Pharmaceutical powerhouse Bristol-Myers Squibb (BMY) exceeded market expectations in its recent earnings report for the fourth quarter of 2023. The company reported an impressive earnings per share (EPS) of $1.70, excluding non-recurring items, surpassing the estimated $1.55. With a 0.6% year-over-year revenue growth, Bristol-Myers achieved $11.48 billion in revenue, outperforming the estimated $11.19 billion.
Looking ahead, Bristol-Myers provided a bullish outlook for the full year 2024, anticipating EPS in the range of $7.10 to $7.40, excluding non-recurring items, exceeding the $7.02 estimate. The company also forecasted a low single-digit growth in revenues, targeting a range of $45.5 to $46.4 billion, aligning with the market's $45.67 billion estimate.
The fourth quarter of 2023 saw a 1% increase in revenue to $11.5 billion, while full-year revenue experienced a marginal decline of 2% to $45.0 billion. GAAP EPS for the fourth quarter stood at $0.87, reaching $3.86 for the full year—a remarkable 31% increase. Non-GAAP EPS for the fourth quarter was $1.70, and $7.51 for the full year, highlighting Bristol-Myers' resilience in adjusted earnings.
A significant contributor to Bristol-Myers' growth is its new product portfolio, witnessing a remarkable 66% increase in Q4 revenues to $1.1 billion. This success is attributed to the strong demand for products across its diverse range. The company's strategic acquisitions, including plans to acquire Karuna Therapeutics and RayzeBio, along with the completed purchase of Mirati Therapeutics, underscore its commitment to innovation.
In conclusion, Bristol-Myers Squibb has demonstrated robust financial performance amidst industry challenges, showcasing its adaptability and growth potential. Fueled by commercial execution and pipeline advancements, the company's guidance for 2024 aims for low single-digit revenue growth and a non-GAAP EPS range of $7.10 to $7.40, setting the stage for a promising year ahead.