Bristol Myers Beats Profit Forecasts on Strong Drug Sales
Bristol Myers reported adjusted earnings of $1.58 per share on $11.49 billion in revenue. Strong Eliquis sales helped offset generic competition for Revlimid.
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BRISTOL-MYERS SQUIBB CO reported Q1 adjusted EPS of $1.58, beating the $1.42 expectation as revenue rose 3% to $11.49 billion. Strong demand for the blood thinner Eliquis and newer cancer drugs offset a 63% revenue drop for the off-patent Revlimid. The results signal a successful pivot toward a growth portfolio that now accounts for more than half of total revenue.
