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Dec 31, 2024
Bristol-Myers Squibb Q4 2024 Earnings Report
Reported strong topline growth driven by key products and pipeline advancements, achieved U.S. approval of Cobenfy, and expanded strategic productivity initiative.
Key Takeaways
Bristol Myers Squibb reported Q4 2024 revenues of $12.3 billion, an 8% increase year-over-year, driven by the Growth Portfolio and higher demand for Eliquis. GAAP EPS was $0.04, and Non-GAAP EPS was $1.67. The company is expanding its strategic productivity initiative to deliver ~$2 billion in additional cost savings by the end of 2027 and provides 2025 guidance with revenues of ~$45.5 billion and Non-GAAP EPS range of $6.55 to $6.85.
Fourth Quarter Revenues were $12.3 Billion, Increasing 8% (+9% Adjusting for Foreign Exchange); GAAP Earnings Per Share (EPS) was $0.04 and Non-GAAP EPS was $1.67
Growth Portfolio Revenues were $6.4 Billion, Increasing 21% (+23% Adjusting for Foreign Exchange)
Achieved Multiple Clinical and Regulatory Milestones in the Fourth Quarter, Including U.S. Approval of Opdivo Qvantig and the U.S. Launch of Cobenfy
Expands Strategic Productivity Initiative to Deliver ~$2 Billion in Additional Cost Savings by the End of 2027
Revenue by Geographic Location
Forward Guidance
Bristol Myers Squibb estimates total revenues to be approximately $45.5 billion and Diluted EPS between $6.55 and $6.85 for 2025.
Positive Outlook
- Total revenues to be approximately $45.5 billion
- Reflects the near-term impact of generics across Revlimid, Pomalyst, Sprycel and Abraxane
- Expects revenue decline of approximately 18-20% of the Legacy Portfolio
- Partially offset by the continued strength of our Growth Portfolio
- Tax Rate ~18%
Challenges Ahead
- Approximate $500 million expected negative impact to revenue due to foreign exchange
- Gross Margin %~72%
- Operating Expenses~$16 billion
- Other Income/(Expense)~$30 million
- Excludes the impact of any potential future strategic acquisitions
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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