Home Business Bristol Myers posts $10 billion loss as it books charges relating to MyoKardia and Celgene

Bristol Myers posts $10 billion loss as it books charges relating to MyoKardia and Celgene

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Bristol Myers Squibb Co.
BMY,
-1.45%
said Thursday it had a net loss of $10.027 billion, or $4.45 a share, in the fourth quarter, wider than the loss of $1.056 billion, or 55 cents a share, posted in the year-earlier period, weighed down by charges relating to the MyoKardia asset acquisition, the purchase of Celgene, contingent value rights air value adjustments, equity investment gains, intangible assets impairment charges and other acquisition and integration expenses. Excluding those charges, the company had per-share earnings of $1.46, ahead of the $1.42 FactSet consensus. Revenue climbed to $11.068 billion from $7.945 billion thanks to the inclusion of revenue from Celgene, also ahead of the FactSet consensus of $10.728 billion. The Celgene deal was completed in Nov. of 2019. R&D costs rose 79% to $3.8 billion, also due to acquisition-related costs. The company is now expecting full-year EPS of $3.12 to $3.32. It is increasing its adjusted EPS guidance to a range of $7.35 to $7.55, compared with a prior range of $7.15 to $7.45. Revenue is expected to climb in the high-single digits. Shares were up 0.8% premarket, but are down 3.5% in the last 12 months, while the S&P 500
SPX,
+0.10%
has gained 18%.

This article is auto-generated by Algorithm Source: www.marketwatch.com

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