Bristol-Myers Squibb Revenues Top $26B, EPS Falls 33%

The New York-based drugmaker also saw U.S. revenues rise 42% in Q4 2019.

Bristol-Myers Squibb (BMS) reported total revenues of $26.1 billion in 2019, up 16% year-over-year, though the company's earnings per share (EPS) fell 33% over the same period, according to its earnings report released Thursday morning.

In Q4 2019, BMS produced total revenues of nearly $8 billion, up 33% year-over-year, though the company posted a negative EPS of $0.55. 

The New York-based drugmaker also saw U.S. revenues rise 42% and international revenues increase 21% in Q4.

However, the company did report a net loss of $1.1 billion during Q4 2019, down from a net gain of $1.2 billion during Q4 2018.

C-SUITE PERSPECTIVE: 

"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," Giovanni Caforio, M.D., CEO of BMS, said in a statement. "With an expanded portfolio of high-performing 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."

BMS' most significant development during both Q4 and 2019 was the completion of its $74 billion acquisition of Celgene Corp.

As part of the deal, BMS sold Otezla, a psoriasis medication, to rival Amgen for $13.4 billion in August.

Related: Bristol-Myers Squibb Completes $74B Celgene Acquisition

BMS did see several expenses rise during Q4, including marketing, selling and administrative expenses, which rose 30%, as well as research and development expenses which increased 52%.

Both expense increases were associated with the Celgene purchase, according to BMS.

For complete financial information, review Bristol-Myers Squibb's filing with the Securities and Exchange Commission.