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Dec 31, 2023
Bristol-Myers Squibb Q4 2023 Earnings Report
Reported a slight revenue increase driven by in-line and new products, offset by Revlimid decline, and strengthened growth profile through strategic transactions.
Key Takeaways
Bristol Myers Squibb reported Q4 2023 revenues of $11.5 billion, a 1% increase year-over-year. GAAP EPS was $0.87, while non-GAAP EPS reached $1.70. The company's in-line and new product portfolio saw a 9% revenue increase, reaching $9.8 billion. Strategic acquisitions and collaborations, including Karuna Therapeutics, RayzeBio, and SystImmune, were announced to bolster long-term growth.
Fourth-quarter revenues reached $11.5 billion, with GAAP EPS at $0.87 and non-GAAP EPS at $1.70.
In-line and new product portfolio revenues increased by 9% to $9.8 billion.
Strategic transactions, including acquisitions of Karuna Therapeutics and RayzeBio, and a collaboration with SystImmune, were initiated.
2024 guidance forecasts low single-digit revenue growth and a non-GAAP EPS range of $7.10 to $7.40.
Revenue by Geographic Location
Forward Guidance
Bristol Myers Squibb anticipates low single-digit revenue growth and a non-GAAP EPS range of $7.10 to $7.40 for 2024.
Positive Outlook
- Total 2024 revenues are expected to increase by low single-digits.
- Excluding foreign exchange, total revenues are expected to increase by low single-digits.
- Non-GAAP Gross margin is expected to be approximately 74%.
- Other Income/(Expense) is expected to be approximately $250 million.
- An effective tax rate of approximately 17.5%.
Challenges Ahead
- The 2024 financial guidance excludes the impact of any potential future strategic acquisitions, including the announced planned acquisitions of RayzeBio and Karuna.
- Guidance excludes divestitures, specified items, and the impact of future Acquired IPRD charges.
- The company is not, without unreasonable effort, able to reliably predict the impact of accelerated depreciation and impairment charges.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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