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.