Bristol-Myers Squibb Q4 2021 Earnings Report
Key Takeaways
Bristol Myers Squibb reported Q4 2021 revenues of $12.0 billion, an increase of 8%, driven by Eliquis, Immuno-Oncology and new product portfolios. The company posted earnings per share of $1.07 and non-GAAP EPS of $1.83.
Fourth Quarter revenues of $12.0 Billion; Full-Year Revenues of $46.4 Billion
Fourth Quarter Earnings Per Share of $1.07 and Non-GAAP EPS of $1.83; Full- Year Earnings Per Share of $3.12 and Non-GAAP EPS of $7.51
Delivered Strong Revenues for Eliquis, Immuno-Oncology and New Product Portfolios
Announced $15 Billion Share Repurchase Authorization; $5 Billion Accelerated Share Repurchase Agreement to be Executed During the First Quarter 2022
Bristol-Myers Squibb
Bristol-Myers Squibb
Bristol-Myers Squibb Revenue by Segment
Bristol-Myers Squibb Revenue by Geographic Location
Forward Guidance
Bristol Myers Squibb is introducing its 2022 GAAP EPS guidance range of $3.37 - $3.67 and reaffirming its non-GAAP EPS guidance range of $7.65 - $7.95. Both GAAP and non-GAAP guidance assume current exchange rates.
Positive Outlook
- Worldwide revenues are expected to be approximately $47 billion, representing an increase in the low-single digits.
- Our Continuing Business, which represents in-line products and new product portfolio, is expected to grow in the low-double digits and contribute approximately $36.5 billion in 2022.
- Gross margin is expected to be approximately 78% for GAAP and for non-GAAP.
- Operating expenses, consisting of marketing, selling and administrative expenses and research and development expenses, are expected to decrease by approximately 10% for GAAP and be in-line with 2021 levels for non-GAAP.
- An effective tax rate of approximately 24% for GAAP and approximately 16.5% for non-GAAP.
Challenges Ahead
- Sales from key loss of exclusivity (LOE) brands, which represent Revlimid and Abraxane® (paclitaxel protein-bound particles for injectable suspension) (albumin-bound), are expected to be approximately $10.5 billion.
- Revlimid sales are expected to be $9.5-$10 billion.
- The 2022 financial guidance excludes the impact of any potential future strategic acquisitions and divestitures, and any specified items that have not yet been identified and quantified.
- The financial guidance is subject to risks and uncertainties applicable to all forward-looking statements as described elsewhere in this press release.
- There is no reliable or reasonably estimable comparable GAAP measures for this non-GAAP financial guidance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income