Bristol Myers Squibb Witnesses Strong Demand For 'Newer Drugs' As Q2 Earnings Beat Expectations, Raises 2024 Profit Forecast

Friday, Bristol Myers Squibb & Co BMY posted second-quarter revenues of $12.20 billion, beating the consensus of $11.55 billion, an increase of 9% year-over-year, or 11% when adjusted for foreign exchange impacts, primarily driven by the Growth Portfolio and Eliquis.

Growth Portfolio worldwide revenues increased to $5.6 billion compared to $4.7 billion a year ago, representing growth of 18% on a reported basis or 21% when adjusted for foreign exchange impacts.

Growth Portfolio revenues were primarily driven by higher demand for Opdivo, Reblozyl, Camzyos, and Opdualag, partially offset by Abecma.

Related: FDA Approves Bristol Myers Squibb’s Combination Therapy For Colorectal Cancer Patients With Certain Type Of Gene Mutation.

Opdivo sales incresaed 11% to $2.39 billion. Abecma sales fell 28% to $95 million.

Revenues for the Legacy Portfolio in the second quarter were $6.6 billion compared to $6.5 billion a year ago, representing growth of 2% on a reported basis, or 3% when adjusted for foreign exchange impacts.

Legacy Portfolio revenues were driven by higher demand for Eliquis and Pomalyst, partially offset by a decline in Revlimid due to generic erosion. Eliquis sales were up 7% to $3.42 billion.

The company reported an adjusted EPS of $2.07, compared to an income of $1.75 a year ago, beating the consensus of $1.63.

“Our second quarter results reflect progress against our strategy to position BMS for long-term, sustainable growth. As we move into the second half of the year, we remain focused on prioritizing opportunities with the greatest growth potential and impact for patients, including the anticipated U.S. launch of KarXT. We’re also driving operational excellence throughout the company, becoming more agile and strengthening execution,” said Christopher Boerner, board chair and CEO.

Guidance: Bristol Myers Squibb revises 2024 adjusted EPS guidance to $0.60-$0.90 versus prior guidance of $0.40-$0.70 and consensus Of $0.51.

For 2024, the U.S. drug maker expects revenue growth to be at the upper end of the previously provided low single-digit range.

Price Action: BMY stock is up 5.17% at $47.61 during the premarket session at the last check on Friday.

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