Bristol-Myers Squibb (BMS) reported a 9% increase in total revenues to $12.201 billion for the second quarter of 2024 compared to $11.226 billion in the same period of 2023. GAAP diluted earnings per share (EPS) decreased from $0.99 in Q2 2023 to $0.83 in Q2 2024, while non-GAAP EPS rose from $1.75 to $2.07. The decline in GAAP EPS was attributed to specified items including intangible asset impairments and higher interest expenses due to recent acquisitions. Non-GAAP EPS growth was driven by higher revenues, partially offset by increased interest expenses and lower royalty income. U.S. revenues grew by 13% in Q2, while international revenues saw a 1% decline due to foreign exchange impacts. Key product approvals and developments included the FDA's accelerated approval of Krazati for colorectal cancer and Breyanzi for...Show More

Bristol-Myers Squibb (BMS) reported a 9% increase in total revenues to $12.201 billion for the second quarter of 2024 compared to $11.226 billion in the same period of 2023. GAAP diluted earnings per share (EPS) decreased from $0.99 in Q2 2023 to $0.83 in Q2 2024, while non-GAAP EPS rose from $1.75 to $2.07. The decline in GAAP EPS was attributed to specified items including intangible asset impairments and higher interest expenses due to recent acquisitions. Non-GAAP EPS growth was driven by higher revenues, partially offset by increased interest expenses and lower royalty income. U.S. revenues grew by 13% in Q2, while international revenues saw a 1% decline due to foreign exchange impacts. Key product approvals and developments included the FDA's accelerated approval of Krazati for colorectal cancer and Breyanzi for mantle cell lymphoma, as well as the EC's expanded approval of Reblozyl for myelodysplastic syndromes. BMS completed acquisitions of Karuna, RayzeBio, and Mirati, and entered into strategic collaborations with SystImmune and Cellares. The company initiated a strategic productivity initiative targeting $1.5 billion in annual cost savings by the end of 2025, with the majority to be reinvested in innovation and growth. BMS remains committed to strategic business development and maintaining a strong investment grade credit rating.