Bristol Myers Squibb reported third-quarter earnings and revenue that exceeded Wall Street’s expectations, driven by the success of its blood thinner Eliquis and a promising drug portfolio poised for long-term growth.
The pharmaceutical company raised its full-year revenue guidance, anticipating a 5% sales increase compared to its previous projection of growth in the “upper end” of the low single-digit range. Additionally, Bristol Myers adjusted its 2024 earnings guidance to 75-95 cents per share, up from the previous forecast of 60-90 cents per share.
To achieve cost savings of $1.5 billion by 2025, Bristol Myers plans to reallocate funds to key drug brands and research and development initiatives. This strategy involves workforce reductions, discontinuation of certain drug programs, and site consolidations.
Following the positive financial results, the company’s shares surged by over 4% on Thursday. In the third quarter, Bristol Myers reported net income of $1.21 billion, or 60 cents per share, and adjusted earnings per share of $1.80. Revenue for the quarter increased by 8% to $11.89 billion, driven by strong performances from Eliquis and the Growth Portfolio, which includes drugs like Opdivo.
Despite facing generic competition for Sprycel, Bristol Myers remains focused on offsetting revenue declines from upcoming patent expirations of key treatments like Eliquis and Opdivo. The company is also preparing for potential pricing changes affecting Eliquis sales in 2026 due to negotiations with the federal government.
During the quarter, Bristol Myers received FDA approval for Cobenfy, a novel schizophrenia treatment. Eliquis sales reached $3 billion, surpassing analyst expectations, while Revlimid generated $1.41 billion in revenue. The Growth Portfolio contributed $5.8 billion in revenue, with notable performances from drugs like Reblozyl, Opdualag, Breyanzi, and Camzyos.
Opdivo recorded $2.36 billion in revenue, slightly below analysts’ estimates, while Abecma, a cell therapy for multiple myeloma, achieved $124 million in sales, exceeding expectations.
