Bristol Myers Squibb (NYSE: BMY) announced its financial results for the fourth quarter and full year of 2023, demonstrating robust performance, pipeline advancements, and strategic moves to bolster its growth trajectory into 2024.

Fourth Quarter Highlights:

• Revenues: Bristol Myers Squibb reported fourth-quarter revenues of $11.5 billion, reflecting a 1% increase both on a reported and adjusted basis for foreign exchange. The growth was driven by higher sales in the new product portfolio, Eliquis, and Opdivo, partially offset by lower sales of Revlimid.

• Regional Performance:

  • U.S. revenues increased by 1% to $8.0 billion, primarily fueled by the new product portfolio, Eliquis, and Opdivo, partially offset by lower Revlimid sales.
  • International revenues remained relatively flat at $3.5 billion, with lower Revlimid sales offset by increased sales in the new product portfolio and Opdivo.

• Earnings Per Share (EPS):

  • GAAP EPS was $0.87, reflecting an 8% decrease from the same period in 2022.
  • Non-GAAP EPS was $1.70, representing a 7% decrease.

• Portfolio Highlights:

  • In-line and new product portfolio revenues increased by 9% to $9.8 billion.
  • New product portfolio revenues surged by 66%, reaching $1.1 billion.

• Strategic Moves:

  • Bristol Myers Squibb strengthened its long-term growth profile through multiple transactions, including planned acquisitions of Karuna Therapeutics and RayzeBio, and a strategic collaboration with SystImmune.
  • The company completed the purchase of Mirati Therapeutics.

Full-Year Results:

• Revenues: Full-year revenues amounted to $45.0 billion, with a 2% decline, primarily attributed to lower sales of Revlimid.

• Earnings Per Share:

  • GAAP EPS for the full year was $3.86, reflecting a 31% increase.
  • Non-GAAP EPS was $7.51, showing a 2% decrease.

• Pipeline Advancements:

  • The company achieved U.S. approval for Augtyro and received FDA acceptance of supplemental Biologics License Applications (sBLAs) for Breyanzi in Follicular Lymphoma and Mantle Cell Lymphoma for priority review.

2024 Guidance:

• Bristol Myers Squibb provided 2024 guidance with revenues expected to increase by low single-digits. The Non-GAAP EPS range is projected to be between $7.10 and $7.40, excluding the impact of pending transactions.

CEO Statement:

Christopher Boerner, Ph.D., Chief Executive Officer, Bristol Myers Squibb, commented, “We saw good performance in the fourth quarter from our in-line and new products and took several actions to strengthen the company and build a foundation for sustainable growth. In 2024, our focus is on delivering strong commercial execution and accelerating opportunities that enhance our growth profile in the middle of the decade and beyond."

Product and Pipeline Update:

• Bristol Myers Squibb's new product portfolio witnessed substantial growth, with worldwide revenues increasing to $1.1 billion, driven by higher demand across the portfolio.

• Regulatory milestones included the U.S. approval of Augtyro in non-small cell lung cancer and FDA acceptance of sBLAs for Breyanzi expansion into follicular lymphoma and mantle cell lymphoma.