Bristol-Myers Squibb (NYSE:BMY) announced its fiscal fourth-quarter results, with earnings and revenue exceeding expectations.

The pharmaceutical giant reported fourth-quarter earnings per share (EPS) of $1.70, surpassing the Wall Street consensus of $1.60. The quarter's revenue was $11.48 billion, a 0.6% increase from the previous year, and higher than the anticipated $11.2 billion.

Bristol-Myers Squibb achieved an adjusted gross margin of 76.4%, a slight decrease from last year's 77.9% but above the expected 75.6%. Looking into fiscal 2024, Bristol-Myers Squibb sets its EPS projection in the range of $7.10 to $7.40, compared to the analyst expectation of $7.39. The company anticipates a low single-digit increase in revenue for the year and projects the gross margin to be around 74%.