Bristol-Myers Squibb sees revenue growth in first quarter of 2016

Bristol-Myers Squibb has highlighted the strong year-on-year growth it has experienced during the first quarter of 2016.

In the first three months of the year, the company's revenues came to $4.4 billion (3.04 billion pounds), up by nine percent on the year-ago period, while its non-GAAP net earnings came to $0.74 per share, compared to $0.71 per share for Q1 2015.

This momentum was driven by its drug Opdivo, sales of which grew by $664 million, as well as Eliquis, which grew by $379 million. The hepatitis C franchise also expanded by 62 percent, with Orencia sales up by 19 percent and Sprycel revenues up by nine percent.

Additionally, the firm was able to achieve significant European regulatory milestones for its key immuno-oncology business, with Opdivo approved for previously treated advanced renal cell carcinoma and metastatic non-squamous non-small cell lung cancer.

For the full year, the company has increased its earnings guidance range, while its worldwide revenues are expected to rise in the low double-digit range.

Dr Giovanni Caforio, chief executive officer of Bristol-Myers Squibb, said: "We had a very good first quarter, highlighted by strong sales growth and significant progress in bringing the promise of immuno-oncology across multiple types of cancer to patients."