The last time Bristol-Myers Squibb (BMY +1.75%) announced its quarterly results, there were several positives for investors. Revenue increased 10% year over year, while earnings soared by 38%.
Bristol-Myers Squibb provided its first-quarter update before the market opened on Thursday. The big pharma company yet again had plenty of good news for investors. Here's what you need to know about the company's Q1 results.
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By the numbers
Bristol-Myers Squibb announced Q1 revenue of $5.9 billion, a 14% increase from the $5.2 billion reported in the same quarter of the previous year. The company's revenue was higher than analysts' average revenue estimate of $5.76 billion.
The company's GAAP net income in the first quarter was $1.7 billion, or $1.04 per share. This was an improvement on Bristol-Myers Squibb's result in the prior-year period when the company announced GAAP net income of $1.5 billion, or $0.91 per share.
How did Bristol-Myers Squibb's adjusted non-GAAP bottom line look in the first quarter? The company reported adjusted earnings of $1.8 billion, or $1.10 per share, compared to $1.5 billion, or $0.94 per share, in the prior-year period. This slightly beat analysts' average earnings estimate of $1.09 per share.
Behind the numbers
Bristol-Meyers Squibb's solid Q1 performance stemmed primarily from growth for its top blockbusters. Sales of blood thinner Eliquis jumped 28% in the first quarter to $419 million. Sales of the company's powerful immunotherapy Opdivo increased by 19% year over year to $290 million. The fastest growth, though, was generated by cancer drug Yervoy, with Q1 sales soaring 54% to $384 million.
The pharma company also saw respectable sales growth for several other top drugs. Sales of leukemia drug Sprycel increased by 5% over the prior-year period to $459 million, while sales for rheumatoid arthritis drug Orencia grew by 8% to $640 million.
Probably the most important news for Bristol-Myers Squibb came after the end of the first quarter. The company's shareholders voted to approve the pending acquisition of Celgene (CELG +0.00%). The deal is expected to close in the third quarter of this year.
Looking ahead
Bristol-Myers Squibb increased its GAAP earnings-per-share (EPS) guidance for full-year 2019. The company now expects GAAP EPS will be from $3.84 to $3.94. It confirmed its previous guidance for adjusted non-GAAP EPS between $4.10 and $4.20.
CEO Giovanni Caforio expressed optimism about how the rest of 2019 would unfold. He said, "Looking forward, we are focused on our integration planning with Celgene and creating a leading biopharma company, with potential first-in- and best-in-class medicines, to address the unmet needs of our patients and create long-term substantial growth."
