Bristol Myers Squibb delivered an impressive third-quarter performance, exceeding market expectations with its earnings results. The pharmaceutical giant reported a profit of $3.7 billion, or $1.80 per share, a decrease from the $4.1 billion, or $2 per share, recorded in the same quarter last year. This outcome surpassed analyst projections, which anticipated earnings of approximately $1.49 per share.
Revenue for the quarter climbed 8% year-over-year to reach $11.89 billion, significantly outpacing analysts’ forecasts of $11.28 billion. Key contributors to this revenue growth included strong sales of established medications, particularly the blood thinner Eliquis, which saw an 11% increase in sales, totaling $3 billion, compared to the anticipated $2.83 billion. Conversely, sales of the cancer treatment Revlimid fell by 11% to $1.41 billion due to emerging generic competition; however, this figure still exceeded analyst expectations of $1.11 billion.
Chief Financial Officer David Elkins emphasized the ongoing significance of the company's legacy drug portfolio, stating that it continues to generate substantial cash flow. This cash flow has been instrumental in reducing debt and strengthening the overall balance sheet. Elkins further noted that the company's growth trajectory was primarily propelled by its expanding portfolio, which achieved a remarkable 20% increase compared to the prior year. Notably, the sales of newer treatments such as Breyanzi and Camzyos more than doubled year-over-year, underscoring the success of Bristol Myers’ innovative offerings.
In light of these strong results, Bristol Myers raised its full-year earnings forecast to a range of 75 to 95 cents per share, an increase from the previous estimate of 60 to 90 cents. Analysts had originally predicted full-year earnings of around 71 cents per share, reflecting the company’s confidence in its continued growth and performance.
Revenue for the quarter climbed 8% year-over-year to reach $11.89 billion, significantly outpacing analysts’ forecasts of $11.28 billion. Key contributors to this revenue growth included strong sales of established medications, particularly the blood thinner Eliquis, which saw an 11% increase in sales, totaling $3 billion, compared to the anticipated $2.83 billion. Conversely, sales of the cancer treatment Revlimid fell by 11% to $1.41 billion due to emerging generic competition; however, this figure still exceeded analyst expectations of $1.11 billion.
Chief Financial Officer David Elkins emphasized the ongoing significance of the company's legacy drug portfolio, stating that it continues to generate substantial cash flow. This cash flow has been instrumental in reducing debt and strengthening the overall balance sheet. Elkins further noted that the company's growth trajectory was primarily propelled by its expanding portfolio, which achieved a remarkable 20% increase compared to the prior year. Notably, the sales of newer treatments such as Breyanzi and Camzyos more than doubled year-over-year, underscoring the success of Bristol Myers’ innovative offerings.
In light of these strong results, Bristol Myers raised its full-year earnings forecast to a range of 75 to 95 cents per share, an increase from the previous estimate of 60 to 90 cents. Analysts had originally predicted full-year earnings of around 71 cents per share, reflecting the company’s confidence in its continued growth and performance.