Benzinga - by Vandana Singh, Benzinga Editor.
Thursday, Bristol Myers Squibb & Co (NYSE:BMY) posted first-quarter revenues of $11.9 billion, beating the consensus of $11.5 billion, an increase of 5% year-over-year, or 6% when adjusted for foreign exchange impacts, primarily driven by Eliquis, Reblozyl, and Opdualag, partially offset by Opdivo and Revlimid.
Growth Portfolio worldwide revenues increased to $4.8 billion, up 8% or 11% when adjusted for foreign exchange impacts.
This increase was primarily driven by higher demand for Reblozyl, Opdualag, Yervoy, Camzyos, and Sotyktu, partially offset by Opdivo and Abecma.
Revenues for the Legacy Portfolio in the first quarter were $7.1 billion, primarily driven by a 9% increase in Eliquis worldwide revenues on a reported basis and, when adjusted for foreign exchange impacts, partially offset by a decline in Revlimid worldwide revenues of 5%, or 4%.
The company reported an adjusted EPS loss of $(4.40), compared to an income of $2.05 a year ago, beating the consensus loss of $(4.44).
Also Read: Bristol Myers’ $14B Bet On Schizophrenia – Drug Cuts Symptoms Without Common Side Effect Of Weight Gain Associated With Other Antipsychotics
Bristol Myers Squibb also said it is executing a productivity initiative to drive approximately $1.5 billion in cost savings by the end of 2025.
The WSJ noted that Bristol Myers Squibb will shed 2,200 employees as a part of the cost-cutting program.
William Blair says Reblozyl stood out among new product launches in the quarter, generating $354 million in sales, slightly exceeding their estimated $349 million.
However, investors are primarily concerned about the overall performance of the new product portfolio, which fell short of expectations.
The analyst suggests that revealing the favorable Phase II outcomes of Opdualag in non-small-cell lung cancer could signify a significant shift in the storyline. The press release highlights the commencement of the Phase 3 trial in a crucial sector of the disease in 2024.
Guidance: Bristol Myers Squibb revises 2024 adjusted EPS guidance from $7.10-$7.40 to $0.40-$0.70 versus consensus of $0.66, reflecting the impact of recent transactions.
Read Next: FDA Approves Bristol-Myers/2seventy Bio’s Abecma For Earlier Use In Pretreated Blood Cancer Patients With Updated Boxed Warning On Secondary Cancer.
Price Action: BMY shares are down 8.12% at $44.90 at the last check Thursday.
Photo via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.