Bristol Myers Squibb Raises Full-Year Forecast on Strong Performance of Eliquis and Newer Drugs
Bristol Myers Squibb reported second-quarter revenue of $12.97 billion, surpassing Wall Street estimates by a significant margin due to strong sales from its blood thinner Eliquis and newer medicines like Camzyos and Reblozyl. The company raised its full-year revenue forecast to between $49 billion and $50 billion, up from the previous range of $46 billion to $47.5 billion. Adjusted earnings per share were also higher than expected at $2.04 versus a projected $1.59. Despite declining sales for older drugs like Revlimid—down 49% year-over-year—the company's newer portfolio showed robust growth, with nine products growing in double digits and early in their life cycles. Eliquis revenue reached $4.48 billion during the quarter, exceeding expectations by over 10%, while Reblozyl and Camzyos also outperformed forecasts. Bristol Myers is shifting focus to newer formulations like Opdivo Qvantig, a subcutaneous version of its immunotherapy drug that generated higher-than-expected revenue. The company aims to convert more patients from intravenous versions to the easier-to-administer form.
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