Bristol-Myers Squibb Co. said fourth-quarter earnings rose 8% year over year on a per share basis, with a 4% increase in revenue driven by cancer drug Opdivo and blood thinner Eliquis.
The pharma giant reported fourth-quarter non-GAAP earnings of $1.12 billion, or 68 cents per share, up from $1.06 billion, or 63 cents per share, a year earlier.
The S&P Capital IQ normalized EPS consensus estimate for the quarter was 67 cents.
Total revenues for the quarter amounted to $5.45 billion, an increase from $5.24 billion in the year-ago period. Sales for Eliquis rose by 44% year over year to $1.36 billion.
Opdivo increased by 4% year over year to $1.36 billion.
On a GAAP basis, the company posted a loss of $2.33 billion, or $1.42 per share, which compared to a profit of $894 million, or 53 cents per share, in the year-ago quarter.
GAAP results account for a one-time $2.9 billion tax charge related to the recent U.S. tax reform law.
Full-year results
For full-year 2017, the U.S. drugmaker posted a non-GAAP net income of $4.97 billion, or $3.01 per share, up from $4.75 billion, or $2.83 per share, in 2016.
The S&P Capital IQ normalized EPS consensus estimate for the year was $3.
Full-year sales were up 7% year over year to $20.78 billion from $19.43 billion.
On a GAAP basis, earnings fell to $1.01 billion, or 61 cents per share, from $4.46 billion, or $2.65 per share, in 2016.
This year, the company will target non-GAAP EPS of $3.15 to $3.30 and GAAP EPS of $3 to $3.15.
The S&P Capital IQ normalized EPS consensus estimate for 2018 is $3.23.
