Bristol Myers Squibb reported third-quarter earnings and revenue that blew past expectations on strong sales from its blood thinner Eliquis and a portfolio of drugs it expects to deliver long-term growth.The results come as Bristol Myers moves to slash $1.5 billion in costs by 2025 and funnel that money into key drug brands and research and development programs.The pharmaceutical giant also raised its full-year revenue guidance for the year, expecting sales to increase by more than 5%.
Here is what Bristol Myers reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Bristol Myers posted net income of $1.21 billion, or 60 cents per share, for the third quarter. That compares with net income of $1.93 billion, or 93 cents per share, for the year-earlier period.The pharmaceutical giant's revenue rose 8% from the same period a year ago to $11.89 billion.