Bristol Myers Squibb beats Q1 estimates with strong earnings

From NBCUniversal: 2025-04-24 08:05:00

Bristol Myers Squibb exceeded first-quarter estimates, raising its revenue and profit forecast for 2025 to $45.8 billion to $46.8 billion. The company anticipates adjusted earnings of $6.70 to $7 per share. The outlook factors in current tariffs on U.S. products shipped to China, but not Trump’s planned pharmaceutical tariffs. China is a key market for Bristol Myers, which is implementing its “China 2030 Strategy” to address medical needs.

Bristol Myers’ portfolio of newer drug brands contributed to better-than-expected first-quarter earnings. The company aims to cut $2 billion in expenses by 2027, in addition to $1.5 billion in planned cost reductions this year. Despite the disappointing results from Cobenfy in a clinical trial, Bristol Myers is counting on growth portfolio drugs to offset revenue losses from expiring patents on top-selling treatments like Eliquis and Opdivo.

First-quarter results surpassed analyst expectations, with adjusted earnings per share at $1.80 and revenue reaching $11.2 billion. Eliquis sales brought in $3.57 billion, beating estimates. However, the blood thinner is set to lose market exclusivity by 2028. Negotiated drug prices under the Inflation Reduction Act could impact Eliquis sales, with new prices affecting Medicare patients starting in 2026.

Additional drug price negotiations are planned for 15 more medications, including Pomalyst by Bristol Myers. Sales of Pomalyst decreased by 24% to $658 million. Revlimid, another Bristol Myers drug, generated $936 million in sales, down 44%. Revenue from the company’s growth portfolio increased by 16% to $5.56 billion, boosted by Opdivo’s $2.27 billion in revenue, which exceeded estimates. Cobenfy sales totaled $27 million for the first quarter.



Read more at NBCUniversal: Bristol Myers Squibb (BMY) earnings Q1 2025