Bristol Myers Squibb Posts Robust Q3 2024 Growth

Bristol-Myers Squibb Company ( (BMY) ) has released its Q3 earnings. Here is a breakdown of the information Bristol-Myers Squibb Company presented to its investors.

Bristol Myers Squibb is a global biopharmaceutical company dedicated to discovering, developing, and delivering innovative medicines to help patients prevail over serious diseases across various therapeutic areas, including oncology, cardiovascular, and immunology.

In the third quarter of 2024, Bristol Myers Squibb reported revenues of $11.9 billion, marking an 8% year-over-year increase, driven primarily by a robust growth portfolio and strong demand for Eliquis. The company also achieved a significant milestone with the U.S. approval of Cobenfy, a novel treatment for schizophrenia, underscoring its commitment to advancing patient care through innovation.

The growth portfolio saw revenues climb by 18% to $5.8 billion, propelled by high demand for products such as Reblozyl, Breyanzi, and Camzyos. Despite an increase in U.S. revenues by 9%, the company’s overall gross margin saw a slight decrease due to product mix changes. Non-GAAP earnings per share stood at $1.80, compared to $2.00 in the previous year, reflecting the net impact of acquired IPRD charges and licensing income.

Bristol Myers Squibb’s strategic focus on high-growth opportunities is evident in its enhanced 2024 revenue guidance, projecting a 5% increase. The company remains optimistic about its future, with management emphasizing strong execution and pipeline advancements to sustain long-term growth and deliver transformational results for patients.

Looking ahead, Bristol Myers Squibb aims to maintain this momentum by capitalizing on its growth portfolio and advancing its innovative pipeline, with a particular emphasis on oncology and neuroscience, to achieve sustainable growth and continue delivering value to patients and stakeholders alike.