Bristol-Myers Squibb's 2024 Earnings: Revenue Surge, EPS Miss

Bristol-Myers Squibb (BMY) reported its full-year 2024 earnings on February 6, 2025, with revenues beating expectations but earnings per share (EPS) falling short. The pharmaceutical giant's strong revenue growth was driven by its Growth Portfolio and key products, while EPS was impacted by acquired intangible asset impairment charges and licensing income.

Revenue Surge

BMY's full-year revenues reached $48.3 billion, an increase of 7% (+9% adjusting for foreign exchange) compared to 2023. This growth was primarily driven by the company's Growth Portfolio, which includes products like Opdivo, Yervoy, Reblozyl, and Breyanzi. The Growth Portfolio revenues increased by 17% (+19% adjusting for foreign exchange) to $22.6 billion, contributing significantly to the overall revenue growth.

Key products such as Eliquis also contributed to the revenue growth. In the fourth quarter, Eliquis sales increased by 11% compared to the same period in 2023. Additionally, the U.S. approval and launch of Cobenfy, a new medication for the treatment of schizophrenia, is expected to have a meaningful impact on both patients and the company as a new growth driver.

EPS Miss

Despite the strong revenue growth, BMY's EPS missed expectations. GAAP EPS was $(4.41), and non-GAAP EPS was $1.15, compared to the FactSet consensus estimate of $1.25. The EPS miss was primarily due to the net impact of $(6.39) per share for GAAP and non-GAAP EPS due to acquired IPRD charges and licensing income.