THURSDAY, Bristol Myers Squibb & Co. (NYSE: BMY) reported first-quarter revenue of $11.9 billion, beating consensus of $11.5 billion, an increase of 5% year-over-year, or 6% adjusted currency effects, mainly driven by Eliquis, Reblozyl and Opdualag, partially compensated by Opdivo and Revlimid.
Global growth portfolio revenue increased to $4.8 billion, up 8% or 11% after adjusting for currency effects.
This increase is mainly explained by higher demand for Reblozyl, Opdualag, Yervoy, Camzyos and Sotyktu, partially offset by Opdivo and Abecma.
Legacy portfolio revenue in the first quarter was $7.1 billion, primarily driven by a 9% increase in global Eliquis revenue on a reported basis and, when adjusted for currency effects, partially offset by a decline in global Revlimid revenues of 5%, or 4%.
The company reported an adjusted EPS loss of ($4.40), compared to a profit of $2.05 a year ago, surpassing the consensus loss of ($4.44).
Bristol Myers Squibb also said it is executing a productivity initiative aimed at generating approximately $1.5 billion in cost savings by the end of 2025.
The WSJ noted that Bristol Myers Squibb would cut 2,200 employees as part of the cost-cutting program.
William Blair says Reblozyl stood out among new product launches during the quarter, generating $354 million in sales, slightly exceeding the $349 million estimate.
However, investors are primarily concerned about the overall performance of the new product portfolio, which has not met expectations.
The analyst suggests that the revelation of Opdualag’s favorable phase II results in non-small cell lung cancer could mean a significant change in the scenario. The press release highlights the start of the Phase 3 trial in a crucial sector of the disease in 2024.
Advice: Bristol Myers Squibb revises its 2024 adjusted EPS forecast from $7.10 to $7.40 to $0.40 to $0.70 from consensus of $0.66, reflecting the impact of recent transactions.
Price action: BMY shares are down 8.12% at $44.90 at last check Thursday.
Photo via Shutterstock
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This item Bristol Myers Squibb shifts to quarterly loss, after multi-billion acquisition spree originally appeared on Benzinga.com
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