Bristol Myers Squibb Exceeds Q3 Revenue Expectations, Driven by Growth Portfolio and Eliquis
Bristol Myers Squibb & Co. (BMY) reported strong third-quarter results, exceeding analyst expectations with revenues of $11.89 billion. This represents an 8% year-over-year increase, or 10% when adjusted for foreign exchange impacts. The growth was primarily driven by the company's Growth Portfolio and Eliquis.
The Growth Portfolio, which includes newer drugs like Reblozyl and Breyanzi, saw its worldwide revenues increase by 18% on a reported basis and 20% when adjusted for foreign exchange impacts. This performance highlights the success of the company's efforts to diversify its portfolio beyond its blockbuster drug, Eliquis.
Analysts remain cautious about the company's neuropsych pipeline, noting management's reserved stance on revenue expectations. However, they acknowledge the potential for Alzheimer's psychosis treatment as an added upside.
The recent approval of Cobenfy, a treatment for schizophrenia, is seen as a key driver of future growth. Truist analysts project global peak sales of $4.2 billion for Cobenfy, while the consensus estimate stands at $5.4 billion.
Despite the positive outlook, analysts emphasize the importance of maintaining dividends and reducing debt to strengthen the company's long-term financial position.
Following the earnings release, BMY stock experienced a slight decline of 1.91%, closing at $54.71 on Friday.