Bristol Myers Q4 Revenue, FY22 Sales Outlook Lag Consensus

Bristol Myers Squibb & Co BMY has posted Q4 revenues of $11.98 billion, an increase of 8%, missing the consensus estimate of $12.08 billion. 

• Eliquis, immuno oncology, and new product portfolios drove sales growth.
• Eliquis sales increased 18% to $2.67 billion, Opdivo sales increased 11% to $1.98 billion, and Yervoy sales clocked a 16% jump to $545 million.
• Adjusted EPS of $1.83 came ahead of the consensus of $1.80 and 25% higher than $1.46 posted a year ago.
• U.S. revenues increased 11% to $7.5 billion, and International revenues increased 4% to $4.5 billion.
• Gross margin increased from 73.7% to 80.3%, primarily due to an impairment charge related to marketed product rights and lower unwinding of inventory purchase price accounting adjustments.
• Bristol Myers announced an additional $15 billion buyback in December and raised its quarterly dividend.
• In the Q4 earnings release, the Company said that $5 billion of the share buyback would be executed during Q1 FY22.
• FY22 Guidance: Bristol Myers reaffirmed the EPS guidance of $7.65 - $7.95, compared to the consensus of $7.86.
• Revenues are expected to be approximately $47 billion, representing an increase in the low-single digits and below the consensus of $47.75 billion.
• Sales from key loss of exclusivity brands, which represent Revlimid and Abraxane, are expected to be approximately $10.5 billion. Revlimid sales are expected to be $9.5-$10 billion.
• Continuing Business is expected to grow in the low-double digits and contribute approximately $36.5 billion in FY22.
• The adjusted gross margin is expected to be approximately 78%.
• Price Action: BMY shares are up 0.64% at $64.48 during the premarket session on the last check Friday.