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Dec 31, 2019
Bristol-Myers Squibb Q4 2019 Earnings Report
Reported fourth quarter and full year financial results, highlighting strong sales, robust operating performance, and pipeline advancement.
Key Takeaways
Bristol-Myers Squibb reported a transformative year in 2019, marked by the acquisition of Celgene, strong operational and financial performance, and advancements in science for patients.
Fourth quarter revenues reached $7.9 billion, and full year revenues reached $26.1 billion.
Fourth quarter GAAP loss per share was $0.55, while non-GAAP EPS was $1.22.
The acquisition of Celgene was completed, and integration and synergy capture are on track.
The company announced a $5 billion increase to the share repurchase authorization.
Revenue by Geographic Location
Forward Guidance
Bristol-Myers Squibb is providing 2020 GAAP EPS guidance range of $0.75 to $0.95 and non-GAAP EPS guidance range of $6.00 to $6.20. In addition, the company is providing for 2021, a non-GAAP EPS guidance range of $7.15 to $7.45.
Positive Outlook
- Revenue between $40.5B - $42.5B
- Gross margin as a percentage of revenue approximately 80%
- Marketing, selling, and administrative expenses between $6.8B - $7.0B
- Research and development expenses between $9.6B - $9.8B
- Other (income)/expense between ($0.1B) - ($0.2B)
Challenges Ahead
- Gross margin as a percentage of revenue approximately 74%
- Marketing, selling, and administrative expenses between $6.8B - $7.0B
- Research and development expenses between $10.1B - $10.3B
- Other (income)/expense between $0.6B - $0.7B
Historical Earnings Impact
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Avg. Return Before/After Earnings
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