Bristol Myers Squibb Posts Strong Q3 Results, Boosts 2024 Guidance on Robust Sales of Legacy and New Drugs

Revenue Growth:
Bristol Myers Squibb (BMS) reported an 8% year-over-year increase in total revenues to $11.9 billion in Q3 2024, exceeding consensus estimates.

Growth Portfolio:
The company's growth portfolio revenues surged 18% (20% adjusted for foreign exchange) to $5.8 billion, driven by products like Abecma, Breyanzi, and Reblozyl.

Legacy Brands:
Sales of legacy brands such as Eliquis and Revlimid remained strong, with Eliquis jumping 11% year-over-year to over $3 billion and Revlimid dipping only 1% to $1.4 billion, still beating consensus.

Cobenfy Approval:
BMS highlighted the FDA approval of Cobenfy, a novel schizophrenia treatment, which is expected to have multibillion-dollar potential and contribute significantly to future growth.

Guidance Update:
The company raised its 2024 revenue guidance to approximately 5% growth (6% adjusted for foreign exchange) and increased its non-GAAP EPS range to $0.75 to $0.95.

Financial Health:
BMS demonstrated strong cash flow generation and reduced total debt by $2.7 billion in Q3, with plans to reduce debt by $10 billion by mid-2026.

Pipeline Advancements:
The company is advancing its pipeline with several near-term milestones, including new oncology registrational trials and Phase 3 studies in 2024.