Bristol Myers Squibb's Stocks Falls on Q2 Miss, FY23 Forecast Cut As Two Of Its Top Drugs Face Generic Competition
Portfolio Pulse from Vandana Singh
Bristol Myers Squibb & Co (NYSE:BMY) reported a 6% Y/Y decline in Q2 revenues to $11.23 billion, missing analysts' estimates of $11.81 billion. The decrease was primarily due to lower sales of Revlimid, which fell 41% to $1.24 billion. The company also cut its FY23 forecast due to lower-than-expected Revlimid sales. BMY shares are down 2.73% at $61.68.
July 27, 2023 | 2:19 pm
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Bristol Myers Squibb's Q2 revenues and Revlimid sales fell significantly, leading to a cut in its FY23 forecast. This has negatively impacted its stock price.
Bristol Myers Squibb's Q2 revenues fell due to lower sales of Revlimid. The company also cut its FY23 forecast due to lower-than-expected Revlimid sales. This has led to a decrease in its stock price.
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