Bristol Myers Squibb posted impressive second-quarter results, driven by the strong performance of new products like the anemia treatment Reblozyl and heart drug Camzyos, along with its top-selling blood thinner Eliquis. The pharmaceutical giant’s quarterly revenue surged to $12.2 billion, marking a 9% increase from the previous year’s $11.2 billion, and surpassing analysts’ expectations of $11.5 billion according to LSEG data.
Despite looming revenue challenges for Eliquis due to upcoming Medicare price negotiations set to begin in 2026 under the Inflation Reduction Act, Bristol Myers’ CEO Chris Boerner expressed confidence in the company’s ability to manage the impact. The final negotiated price for Eliquis will be disclosed by U.S. regulators by September 1.
“We’re very confident in our ability to navigate the impact of the IRA on Eliquis,” Boerner stated during the company’s conference call with investors.
Buoyed by these positive results, Bristol Myers has raised its full-year earnings forecast. The company’s shares rose approximately 7% to $48.41 in premarket trading. CFO David Elkins highlighted the ongoing transformation of the company’s business, focusing on a new growth portfolio.
In the previous year, Bristol Myers acknowledged the need for additional time to reach its growth targets for new drugs, delaying the timeline for its new-product portfolio to generate $10 billion in revenue by a year. However, the company’s growth portfolio, which includes new products and established brands like the cancer immunotherapy Opdivo, showed an 18% year-over-year increase in sales.
For the second quarter, Bristol Myers reported a net income of $1.68 billion, or 83 cents per share, down from $2.07 billion, or 99 cents per share, the previous year. Excluding one-time items, the company posted adjusted earnings of $2.07 per share, significantly above analyst estimates of $1.63 per share.
Eliquis, the company’s current top-seller, generated $3.4 billion in sales for the quarter, aligning with analyst expectations and reflecting a 7% increase from the previous year. Opdivo sales rose by 11% to $2.4 billion. The anemia drug Reblozyl saw an 82% increase in sales, reaching $425 million, while Camzyos sales more than tripled to $139 million.
Given these robust performances, Bristol Myers now expects full-year earnings to be between 60 to 90 cents per share, up from the previous estimate of 40 to 70 cents per share. Analysts had forecast full-year earnings of 51 cents per share. Despite the positive outlook, the company’s shares had closed at $45.27 on Thursday, down around 14% year-to-date.
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