{"id":47679,"date":"2025-04-24T21:55:09","date_gmt":"2025-04-24T21:55:09","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/47679\/"},"modified":"2025-04-24T21:55:09","modified_gmt":"2025-04-24T21:55:09","slug":"bristol-myers-squibb-reverses-its-losing-spree-on-first-quarter-beat","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/47679\/","title":{"rendered":"Bristol Myers Squibb Reverses Its Losing Spree On First-Quarter Beat"},"content":{"rendered":"

Bristol Myers Squibb<\/strong> (BMY<\/a>) stock reversed higher Thursday after the drugmaker beat Wall Street’s first-quarter expectations and raised its outlook for the year.<\/p>\n

Adjusted earnings came in at $1.80 per share, walloping forecasts for $1.49 and flipping from a year-earlier loss, according to FactSet. Sales slipped 6% to $11.2 billion \u2014 or 4% in constant currency \u2014 but topped projections for nearly $10.7 billion.<\/p>\n

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\t\t\t\t\t\t\tNOW PLAYING
\n\t\t\t\t\t\t\tTrump Tariffs Could Be Coming For Pharma Companies Next. What Investors Need To Know.<\/p>\n

Promisingly, its new schizophrenia treatment, Cobenfy, generated better-than-expected sales at $27 million. Analysts had projected just $17.3 million. Earlier this week, Bristol Myers Squibb said Cobenfy failed to make a statistically significant difference as an add-on treatment for patients whose regular treatments aren’t fully controlling the symptoms of their schizophrenia.<\/p>\n

The strong sales are “good considering the drug had a recent clinical trial setback<\/a> that would have expanded its potential patient size,” Edward Jones analyst John Boylan said in a client note.<\/p>\n

On today’s stock market<\/a>, Bristol Myers Squibb stock climbed a fraction, closing at 48.69. That reversed from an earlier drop.<\/p>\n

Bristol Myers Squibb: Opdivo, Yervoy Beat<\/p>\n

Still, Boylan called it a “good quarter led by effective cost control.”<\/p>\n

Sales of cancer drugs Opdivo and Yervoy beat expectations, as did generics-facing Revlimid. Revenue from Opdivo grew 9% to $2.27 billion. Excluding the impact of exchange rates, sales grew 12%. Yervoy generated $624 million, up 7% or 9% in constant currency. Revlimid sales dropped 44% to $936 million. But the Street projected a much lower $823.4 million.<\/p>\n

Notably, revenue from blood thinner Eliquis also beat expectations at $3.57 billion, though it fell 4% \u2014 or 3% in constant currency.<\/p>\n

On the flip side, sales of Camzyos and Sotyktu lagged forecasts. Camzyos is a heart disease treatment that also recently faced a clinical trial setback<\/a>. Sotyktu treats plaque psoriasis. Boylan noted the latter is facing “strong competition and increased rebates to customers.”<\/p>\n

Guidance Hike Includes Current Tariffs<\/p>\n

Still, Bristol Myers Squibb raised its sales guidance to a range of $45.8 billion to $46.8 billion. That accounts for strong performance from newer drugs and better-than-expected sales from its older drugs, the so-called “legacy portfolio.” Bristol also accounted for a favorable $500 million impact tied to exchange rates.<\/p>\n

The company also raised the midpoint of its adjusted earnings outlook by 15 cents to $6.70 to $7 per share.<\/p>\n

The guidance includes current tariffs on U.S. products shipped to China, but doesn’t take into account the potential for pharma sector tariffs.<\/p>\n

Follow Allison Gatlin on X\/Twitter at @AGatlin_IBD<\/a>.<\/p>\n

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