Shares of Bristol Myers Squibb Co. BMY gained 0.9% in premarket trading on Thursday after the company announced better-than-expected earnings for the fourth quarter of 2022. Bristol Myers Squibb had a profit of $2.0 billion, or 95 cents per share, in the fourth quarter, down from $2.3 billion, or $1.07 per share, in the same quarter in 2021. Adjusted earnings per share came in at $1.82, against the FactSet consensus of $1.73. Bristol Myers Squibb had revenue of $11.4 billion for the quarter, down from $11.9 billion in the same quarter in 2021. The FactSet consensus was $11.2 billion. The company blamed the revenue loss of exclusivity on products like Revlimid, its multiple myeloma treatment, which had $2.2 billion in sales for the fourth quarter of 2022, compared with $3.3 billion in the final three months of 2021. The consensus was $1.9 billion. Bristol said it expects to have adjusted EPS of $7.95 to $8.25 in 2023. The company’s stock is up 9.9% over the past year, while the broader S&P 500 SPX is down 7.9%.
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