Core Insights - UPS is undergoing significant restructuring to enhance long-term profitability amid a challenging macro environment, focusing on controlling internal factors and executing strategic initiatives [1][4][12] Operational Changes - The company plans to close 164 operations and 73 buildings by the end of June to eliminate redundant infrastructure and realign capacity with demand [2] - UPS expects to reduce operational hours by approximately 25 million and cut around 20,000 positions, while continuing investments in automation and technology [3] - A planned volume reduction from Amazon is expected to exceed 50% by June 2026, reflecting a shift away from low-margin accounts [3][4] Financial Performance - UPS' first-quarter U.S. domestic revenue rose 1.4% to $14.5 billion, driven by air cargo increases and a 4.5% rise in revenue per piece, marking the strongest growth rate in eight quarters [6] - International revenue increased 2.7% to $4.4 billion, supported by a 7.1% rise in average daily volume, although non-GAAP operating profit fell 4.1% due to shifts toward more economical services [7] Strategic Initiatives - Under the "Efficiency Reimagined" initiative, UPS aims for $1 billion in savings in 2025 and a total of $3.5 billion in cost reductions by year-end [6] - New services like SurePost Final Mile delivery and Ground Saver are being introduced to enhance competitive positioning and cater to cost-conscious customers [10][11] - The acquisition of Andlauer Healthcare Group is intended to strengthen UPS' healthcare logistics capabilities, addressing a growing segment in global supply chains [11] Market Dynamics - SMBs now account for 31.2% of total U.S. volume, diversifying UPS' customer base away from major retailers [5] - The company is closely monitoring potential trade policy adjustments, particularly in the U.S.-China corridor, with international revenues expected to decline about 2% due to weakening demand [8]

Core Viewpoint - Bristol Myers Squibb exceeded first-quarter estimates and raised its revenue and profit guidance for the year, driven by cost-cutting measures and strong performance in its drug portfolio [1][4]. Financial Performance - The company reported a net income of $2.5 billion, or $1.20 per share, for the first quarter, a significant recovery from a net loss of $11.9 billion, or a loss of $5.89 per share, in the same period last year [6]. - Adjusted earnings per share were $1.80, surpassing the expected $1.49, while revenue was $11.2 billion, exceeding the anticipated $10.7 billion [10]. - Revenue from the growth portfolio reached $5.56 billion, marking a 16% increase from the previous year [11]. Revenue Guidance - The company now anticipates 2025 revenue between $45.8 billion and $46.8 billion, an increase from the prior estimate of around $45.5 billion [2]. - Full-year adjusted earnings are expected to be between $6.70 and $7 per share, up from the previous forecast of $6.55 to $6.85 per share [2]. Market Strategy - China is identified as a critical market, with the "China 2030 Strategy" aimed at addressing unmet medical needs and increasing participation in clinical trials [4]. - The guidance revisions consider the impact of current tariffs on U.S. products shipped to China but do not include potential tariffs on pharmaceuticals imported into the U.S. [3]. Cost-Cutting Initiatives - The company is implementing a plan to reduce expenses by $2 billion by the end of 2027, in addition to $1.5 billion in planned cuts by the end of this year [5]. Product Performance - Sales of Eliquis, a top-selling blood thinner, were $3.57 billion for the quarter, down 4% year-over-year but above analyst expectations [7]. - Opdivo generated $2.27 billion in revenue, a 9% increase from the previous year, also exceeding estimates [11]. - Cobenfy, a recently approved schizophrenia drug, generated $27 million in sales for the first quarter, following disappointing clinical trial results [5][11].