Bristol-Myers Squib on Thursday posted fourth quarter net earnings of $1.1 billion, driven ly by increased sales of Opdivo and Eliquis, as well as some other products.
To remind, the New York headquartered company settled last week with Merck for infringing Opdivo patent to make a competitive drug Keytruda.
Furthermore, in the fourth quarter 2016, Opdivo was approved for certain usages in the U.S. and Europe.
Giovani Caforio, the BMS’s Chief Executive Officer (CEO) said that the company’s operating and financial results in 2016 were driven by strong commercial performance across its portfolio. “In 2017, we will continue to advance our pipeline, drive strong commercial execution across the business and progress our broad portfolio of Immuno-Oncology medicines,” Caforio said.
BMS has seen quarter revenues rise 22%, from $4,287 million in 2015 to $5,243 in 2016. Half of it was from the U.S. market. Full year revenues were also up by 17% to $19,427 in 2016, compared to $16,560 in 2015.
The company posted non-GAAP net earnings of $1.1 billion, in the fourth quarter, compared to $647 million, in the same quarter in 2015.
Opdivo and Eliquis sales grew by $835 million and $346 million , respectively, which means 57% increase for Eliquis. Orencia and Sprycel also grew by 16% and 15% respectively.
BMS also said it expects worldwide revenues to increase in the low-single digits.
It added it wxpects gross margin as a percentage of revenue to be approximately 72% to 73% for both GAAP and non-GAAP.