Bristol-Myers Squibb reports $2.3B net loss Q4 2017, compared to net earnings of $894M in 2016

The fourth quarter and full year of 2017 Bristol-Myers Squibb were highlighted by sales for Opdivo and Eliquis, in addition to regulatory and clinical progress in Oncology for Opdivo and its comination with Yervoy.

Sales growth were driven by strong performance of BMS’s main brands and important scientific findings the company has been making across its pipeline.

The company reported net loss of $2.3 billion, or $1.42 per share, in the fourth quarter compared to net earnings of $894 million,

Giovanni Caforio, chairman and chief executive officer, Bristol-Myers Squibb, said: “We believe the exciting results from CheckMate -227 that we announced today are a meaningful step forward for patients with lung cancer. As we begin 2018, I am confident that we are well positioned for long-term growth through our strong commercial and R&D capabilities in bringing transformational medicines to patients with serious diseases.”

Total revenues have seen a 4% jump to $5,449, while non-GAAp diluted EPS rose by 8% in the fourth quarter 2017, compared to the same period previous year.

The company reported its research and development expenses increased 37% to $1.9 billion in the quarter, pointing out license and asset acquisition charges of $377 million in the fourth quarter of 2017.

Good news from another Opdivo study for lung cancer

The company on Monday also reported positive results from another Opdivo Phase 3 study, which met its co-primary endpoint of progression-free survival (PFS) combinaed with Yervoy versus chemotherapy in first-line advanced non-small cell lung cancer.