Bristol Myers Squibb Reports Third Quarter 2024 Financial Results
Bristol Myers Squibb (NYSE:BMY) has reported its financial results for the third quarter ending September 30, 2024. The company showcased an 8% increase in revenue, spotlighting its focus on sustainable growth initiatives.
Key Financial Metrics:
| Metric | Q3 2024 | Q3 2023 | YoY Change | Consensus Estimate |
|---|---|---|---|---|
| Total Revenue | $11.9B | N/A | +8% | $11.28B |
| GAAP EPS | $0.60 | $0.93 | -35.5% | N/A |
| Non-GAAP EPS | $1.80 | $2.00 | -10% | $1.49 |
Interpretation: Bristol Myers Squibb exceeded revenue expectations, reporting $11.9 billion versus the $11.28 billion consensus estimate. However, both GAAP and Non-GAAP earnings per share saw a year-over-year decline due to increased research and development expenses and the impact of licensing income.
Revenue Performance by Segment:
| Segment | Q3 2024 Revenue | YoY Change |
|---|---|---|
| Growth Portfolio | $5.8B | +18% |
| Legacy Portfolio | $6.1B | +1% |
Interpretation: The Growth Portfolio led the company's performance with an 18% year-over-year increase, driven by strong demand for Reblozyl, Breyanzi, Camzyos, and Opdualag. The Legacy Portfolio saw modest growth, bolstered by demand for Eliquis, counteracted somewhat by Sprycel's generic erosion.
Key Developments and Operational Highlights: - U.S. approval of Cobenfy, a novel treatment for schizophrenia, marking a significant milestone in the company's neuroscience endeavors. - Continual growth in Eliquis sales. - Increase in research and development expenditure due primarily to recent acquisitions.
Comments from Company Officers: Christopher Boerner, Ph.D., board chair and chief executive officer, emphasized the company's strategic focus on its Growth Portfolio, highlighting the approval of Cobenfy as a transformative milestone. He reiterated the commitment to delivering shareholder value through robust execution and patient-driven results.
Forward Guidance: Bristol Myers Squibb raised its 2024 revenue guidance to approximately +5%, anticipating a Non-GAAP EPS range of $0.75 to $0.95.
Stock Price Movement: Following the earnings release, Bristol Myers Squibb experienced a modest stock price increase of approximately 0.30%.
This earnings report underscores Bristol Myers Squibb’s strategic growth trajectory and its efforts to sustain momentum despite market challenges.
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