Bristol-Myers Squibb Company (NYSE:BMY) reported results for the fourth quarter of 2018 which were highlighted by strong demand for Opdivo (nivolumab) and Eliquis (apixaban) and a robust operating performance across the portfolio.
The company increased fourth-quarter revenues 10% to $6.0 Billion, 9% for a full-year to $22.6 Billion. It also posted fourth-quarter GAAP EPS of $0.73 and Non-GAAP EPS of $0.94. The company also announced Strategic Acquisition of Celgene Corporation
The company reported net earnings attributable to Bristol-Myers Squibb of $1.2 billion, or $0.73 per share, in the fourth quarter, compared to a net loss of $2.3 billion, or $1.42per share, for the same period in 2017.
The results in the fourth quarter last year included the transitional impact of U.S. tax reform.
Research and development expenses decreased 29% to $1.4 billion in the quarter primarily due to license and asset acquisition charges of $377 million in the fourth quarter last year.
CEO Giovanni Caforio said “I am proud of our results in 2018, which were based on superior commercial performance for our prioritized brands and important scientific advances that continue to diversify our R&D pipeline. We are beginning 2019 with good momentum in our current business, with Opdivo and Eliquis continuing as strong and growing franchises.
“Our planned acquisition of Celgene will position us to create a leading biopharma company, with best-in-class franchises, significant near-term launch opportunities and a deep and broad pipeline, creating an even stronger foundation for long-term sustainable growth.”
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