Welcome to Extreme Investor Network, where we bring you the latest and most valuable business news to help you make informed investment decisions. Today, we’re diving into the first-quarter earnings report from Bristol Myers Squibb, a leading pharmaceutical company.
Bristol Myers Squibb recently reported first-quarter revenue that exceeded expectations, thanks to strong sales of its popular drugs such as Revlimid and Eliquis. Despite the revenue growth, the company swung to a quarterly loss due to one-time charges related to recent deals. To combat this, Bristol Myers plans to cut $1.5 billion in costs by 2025 and reinvest the money in drug development.
The pharmaceutical giant is taking steps to streamline its operations, including laying off 2,200 employees, discontinuing some drug programs, and consolidating sites. The company is prioritizing investment in key drug brands, optimizing operations, and focusing resources on high-return research and development programs.
Bristol Myers reported revenue of $11.87 billion for the first quarter, up 5% from the previous year. The company expects to see a low single-digit increase in full-year revenue, but adjusted earnings guidance for 2024 has been lowered due to recent deals.
Eliquis, one of Bristol Myers’ top-selling drugs, posted strong growth in the first quarter, with revenue reaching $3.72 billion. However, other drugs like Revlimid, Reblozyl, and Opdualag also showed revenue growth, while Opdivo saw a decline in sales.
Overall, Bristol Myers Squibb is navigating challenges in the pharmaceutical industry by focusing on cost-cutting initiatives, investing in research and development, and prioritizing key drug brands for growth. Stay tuned for more updates on the latest business news and investment opportunities from Extreme Investor Network.
