=Bristol-Myers (BMY) reported earnings on Thur 26 Jan 2017 (b/o)

Bristol-Myers misses by $0.03, beats on revs; lowers FY17 EPS guidance :

• Reports Q4 (Dec) earnings of $0.63 per share, $0.03 worse than the Capital IQ Consensus of $0.66; revenues rose 22.3% year/year to $5.24 bln vs the $5.13 bln Capital IQ Consensus. U.S. revenues increased 20% to $2.7 billion in the quarter compared to the same period a year ago. International revenues increased 25%. When adjusted for foreign exchange impact, international revenues increased 28%.
• Gross margin as a percentage of revenue decreased from 77.8% to 73.6% in the quarter primarily due to product mix.
• Breakdown of global revenues for Q4:
  • Opdivo, which grew by $835 million
  • Eliquis, which grew by $346 million or 57% increase
  • Orencia, which grew by 16%
  • Sprycel, which grew by 15%
  • Yervoy, which had sales of $264 million
• Co lowers guidance for FY17, sees EPS of $2.70-2.90 vs. $2.97 Capital IQ Consensus Estimate. 2017 GAAP and non-GAAP line-item guidance assumptions include:
  • Worldwide revenues increasing in the low-single digits (Prior: increasing in the high-teens)
  • Gross margin as a percentage of revenue to be approximately 72% to 73% for both GAAP and non-GAAP (Prior: approximately 75%)