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Bristol Myers Squibb earnings top estimates even as top-selling drug fights generic competition

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Bristol Myers Squibb’s revenue was in line with estimates, but fell slightly from the same period last year due to lower sales of blood cancer drug Revlimid.

Bristol Myers Squibb reported quarterly adjusted earnings that topped expectations and posted revenue in line with estimates.Bristol Myers Squibb

The drugmaker said that decline was due to lower sales of Revlimid, which generated $1.43 billion for the quarter. Bristol Myers has been under pressure to launch or acquire new drug products as Revlimid – and eventually, otherRevlimid sales, which fell 41% from the third quarter of 2022, also dropped due to an increase in patients receiving the drug at no cost through the company's patient assistance foundation, Bristol Myers said.

The company narrowed its full-year adjusted earnings outlook to $7.50 to $7.65 per share, from a previous forecast of $7.35 to $7.65 a share.

 

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Bristol-Myers Squibb earnings top estimatesCiara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.
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