Pharmaceutical company Bristol-Myers Squibb Co reported better-than-expected earnings for the fourth quarter, on Thursday, followed by a solid 2020 sales and profits forecast. This, of course, mostly came out of the firm’s $74 billion takeover of Celgene, which continues to boost their bottom line.
Looking more closely at the numbers, the non-GAAP earnings for Bristol-Myers Squibb showed the final quarter of the year came in at $1.22 per share. This is up nearly a third over the same period last year and far exceeding the 94 cents some had expected. In addition, Group revenues are up more than a third—33.1 percent, to $7.95 billion—which also topped analyst expectations of $6.2 billion.
But there is even more for the company to celebrate. BMS also said it expects non-GAAP earnings for the region will range between $6.00 and $6.20 per share on revenues between $40.5 and $42.5 billion for fiscal year 2020.
Accordingly, CEO Giovanni Caforio commented, in a statement, “By all measures, 2019 was a transformative year for Bristol-Myers Squibb as we progressed our strategy through the acquisition of Celgene, delivered strong operational and financial performance, and continued to drive important science for patients.”
The absorption of Celgene will help round out Bristol-Myers Squibb’s excellent portfolio of high profile drugs. Last quarter alone, the blood thinner Eliquis—which is shared with Pfizer Inc—hit surpassed $2 billion in sales, beating Wall Street estimates. On the other hand, their blockbuster cancer drug Opdivo reached $1.76 billion in sales for the quarter, which is down both quarterly and annually, and well below the $3.1 billion for the quarter that the rival drug from Keytruda and Merck & Co currently have on the market.
Caforio also said, “With an expanded portfolio of high-performance brands, eight potential commercial launch opportunities, a deep and broad early pipeline, and the financial flexibility to continue to invest in innovation, the company enters 2020 uniquely positioned to transform patients’ lives through science and create long-term sustainable growth.”