Bristol-Myers Squibb's Earnings Get a Boost From Celgene Acquisition
Fourth-quarter revenue at Bristol-Myers Squibb (NYSE: BMY) jumped 33% year over year thanks to its purchase of Celgene, which closed in the latter half of November. On a generally accepted accounting principles (GAAP) basis, the company lost $0.55 per share due to the aforementioned acquisition. But on an adjusted basis, earnings were up 30% year over year to $1.22 per share. The results sent shares of Bristol-Myers higher. The stock was trading up 2% at 11:16 a.m. EST.
Sales of its top-selling drug Eliquis, which treats blood clots, jumped 19% year over year. Cancer treatment Opdivo is still a major blockbuster with revenues topping $1.7 billion in the quarter, but its sales were down 2% year over year due to competition from Merck's Keytruda and other drugs attacking the same immunotherapy mechanism.
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Source Fool.com
