Financial Performance - Second quarter revenues were $12.2 billion, an increase of 9% year-over-year, or 11% when adjusted for foreign exchange[1] - U.S. revenues increased 13% to $8.8 billion, driven by the Growth and Legacy Portfolios[4] - Revenues for the Legacy Portfolio were $6.6 billion, a 2% increase year-over-year[9] - Total revenues for the first half of 2024 were $24.066 billion, compared to $22.563 billion in the same period of 2023, reflecting a growth of 6.7%[43] - Total revenues for the quarter reached $24.066 billion, a 10% increase compared to $22.563 billion in the previous year[50] - The overall portfolio total revenues amounted to $8,801 million, reflecting a 13% increase year-over-year[47] - Total expenses for the first half of 2024 were $34.296 billion, significantly higher than $17.934 billion in the same period of 2023[43] - The company reported a net loss attributable to BMS of $1.680 billion in Q2 2024, compared to a net income of $2.073 billion in Q2 2023[43] Earnings and Guidance - GAAP EPS was $0.83, down 16% from the previous year, while Non-GAAP EPS increased 18% to $2.07[3] - The effective tax rate on a non-GAAP basis changed from 16.9% to 14.1% due to the release of income tax reserves[5] - The company is raising its 2024 Non-GAAP guidance[1] - Bristol Myers Squibb raised its 2024 total revenues guidance to the upper end of the low single-digit range, with gross margin expected between ~74% and ~75%[19] - Diluted EPS guidance for 2024 was updated to a range of $0.60 to $0.90, up from $0.40 to $0.70[19] Research and Development - Research and development expenses increased 28% to $2.9 billion, primarily due to an IPRD impairment charge[5] - Research and development expenses rose by 28% to $2,899 million for the three months ended June 30, 2024, compared to $2,258 million in the prior year[58] - The company incurred $590 million in IPRD impairments during the three months ended June 30, 2024, highlighting challenges in product development[60] - Research and development expenses for the three months ended June 30, 2024, were $2,899 million, which included $604 million in specified items, reflecting a focus on innovation[62] Product Approvals and Launches - The company achieved U.S. approval for Breyanzi in both follicular lymphoma and mantle cell lymphoma[1] - The FDA granted accelerated approval for Augtyro™ (repotrectinib) for adult and pediatric patients with solid tumors having NTRK gene fusion, based on Phase 1/2 TRIDENT-1 trial results[14] - The European Commission approved Opdivo in combination with cisplatin and gemcitabine for first-line treatment of unresectable or metastatic urothelial carcinoma, based on CheckMate-901 trial results[14] - The FDA accepted the Biologics License Application for subcutaneous nivolumab, with a PDUFA goal date of December 29, 2024[14] - The company announced the anticipated U.S. launch of KarXT in the second half of the year[2] - The FDA approved Breyanzi for adult patients with relapsed or refractory mantle cell lymphoma, based on Phase 1 TRANSCEND NHL 001 trial results[16] - The FDA granted accelerated approval for Breyanzi for adult patients with relapsed or refractory follicular lymphoma, based on Phase 2 TRANSCEND FL trial results[16] Portfolio Performance - Growth Portfolio revenues reached $5.6 billion, representing an 18% increase on a reported basis, or 21% when adjusted for foreign exchange[8] - Total Growth Portfolio revenues reached $3,785 million in the U.S. and $1,811 million internationally, marking a 21% increase year-over-year[47] - The Growth Portfolio generated $10.388 billion in revenue, reflecting a 15% growth year-over-year[50] - The Legacy Portfolio generated $5,016 million in total revenues, with a 7% increase compared to the previous year[47] - Opdivo generated $1,406 million in the U.S. and $981 million internationally, reflecting a 15% growth in the U.S. and 6% internationally[47] - Eliquis revenues were $2,544 million in the U.S., showing a 10% growth year-over-year[47] - Revlimid revenues decreased by 4% to $1,165 million in the U.S.[47] - Pomalyst/Imnovid experienced a 27% increase in revenues, totaling $716 million in the U.S.[47] - Reblozyl saw a significant increase of 96% in the U.S. with revenues of $348 million, compared to $178 million in the previous year[47] - Zeposia reported $111 million in the U.S. and $40 million internationally, achieving a 52% growth in the U.S.[47] Financial Challenges and Outlook - The company anticipates continued pricing pressures and regulatory challenges impacting future financial results[38] - Forward-looking statements indicate that the company is focused on business development and capital allocation strategies for 2024[36] - The company reported a net debt position of $(45,379) million as of June 30, 2024, compared to $(27,128) million at the end of 2023, indicating an increase in leverage[66] - The effective tax rate guidance for 2024 was lowered to ~66% from ~69%[19] - The operating margin for the three months ended June 30, 2024, was 33.7%, down from 37.0% in the prior year[58] - The gross margin for the three months ended June 30, 2024, was 73.2%, compared to 74.4% in the previous year[58] - The overall international revenue change was impacted by foreign exchange, with a 1% decline reported[53] - The company plans to include Puerto Rico revenues in International revenues starting in 2024, affecting future reporting[50]

