World Stock Watch

Bristol Myers Squibb Exceeds Expectations with Blockbuster Earnings

Strong Performance Driven by Eliquis and Growth Portfolio

Bristol Myers Squibb has reported impressive third-quarter earnings, surpassing Wall Street’s expectations thanks to its blockbuster blood thinner Eliquis and a robust portfolio of drugs. The pharmaceutical giant has also raised its full-year revenue guidance, anticipating a sales increase of over 5%.

Eliquis Shines with 11% Sales Growth

Eliquis, the company’s leading blood thinner, booked $3 billion in sales for the quarter, up 11% from the year-ago period. This exceeded analysts’ expectations of $2.84 billion. Although the drug is expected to lose market exclusivity by 2028, its strong performance has contributed significantly to Bristol Myers Squibb’s revenue growth.

Growth Portfolio Delivers Impressive Results

The company’s Growth Portfolio, which includes drugs such as Opdivo, Reblozyl, and Camzyos, generated $5.8 billion in revenue for the third quarter, up 18% from the year-earlier period. This growth was driven by higher demand for Reblozyl, which saw an 80% increase in sales to $447 million.

Cost-Cutting Efforts Underway

As part of its cost-cutting strategy, Bristol Myers Squibb aims to reduce expenses by $1.5 billion by 2025. This will involve laying off over 2,000 employees, consolidating sites, and culling certain drug programs. The savings will be channeled into key drug brands and research and development initiatives.

Raising the Bar with Adjusted Earnings Guidance

The company has raised its 2024 adjusted earnings guidance to 75 cents to 95 cents per share, up from a previous forecast of 60 cents to 90 cents per share. This revised guidance reflects Bristol Myers Squibb’s confidence in its ability to drive long-term growth.

New Developments and Approvals

During the quarter, the FDA approved Bristol Myers Squibb’s highly anticipated schizophrenia drug Cobenfy, marking a significant milestone in the treatment of this debilitating mental disorder. The company is also preparing to offset revenue losses from top-selling treatments slated to lose exclusivity, including Eliquis, Opdivo, and Revlimid.