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Bristol Myers Slides on Quarterly Numbers

Bristol Myers Squibb (NYSE:BMY) reported quarterly earnings and revenue that topped expectations on Friday as its portfolio of new drugs posted strong sales growth.

The company reported earnings per share of $1.70 adjusted, compared to the expected $1.53. Revenue came in at $11.48 billion vs. $11.19 billion expected.

Bristol Myers, one of the world’s largest pharmaceutical companies, booked $11.48 billion in revenue for the three months ended Dec. 31, up 1% from the same period last year.

The company said it eked out revenue growth in large part due to higher sales of a group of new drugs, including anemia drug Reblozyl and advanced melanoma treatment Opdualag. That group raked in $1.07 billion in sales for the quarter, up 66% from the $645 million for the year-earlier period.

Bristol Myers has faced pressure to launch new drugs as its blockbuster blood cancer treatment Revlimid – and eventually, other top-selling treatments such as blood thinner Eliquis and cancer immunotherapy Opdivo – competes with cheaper copycats.

BMY shares opened down 47 cents, or 1%, to $48.23.