The Bristol Myers Squibb research and development center at Cambridge Crossing in Cambridge, Massachusetts, on Dec. 27, 2023.Bristol Myers Squibb on Friday reported second-quarter earnings and revenue that topped expectations and raised its full-year guidance as the drugmaker moves to slash costs.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 sale ...

Bristol Myers Squibb (BMY) announced that the European Medicines Agency (EMA) has validated its type II variation application for immunotherapy drug Opdivo (nivolumab), in combination with Yervoy (ipilimumab).The application seeks approval of Opdivo plus Yervoy as a potential first-line treatment option for adult patients with unresectable or advanced hepatocellular carcinoma (HCC) who have not received any prior systemic therapy.The application is based on results from the late-stage CheckMate -9DW trial, ...

Defensive stocks are stealing the spotlight again following Fed Chair Jerome Powell’s recent comments.In his address at the Economic Club of Washington D.C., Powell talked about the precarious state of the economy. His remarks emphasized the stickiness in inflation, policy uncertainties, and large deficits amid full employment. Hence, given the breadth of variables impacting the economy, it seems like a tough road ahead for those expecting quick monetary easing. The Federal Reserve plans to approach policy ...

The market expects Bristol Myers Squibb (BMY) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended June 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be rel ...

The latest trading session saw Bristol Myers Squibb (BMY) ending at $42.39, denoting a -1.76% adjustment from its last day's close. This change lagged the S&P 500's 0.78% loss on the day. Elsewhere, the Dow saw a downswing of 1.29%, while the tech-heavy Nasdaq depreciated by 0.7%.Prior to today's trading, shares of the biopharmaceutical company had gained 5.73% over the past month. This has outpaced the Medical sector's gain of 2.23% and the S&P 500's gain of 2.14% in that time.Market participants will be c ...

hapabapa When looking at different pharmaceutical stocks, we see several companies rather struggling in the last few years. Of course, not every company and stock is struggling - Novo Nordisk (NVO) and Eli Lilly (LLY) for example, continue to rush from all-time high to all-time high. But stocks like Pfizer (PFE) and Bristol-Myers Squibb (NYSE:BMY) are declining lower and lower in the last few quarters. And the S&P Pharmaceutical ETF barely moved in the last five years while the S&P 500 (SPY) rushed from all ...

Andre Banyai/iStock via Getty Images BMY's Investment Thesis Is Closely Tied To The Potential Reversal In Its Patent Cliff & Rich Dividend Yields We previously covered Bristol-Myers Squibb Company (NYSE:BMY) in April 2024, discussing why we had finally rated the stock as a Buy as it offered a relatively rich forward dividend yield of 5.02% at the time of writing with the Seeking Alpha Quant still grading its payout safety as B-. Combined with its promising profitability metrics and its overly discounted ...

According to NextEarningsDate.com, the Bristol-Myers Squibb next earnings date is projected to be 7/26 before market open, with earnings estimates of $1.53/share on $10.56 Billion of revenue.Looking back, the recent Bristol-Myers Squibb earnings history looks like this:BMYtickertechThe company has the following long-term earnings per share chart:BMYtickertechAnd with impressive revenue growth:BMYtickertechBut earnings reports can often uniquely bring abrupt volatility to a stock, in either direction, as inv ...

Makhbubakhon IsmatovaStock market investing is sometimes referred to as a giant casino, in which day to day price movements are hard to predict, due to the multitude of variables and external events that can influence prices. Unlike the casino, however, the market is not a zero-sum game, unless if you’re trading options because so long as you’re willing to play the long game, your win doesn’t have to equate to someone else’s loss, and vice versa. That’s why I’d much rather put capital to work and risk i ...