Bristol-Myers Squibb Co

Latest Results (14.08.2024):

Revenue Growth

Bristol-Myers Squibb Co reported second quarter revenues of $12.2 billion for 2024, marking a 9% increase compared to the same period in 2023. When adjusted for foreign exchange impacts, the revenue growth was 11%. This growth was primarily driven by the company's Growth Portfolio and the performance of Eliquis.

Growth Portfolio Performance

The Growth Portfolio of Bristol-Myers Squibb Co saw worldwide revenues increase to $5.6 billion in the second quarter of 2024, up from $4.7 billion in the prior year period. This represents an 18% growth on a reported basis, or 21% when adjusted for foreign exchange impacts. Key drivers included higher demand for Opdivo, Reblozyl, Camzyos, and Opdualag.

Legacy Portfolio

Revenues for Bristol-Myers Squibb Co's Legacy Portfolio in the second quarter of 2024 were $6.6 billion, compared to $6.5 billion in the prior year period. This represents a 2% growth on a reported basis, or 3% when adjusted for foreign exchange impacts. The growth was driven by higher demand for Eliquis and Pomalyst, partially offset by a decline in Revlimid due to generic erosion.

Earnings Per Share

Bristol-Myers Squibb Co reported a GAAP earnings per share (EPS) of $0.83 for the second quarter of 2024, down from $0.99 in the same period a year ago. On a non-GAAP basis, the EPS was $2.07, up from $1.75 in the prior year period. The GAAP EPS includes a net impact of $(0.04) per share due to acquired IPRD charges and licensing income.

Product and Pipeline Updates

During the second quarter of 2024, Bristol-Myers Squibb Co achieved several important clinical and regulatory milestones. Notably, the company received U.S. FDA approval for Breyanzi to expand into follicular lymphoma and mantle cell lymphoma. Additionally, the FDA and EMA are currently evaluating an application for the approval of subcutaneous nivolumab.