share_log

10-Q: Q3 2024 Earnings Report

SEC ·  Oct 31 23:46

Summary by Futu AI

Bristol-Myers Squibb (BMS) has reported an 8% increase in total revenues to $11.892 billion for the third quarter of 2024, compared to $10.966 billion in the same period of the previous year. The company's GAAP diluted earnings per share (EPS) decreased from $0.93 in Q3 2023 to $0.60 in Q3 2024, while non-GAAP EPS also saw a decline from $2.00 to $1.80. The revenue growth was attributed to the performance of the Growth Portfolio and Eliquis, despite challenges from generic erosion affecting Sprycel and Revlimid. BMS's business development has been robust, with FDA approval for Cobenfy for schizophrenia treatment and significant advances in CAR-T cell therapy. The company has also completed strategic acquisitions, including Karuna, RayzeBio, and Mirati, and entered into collaborations to bolster its pipeline. Looking...Show More
Bristol-Myers Squibb (BMS) has reported an 8% increase in total revenues to $11.892 billion for the third quarter of 2024, compared to $10.966 billion in the same period of the previous year. The company's GAAP diluted earnings per share (EPS) decreased from $0.93 in Q3 2023 to $0.60 in Q3 2024, while non-GAAP EPS also saw a decline from $2.00 to $1.80. The revenue growth was attributed to the performance of the Growth Portfolio and Eliquis, despite challenges from generic erosion affecting Sprycel and Revlimid. BMS's business development has been robust, with FDA approval for Cobenfy for schizophrenia treatment and significant advances in CAR-T cell therapy. The company has also completed strategic acquisitions, including Karuna, RayzeBio, and Mirati, and entered into collaborations to bolster its pipeline. Looking ahead, BMS is committed to strategic resource allocation and investing in innovation to drive sustainable growth, with plans to achieve $1.5 billion in annual cost savings by the end of 2025. The company's future plans include focusing on R&D programs with the highest potential return on investment, prioritizing investments in key growth brands, and optimizing operations across the organization.

The information provided by Futu AI is automatically generated by third-party artificial intelligence (AI) software based on news content. It is only available to users located outside of China mainland.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.