Bristol Myers Squibb beats on revenue, launches $1.5 billion cost cuts as it posts quarterly loss
Publishing timestamp: 2024-04-25 12:26:45
Summary
Bristol Myers Squibb reported first-quarter revenue that topped expectations, but swung to a quarterly loss due to one-time charges. The company plans to cut $1.5 billion in costs by 2025 and reinvest in drug development. They will lay off employees, discontinue some drug programs, and focus on key drug brands. Despite revenue growth driven by sales of Eliquis and newer drugs, the company faces pressure to launch new drugs to offset potential revenue loss from top-selling treatments.
Sentiment: MIXED
Keywords: earnings, biotech and pharmaceuticals, pfizer inc, business news, breaking news, biotechnology, bristol-myers squibb co, pharmaceuticals, health care industry, business,
Source: https://www.cnbc.com/2024/04/25/bristol-myers-squibb-bmy-earnings-q1-2024.html