Bristol Myers Squibb reports strong earnings beat, driven by older drugs

From CNBC: 2025-04-24 13:26:00

Bristol Myers Squibb reported first-quarter revenue of $11.2 billion, exceeding estimates of $10.7 billion, with adjusted earnings per share of $1.80 beating expectations of $1.49. The stock is down 20% in April due to tariff uncertainties and pipeline concerns. Cobenfy’s failed trial raises the stakes for future clinical trial results. Bristol Myers’ older drugs, Eliquis and Revlimid, drove the sales beat in the first quarter, leading to raised full-year sales and earnings guidance. The company’s new schizophrenia drug, Cobenfy, faces challenges after a failed trial, impacting the stock’s performance. Despite the setback, Bristol Myers is optimistic about the drug’s potential. The company plans to conduct additional late-stage trials for Cobenfy to explore treating other conditions, maintaining a positive outlook. Bristol Myers raised its 2025 guidance, including an increase in sales outlook to $45.8 billion to $46.8 billion, reflecting strong performance in its growth portfolio. The company also expects better revenue from its legacy drugs and maintained its full-year operating margin target of 37%. Executives addressed concerns about tariffs and discussed pursuing business development opportunities to offset patent expirations.



Read more at CNBC:: We are lowering our Bristol Myers price target despite an earnings beat