Bristol Myers Squibb surpasses Q3 expectations, raises revenue guidance, invests in key drug brands

From CNBC: 2024-10-31 07:14:10

Bristol Myers Squibb exceeded third-quarter earnings and revenue expectations, driven by blockbuster drug Eliquis and a growing drug portfolio. The company raised its full-year revenue guidance by more than 5% and adjusted earnings guidance for 2024. Bristol Myers aims to cut $1.5 billion in costs by 2025 to invest in key drug brands and R&D programs.

In the third quarter, Bristol Myers reported adjusted earnings per share of $1.80, surpassing Wall Street’s expectations of $1.49. The company’s revenue increased by 8% to $11.89 billion, led by Eliquis and the “Growth Portfolio” of drugs, including Opdivo. However, revenue was impacted by generic competition for leukemia treatment Sprycel.

Bristol Myers is strategizing to counter revenue loss from treatments like Eliquis, Opdivo, and Revlimid due to market exclusivity expiration. Sales of Eliquis may be affected in 2026 by new pricing for certain Medicare patients after negotiations with the federal government. The FDA approved Bristol Myers’ schizophrenia drug Cobenfy, the first novel treatment for the disorder in over 70 years.



Read more at CNBC:: Bristol Myers Squibb (BMY) earnings Q3 2024