Bristol Myers Squibb Co. (NYSE: BMY) said on Thursday that its financial performance was better than expected in the fiscal fourth quarter, despite the ongoing Coronavirus pandemic that continues to wreak havoc on businesses from across the globe.
Bristol Myers opened at £45.22 per share on Thursday and is currently trading at £44.96 per share. In comparison, the stock had plummeted to as low as £34 per share in the last week of March 2020 when the impact of the COVID-19 crisis was at its peak. If you want to invest in the stock market online, you will need a reliable stockbroker – here’s a list of the top few to make selection easier for you.
Bristol Myers’ Q4 financial results versus analysts’ estimates
Bristol Myers said that it concluded the fourth quarter with £7.34 billion of net loss that translates to £3.26 per share. In the comparable quarter of last year, its loss was capped at a sharply lower £770 million or 40.25 pence per share.
On an adjusted basis, the pharmaceutical company earned £1.07 per share in the recent quarter. At £8.10 billion, Bristol’s revenue in Q4 jumped from £5.81 billion last year. The company attributed the increase to the Celgene acquisition that it completed in November 2019.
According to FactSet, experts had forecast the company to record £7.85 billion of revenue in the fourth quarter. Their estimate for adjusted per-share earnings stood at a lower £1.04. In separate news from the United States, the luxury fashion holding company, Tapestry Inc., said on Thursday that its sales slid 7% in the holiday quarter.
Bristol Myers’ R&D costs came in 79% higher than last year
Bristol Myers also said on Thursday that costs related to research and development activities saw a 79% annualised increase in Q4 to £2.78 billion. The U.S. company also acquired MyoKardia for £10 billion in the recent quarter.
For the full financial year, the New York-based company now forecasts its adjusted earnings per share to fall in the range of £5.38 to £5.53. It expects an under 10% year over year growth in annual revenue.
Bristol Myers Squibb Co. remained almost flat on average in the stock market last year with an annual decline of roughly 2%. At the time of writing, the American pharmaceutical company has a market cap of £102 billion and a price to earnings ratio of 9.75 (estimated).
The post Bristol Myers net loss jumps to £7.34 billion in fiscal Q4 appeared first on Invezz.
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