Q4 update: Bristol-Myers outperforms and Celgene misses EPS estimates
- For the fourth quarter, Celgene's EPS came in at $1.18, up from $1.01 in 2015—analysts had predicted EPS of $1.22. Bristol-Myers Squib (BMS) knocked the ball out of the park with EPS of $0.38, compared with analysts' expectations of $0.28.
- Celgene had fourth-quarter revenues of $2.56 billion, which were higher than the $2.54 billion expected by analysts.
- BMS notched $4.29 billion in fourth-quarter sales, beating analysts' expectations of $4.15 billion. The company's big-sellers contributing to this growth are its immuno-oncologic Opdivo, for advanced lung cancer, advanced kidney cancer and melanoma; the anticoagulant Eliquis and its hepatitis C medications.
It's fair to say that both Celgene and BMS had a good Q4 2015. Although Celgene missed EPS targets, it slightly exceeded revenue estimates.
With respect to BMS, its star power in immuno-oncology at the moment is undeniable. Opdivo grossed $475 million for the fourth quarter, while the anticoagulant Eliquis had revenues that were up by 114% year over year to $602 million. Its hep C franchise generated $458 million for Q4.
What's really exciting here for BMS are future prospects. Opdivo's approved indications have continued to expand to include not only various tumor types, but use in combination therapy as well—and now that it is testing Opdivo in combination with Yervoy, expect more approved combinations in the near-term future.
In addition, Eliquis has traditionally trailed the other novel oral anticoagulants, including Xarelto, which is co-marketed by Johnson & Johnson and Bayer and also Boehringer Ingelheim's Pradaxa. It is now gaining ground on both.