Bristol Myers Squibb Swings To Quarterly Loss, After String Of Multi-Billion Acquisitions
Portfolio Pulse from Vandana Singh
Bristol Myers Squibb & Co (NYSE:BMY) reported Q1 revenues of $11.9 billion, surpassing expectations with a 5% year-over-year increase, driven by Eliquis, Reblozyl, and Opdualag, despite losses from Opdivo and Revlimid. The company swung to a quarterly loss with an adjusted EPS of $(4.40), but beat the consensus loss estimate of $(4.44). A productivity initiative aims to save $1.5 billion by 2025, including cutting 2,200 jobs. Reblozyl sales slightly exceeded expectations, but the new product portfolio's overall performance was underwhelming. BMY revised its 2024 EPS guidance downwards, significantly impacting its stock price, which fell 8.12% to $44.90.
April 25, 2024 | 4:23 pm
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Bristol Myers Squibb reported higher than expected Q1 revenues but swung to a loss, with significant cost-saving plans including job cuts. The stock price fell sharply after revising 2024 EPS guidance downwards.
The company's better-than-expected revenue performance is overshadowed by its swing to a loss and the downward revision of its 2024 EPS guidance, which has led to a significant drop in its stock price. The announcement of a major cost-saving initiative, including job cuts, indicates a strategic shift to improve profitability, but the immediate market reaction has been negative.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100