Bristol-Myers Squibb Co. reported a year-over-year increase in both its fourth quarter and full-year 2016 net earnings thanks to strong sales of its key products.
The company also lowered its 2017 non-GAAP EPS guidance to $2.70 to $2.90, from $2.85 to $3.05 previously. The company's full-year 2017 GAAP EPS guidance remains at between $2.47 and $2.67.
The pharma giant booked $1.06 billion, or 63 cents per share, in fourth-quarter 2016 non-GAAP earnings attributable to the company, which compares to the $647 million, or 38 cents per share, for the corresponding period of 2015.
The result is 3 cents per share below analyst estimates, however, according to S&P Capital IQ data.
Bristol-Myers Squibb generated $5.2 billion in total revenues during the 2016 fourth quarter, up 22% from the same quarter in 2015. Sales were helped by Bristol-Myers' Opdivo and Eliquis drugs, among other things.
The company booked $894 million, or 53 cents per share, in fourth-quarter 2016 GAAP earnings, which would compare to a net loss of $197 million, or 12 cents per share, in the fourth quarter of 2015.
For the year, Bristol-Myers booked $4.75 billion, or $2.83 per share, in non-GAAP earnings attributable to the company, which compares to the $3.38 billion, or $2.01 per share, recorded in 2015.
The result is also below analyst estimates of $2.85 per share, according to S&P Capital IQ data.
Full-year 2016 sales were up 17% year over year to $19.43 billion, results showed. The company also booked $4.46 billion in full-year 2016 GAAP earnings, or $2.65 per share; this would compare to $1.57 billion, or 93 cents per share, reported in 2015.