When it comes to the latest in business news, Bristol Myers Squibb is making headlines with its recent third-quarter earnings report. The pharmaceutical giant exceeded Wall Street’s expectations, thanks to the success of its blockbuster blood thinner, Eliquis, and a strong portfolio of drugs poised for long-term growth.
In addition to surpassing revenue projections, Bristol Myers also raised its full-year revenue guidance and adjusted earnings guidance for 2024. This positive news comes as the company implements cost-cutting measures to redirect funds into key drug brands and research and development programs. Shareholders responded favorably to the report, with the company’s stock rising more than 4% following the announcement.
Key highlights from Bristol Myers’ third-quarter report include earnings per share of $1.80 (adjusted) versus the expected $1.49, and revenue of $11.89 billion compared to the projected $11.28 billion. Despite facing challenges like generic competition for certain treatments, the company remains focused on capitalizing on growth opportunities and launching innovative products like the newly approved schizophrenia drug Cobenfy.
One of the standout performers for Bristol Myers in the third quarter was Eliquis, which generated $3 billion in sales, exceeding analyst expectations. The blood thinner, co-marketed with Pfizer, is on track to lose market exclusivity by 2028. Revenue from the company’s Growth Portfolio also saw a significant increase, driven by strong demand for drugs like Reblozyl, Opdivo, and Abecma.
Overall, Bristol Myers Squibb’s impressive third-quarter results demonstrate the company’s commitment to driving growth and innovation in the pharmaceutical industry. With a strategic focus on developing new treatments and optimizing existing product offerings, Bristol Myers is well-positioned for continued success in the years to come. Stay tuned to Extreme Investor Network for more exclusive insights and analysis on top business news stories.