaboration and excl...

Taking a standard prostate cancer drug with food b…

By taking a high-cost drug with a low-fat meal - instead of on an empty stomach, as prescribed - prostate cancer patients could decrease their daily dose, prevent digesti...

Personalized tumor vaccine shows promise in pilot …

A new type of cancer vaccine has yielded promising results in an initial clinical trial conducted at the Perelman School of Medicine at the University of Pennsylvania and...

New targeted therapy schedule could keep melanoma …

Skin melanoma, a particularly insidious cancer, accounts for the vast majority skin cancer deaths and is one of the most common cancers in people under 30. Treatment for ...

Researchers identify chemical compound that inhibi…

An organic chemical compound shows effective antiviral activity against Ebola virus and several other viruses, according to a study led by Georgia State University. The r...

When drugs are wrong, skipped or make you sick: Th…

Rising drug prices have gotten a lot of attention lately, but the actual cost of prescription medications is more than just the dollars and cents on the bill. Researchers...

New class of drugs could help tackle treatment-res…

Researchers have discovered a new class of drug that has the potential to help cancer patients who no longer respond to existing therapies. The drug may not become availa...

Researchers propose key elements of antimicrobial …

Antimicrobial stewardship programs (ASPs) in hospitals play a vital role in managing the threat of antibiotic resistance. To be of maximum effectiveness, essential elemen...