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8-K: Bristol Myers Squibb Reports First Quarter Financial Results for 2024

SEC announcement ·  Apr 25 19:49
Summary by Futu AI
On April 25, 2024, Bristol-Myers Squibb Company reported its financial results for the first quarter of 2024. The company announced a 5% increase in revenues to $11.9 billion, with growth portfolio revenues rising by 8%. The company highlighted the completion of strategic transactions with Karuna Therapeutics, RayzeBio, Mirati Therapeutics, and SystImmune, aimed at strengthening its long-term growth profile. Despite these developments, the company reported a GAAP loss per share of $(5.89) and a non-GAAP loss per share of $(4.40), primarily due to one-time net impact of acquired IPRD charges and licensing income from the recent transactions. The company also achieved U.S. approval for Abecma and Breyanzi for certain cancer treatments and reported positive proof of concept for Opdualag in lung cancer. Additionally, Bristol-Myers Squibb is executing a strategic productivity initiative to deliver approximately $1.5 billion in cost savings by the end of 2025. The company updated its 2024 non-GAAP EPS and line-item guidance to reflect the impact of the recently completed transactions.
On April 25, 2024, Bristol-Myers Squibb Company reported its financial results for the first quarter of 2024. The company announced a 5% increase in revenues to $11.9 billion, with growth portfolio revenues rising by 8%. The company highlighted the completion of strategic transactions with Karuna Therapeutics, RayzeBio, Mirati Therapeutics, and SystImmune, aimed at strengthening its long-term growth profile. Despite these developments, the company reported a GAAP loss per share of $(5.89) and a non-GAAP loss per share of $(4.40), primarily due to one-time net impact of acquired IPRD charges and licensing income from the recent transactions. The company also achieved U.S. approval for Abecma and Breyanzi for certain cancer treatments and reported positive proof of concept for Opdualag in lung cancer. Additionally, Bristol-Myers Squibb is executing a strategic productivity initiative to deliver approximately $1.5 billion in cost savings by the end of 2025. The company updated its 2024 non-GAAP EPS and line-item guidance to reflect the impact of the recently completed transactions.
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