Bristol Myers Squibb Reports Narrower Q1 Loss, Beats Revenue Expectations

Despite a challenging quarter with multi-billion dollar acquisitions, Bristol Myers Squibb's sales growth was driven by strong performances from Eliquis and new drugs.

Bristol Myers Squibb recorded a Q1 adjusted loss of $4.40 per share, narrower than expected, with total revenues of $11.9 billion surpassing estimates.
The company's recent acquisitions, including those of Karuna Therapeutics and RayzeBio, have significantly impacted its financials, leading to a sharp revision in 2024 earnings guidance.
Eliquis and new drugs like Reblozyl and Opdualag showed robust sales growth, while sales of Opdivo and Revlimid declined.
Bristol Myers announced a cost-cutting initiative aiming to save $1.5 billion by 2025, which includes shedding 2,200 employees.
The stock has faced downward pressure, reflecting investor concerns over future earnings and the impact of upcoming patent expirations.