The results come as Bristol Myers moves to cut $1.5 billion in costs by 2025 and reinvest that money into key drug brands and research and development programs.
Bristol Myers Squibb reported second-quarter earnings and revenue that topped expectations and raised its full-year guidance.
The pharmaceutical giant raised its full-year revenue forecast to an increase in the "upper end" of the low single-digit range. That compares to its previous guidance in April of a low single-digit increase in sales. Bristol Myers posted net income of $1.68 billion, or 83 cents per share, for the second quarter. That compares to net income of $2.07 billion, or 99 cents per share, for the year-earlier period.and a portfolio of drugs it expects to help it deliver long-term growth. Among those treatments is the cancer drug Opdivo, which raked in higher-than-expected sales for the quarter.
Sales of Eliquis could also take a hit in 2026, when a new price for the drug goes into effect for certain Medicare patients followingEliquis booked $3.42 billion in sales for the quarter, up 7% from the year-ago period. That was in line with analysts' expectations for the drug, according to estimates compiled by FactSet.Revlimid took in $1.35 billion in sales, down 8% from the same period a year ago due to generic competition. Still, that surpassed analysts' revenue expectations of $1.
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