Bristol Myers Squibb reported first-quarter revenue that topped expectations as its blockbuster blood thinner Eliquis and several new drugs posted sales growth.
The company also said it is executing a"strategic productivity initiative" that will drive roughly $1.5 billion in cost savings by the end of 2025.But the pharmaceutical company swung to a quarterly loss due to one-time charges related to its recently closed deals. It also launched a program to cut $1.5 billion in costs by 2025, and said it would reinvest the money in drug development.
That compares with a previous forecast of $7.10 to $7.40 per share, which did not include charges related to its buyouts of Karuna Therapeutics and radiopharmaceutical company RayzeBio, along with divestitures and other items.Bristol Myers said revenue growth for the first quarter was primarily driven by higher sales of Eliquis and some of its newer drugs.
Reblozyl booked $354 million in sales, up 72% from the year-earlier period. Analysts had expected revenue of $330.8 million, according to FactSet.
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