Thursday, Bristol Myers Squibb & Co (NYSE:BMY) reported first-quarter revenue of $11.9 billion, beating consensus of $11.5 billion, up 5% from the same period last year, or 6% when accounting for Exchange rate effects, mainly driven by Eliquis, Reblozyl and Opdualag, partially offset by Opdivo and Revlimid.
Global growth portfolio sales increased to $4.8 billion, up 8% or 11% after adjusting for foreign exchange.
This increase was primarily due to higher demand for Reblozyl, Opdualag, Yervoy, Camzyos and Sotyktu, partially offset by Opdivo and Abecma.
Revenues for the Legacy portfolio were $7.1 billion in the first quarter, primarily driven by a 9% increase in Eliquis’ global revenues on a reported basis and, adjusted for foreign exchange, in part 5% decline in Revlimid’s global revenues was offset. or 4%.
The company reported an adjusted EPS loss of $(4.40), compared to a profit of $2.05 a year ago, beating the consensus loss of $(4.44).
Also read: Bristol Myers’ $14 billion bet against schizophrenia – Drug relieves symptoms without the common side effect of weight gain associated with other antipsychotics
Bristol Myers Squibb also said it is implementing a productivity initiative to achieve approximately $1.5 billion in cost savings by the end of 2025.
The WSJ noted that Bristol Myers Squibb will lay off 2,200 employees as part of the cost-cutting program.
William Blair According to Reblozyl, Reblozyl stood out among new product launches in the quarter, generating $354 million in sales, slightly above the $349 million estimate.
However, investors are particularly concerned about the overall performance of the new product portfolio, which fell short of expectations.
The analyst believes that the disclosure of Opdualag’s favorable Phase II results in non-small cell lung cancer could represent a significant shift in the plot. The press release highlights the start of the Phase 3 trial in a critical area of the disease in 2024.
Guidance: Bristol Myers Squibb revises 2024 adjusted EPS forecast to $0.40-0.70 from $7.10-$7.40 versus consensus of $0.66, reflecting impact of recent transactions reflects.
Continue reading: FDA Approves Bristol-Myers/2seventy Bio’s Abecma for Earlier Use in Previously Treated Blood Cancer Patients with Updated Warning on Secondary Cancers.
Price promotion: At last check on Thursday, BMY shares were down 8.12% at $44.90.
Photo via Shutterstock
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