Why did BMY's Q4 2024 EPS exceed forecasts?

Bristol-Myers Squibb's (BMY) Q4 2024 EPS exceeded forecasts due to several key factors: 1. **New Product Approvals**: The FDA approval of OPDIVO Qvantig, a subcutaneous version of the PD-1 inhibitor OPDIVO, is a significant milestone. This new formulation offers a competitive advantage in administration time, which is expected to enhance the competitive position of OPDIVO against rival products. 2. **Revenue Growth**: Although there was no revenue surprise in Q4 2024, as reported, the company's total revenue for the quarter was $12.34 billion, which is a substantial figure. The absence of a revenue surprise does not negate the overall revenue achievement. The company's robust revenue base provides a solid foundation for its earnings growth. 3. **Pipeline Strength**: Bristol-Myers Squibb's product portfolio and pipeline are strong, with recent achievements in innovative medicines targeting serious diseases. The approval of Cobenfy and the progress in cell therapies, such as Arlo-cel, indicate the company's commitment to innovation, which can positively impact future earnings. In conclusion, Bristol-Myers Squibb's Q4 2024 EPS exceeded forecasts due to a combination of new product approvals, robust revenue growth, and a strong pipeline of innovative medicines. These factors collectively contribute to the company's financial performance and its ability to exceed market expectations.