Bristol Myers Squibb (NYSE: BMY) has announced its financial results for Q2 2024.
Highlights:
- Revenue: Total revenue reached $12.2 billion, up 9% from $11.2 billion in Q2 2023, or 11% when adjusted for foreign exchange.
- Earnings Per Share: GAAP EPS decreased by 16% to $0.83, while non-GAAP EPS increased by 18% to $2.07.
- Operational Efficiency: The company is focusing on strategic opportunities with high growth potential and enhancing operational efficiency.
Second Quarter Financials:
- Gross Margin: On a GAAP basis, gross margin decreased to 73.2% due to a one-time impairment charge. Non-GAAP gross margin increased to 75.6%.
- Expenses: R&D expenses rose 28% to $2.9 billion due to an impairment charge related to alnuctamab. Marketing and administrative expenses remained steady at $1.9 billion.
- Income Tax Benefit: GAAP income tax benefit was $398 million, reflecting the release of tax reserves.
Product Revenue Highlights:
- Growth Portfolio: Revenue increased to $5.6 billion, driven by strong sales of Opdivo, Reblozyl, and Opdualag.
- Legacy Portfolio: Revenue grew to $6.6 billion, led by Eliquis and Pomalyst, though partially offset by generic erosion of Revlimid.
Product and Pipeline Updates:
- Cendakimab: Phase 3 trial for eosinophilic esophagitis met its endpoints.
- Regulatory Approvals: Received FDA approvals for Breyanzi in additional indications and new drug submissions including subcutaneous nivolumab.
- Oncology: Progress includes accelerated approval for Krazati and additional indications for Opdivo and Yervoy.
Financial Guidance for 2024:
- Revenue: Revised to the upper end of the low single-digit range.
- Gross Margin: Expected to be between ~74% and ~75%.
- EPS: Projected between $0.60 and $0.90.
Bristol Myers Squibb’s Q2 2024 results reflect ongoing efforts to drive growth and operational excellence as the company continues to focus on expanding its product portfolio and pipeline.
