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Bristol-Myers shares on the uptick after positive lung cancer trial results and market beating fourth quarter results

Its Opdivo and Yervoy cancer drug combination showed improved progression-free survival in patients with advanced lung cancer compared to chemotherapy in a Phase III trial
Bristol-Myers shares on the uptick after positive lung cancer trial results and market beating fourth quarter results
In pre-market trade, BMY shares were up 3.09% at US$65.44.

Bristol-Myers Squibb Co (NYSE:BMY) shares were on the rise in pre-market trade after the company reported positive results for its lung cancer trial as well as market-beating fourth quarter numbers.

In a statement, the company said the Opdivo and Yervoy cancer drug combination showed improved progression-free survival in patients with advanced lung cancer compared to chemotherapy in a Phase III trial.

READ: Bristol-Myers Squibb drops on surprise third quarter profits miss

BMS said the trial will continue because an interim analysis looking at overall survival looked promising.

On the results front, BMS reported a loss of US$2.33bn, or a loss of US$1.42 per share, from a profit of US$894mln or 53 US cents a year ago.

Like other corporates, the results included the impact of the new US tax law, which saw a onetime charge of US$2.9bn in the fourth quarter.

Revenue rose to US$5.45bn from US$5.24bn recorded a year earlier, and ahead of market expectations for USUS5.35bn.

Opdivo, Eliquis, Sprycel and its Sustiva franchise saw sales beating market consensus. However, Orencia, Yervoy, Empliciti, Baraclude, Reyataz and its Hepatitis C franchise saw sales coming in below consensus.

“I am proud of our results in 2017, with sales growth driven by strong commercial performance of our prioritized brands and important scientific advances we are making across our pipeline,” said Giovanni Caforio, chairman and chief executive officer.

"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.”

READ: Bristol Myers Squibb kidney cancer treatment meets endpoint of late-stage trial

BMS is now guiding 2018 adjusted EPS to come in between US$3.15 to US$3.30, in the middle of Wall Street’s consensus of US$3.23. It also guided on global revenue growth at low- to mid- single digits.

In pre-market trade, BMY shares were up 3.09% at US$65.44.

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