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Bristol-Myers Squibb Releases Strong Q4 Results

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Jan. 24 2019, Updated 8:02 a.m. ET

Performance in fiscal 2018

On January 24, in Bristol-Myers Squibb’s (BMY) fourth-quarter earnings release, the company announced fiscal 2018 revenues of $22.56 billion—a rise of 9% YoY (year-over-year). The company reported a GAAP diluted EPS of $3.03 in fiscal 2018. Bristol-Myers Squibb also reported a non-GAAP diluted EPS of $3.98 in fiscal 2018—a rise of 32% YoY.

In the fourth quarter, Bristol-Myers Squibb reported revenues of $5.97 billion—a rise of 10% YoY on a reported basis and 12% on a constant currency basis. The company managed to beat the consensus revenue estimate by $20 million. Bristol-Myers Squibb reported a GAAP diluted EPS of $0.73 in the fourth quarter, which was $0.12 more than the consensus estimate. The company reported a non-GAAP diluted EPS of $0.94—a rise of 38% YoY and $0.10 more than the consensus estimate.

In the fourth quarter, Bristol-Myers Squibb reported revenues of $3.3 billion from the US market—a rise of 16% YoY. According to the company’s fourth-quarter earnings press release, its international revenues grew 3% YoY on a reported basis and 7% on a constant currency basis in the fourth quarter.

In Bristol-Myers Squibb’s fourth-quarter earnings release, it reiterated the GAAP and non-GAAP EPS guidance of $3.75–$3.85 and $4.10–$4.20, respectively, for fiscal 2019.

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Analysts’ recommendations

Among the 14 analysts covering Bristol-Myers Squibb on January 24, four recommended a “strong buy,” two recommended a “buy,” and eight recommended a “hold.”

On January 24, analysts’ 12-month consensus recommendation for Bristol-Myers Squibb is a “buy.” The company’s 12-month consensus target price is $57.17, which is 14.43% higher than its last closing price on January 23. The company’s highest, median, and lowest target price estimates are $63, $57, and $52, respectively.

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