Bristol-Myers Squibb Company (BMY) Q4 2023 earnings summary

Executive summary

• Q4 revenue rose 1% to $11.477B; in-line and new-product portfolio revenue grew 9% to $9.780B, supporting growth momentum into 2024.

• FY revenue declined 2% to $45.006B as Revlimid erosion partly offset growth in new products and Opdivo; pipeline activity and acquisitions expanded the longer-term portfolio.

Financial highlights

• Q4 GAAP EPS was $0.87 vs. $0.95; non-GAAP EPS was $1.70 vs. $1.82. Revenue was $11.477B vs. $11.406B.

• FY GAAP EPS was $3.86 vs. $2.95, with net earnings of $8.025B vs. $6.327B; non-GAAP EPS was $7.51 vs. $7.70, with net earnings of $15.598B vs. $16.533B.

• FY GAAP EPS benefited from lower equity investment losses and litigation and settlement income; non-GAAP EPS reflected higher royalty and investment income and fewer weighted-average shares.

Outlook and guidance

• 2024 revenue is expected to increase by low single digits, both reported and Ex-FX; non-GAAP EPS guidance is $7.10–$7.40.

• 2024 non-GAAP assumptions: gross margin 74%, operating expenses up low single digits, other income of $250M and effective tax rate of 17.5%.

• Guidance reflects Mirati, excludes planned Karuna and RayzeBio acquisitions, future acquired IPRD charges and licensing income, and other specified items.