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Bristol Myers Squibb tops Q2 earnings expectations with $12.2B in revenue

Bristol Myers Squibb’s Q2 earnings report showed its revenue grew 9% year-over-year.

Lecia Bushak

July 26, 2024

1:29 pm

Credit: Getty Images / SOPA Images

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Bristol Myers Squibb released its Q2 earnings on Friday, noting its revenue exceeded expectations by growing 9% year-over-year to $12.2 billion.

Its U.S. revenues jumped 13% to $8.8 billion, the pharma giant said, largely driven by its growth and legacy portfolios. Meanwhile, its international revenues dropped 1% to $3.4 billion, though company shares jumped 8%.

During Q2, BMS won Food and Drug Administration approval for Breyanzi’s expansion into follicular lymphoma as well as mantle cell lymphoma. It’s currently in the process of waiting on FDA and E.U. approvals for a subcutaneous version of nivolumab, an immunotherapy branded as Opdivo.

The drugmaker also announced that its Phase 3 trial examining cendakimab, a monoclonal antibody for the treatment of eosinophilic esophagitis, had reached its primary endpoints of efficacy and safety.

As a result of its higher-than-expected Q2 earnings, BMS raised its full-year adjusted earnings guidance to a range of $0.60 to $0.90 per share – an increase from its previous estimate of $0.40 to $0.70 per share.

“Our second quarter results reflect progress against our strategy to position BMS for long-term, sustainable growth,” BMS CEO Christopher Boerner said in a statement. “As we move into the second half of the year, we remain focused on prioritizing opportunities with the greatest growth potential and impact for patients, including the anticipated launch of KarXT.”

BMS picked up KarXT, a schizophrenia therapy, from its $14 billion acquisition of Karuna Therapeutics, which it completed earlier this year. KarXT has an FDA PDUFA date in September.

Lee Brown, global sector lead for healthcare at global research firm Third Bridge, noted in a statement that KarXT has a multi-billion dollar potential, but faces stiff competition from AbbVie and Cerevel’s emraclidine, with the latter potentially having “several advantages including dosing frequency and improved tolerability.”

Brown added that BMS’ growth portfolio “continues to perform exceptionally well” and highlighted Reblozyl, Opdualag, Breyanzi, Camzyos and Sotyktu as being main drivers of its year-over-year revenue growth of 18%.

“We remain excited about Bristol’s catalyst-rich pipeline that extends the company’s immuno-oncology leadership with novel modalities including cell therapies, ADCs and radiopharmaceuticals,” Brown wrote.

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Bristol Myers Squibb tops Q2 earnings expectations with $12.2B in revenue

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