Bristol-Myers Squibb (NYSE:BMY) shares jumped nearly 2% in the early session today after the biopharmaceutical major posted an impressive performance for the fourth quarter. With a marginal year-over-year gain of 0.6%, revenue of $11.48 billion exceeded expectations by $290 million. Further, EPS of $1.70 came in better than estimates by $0.15.
Lower Revlimid sales were offset by gains from Eliquis and Opdivo, as well as the performance of new products. During the quarter, Eliquis sales increased by 7% to $2.87 billion, and Opdivo sales increased by 8% to $1.41 billion. Moreover, higher sales of Reblozyl, Opdualag, and Zeposia led to a 66% jump in the company’s new product portfolio revenue.
Looking ahead to Fiscal Year 2024, BMY foresees EPS in the range of $7.10 to $7.40. In addition, revenue growth for the year is anticipated in the low single digits.
Is Bristol-Myers Squibb a Good Stock to Buy?
Overall, the Street has a Hold consensus rating on Bristol-Myers Squibb, and the average BMY price target of $59.15 implies a 21.5% potential upside in the stock. That’s after a nearly 31% drop in the company’s share price over the past year.
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