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☆ Bristol Myers Squibb beats on revenue, launches $1.5 billion cost cuts as it posts quarterly loss
▼ + stars: | 2024-04-25 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +4 min

The Bristol Myers Squibb research and development center at Cambridge Crossing in Cambridge, Massachusetts, US, on Wednesday, Dec. 27, 2023. Bristol Myers Squibb on Thursday reported first-quarter revenue that topped expectations as its blockbuster blood thinner Eliquis and several new drugs posted sales growth. Two-thirds of savings are associated with drug research and development, Bristol Myers Squibb executives said during an earnings call on Thursday. Those deals come as Bristol Myers faces pressure to launch new drugs and offset the potential loss of revenue from top-selling treatments. Shares of Bristol Myers fell more than 1% in premarket trading Tuesday.

Persons: Bristol Myers, Samit Hirawat, Chris Boerner, Boerner, Revlimid Organizations: Bristol Myers Squibb, Bristol Myers, Karuna Therapeutics, SystImmune, Bristol, LSEG Locations: Cambridge, Cambridge , Massachusetts, Here's

☆ Bristol Myers Squibb results top estimates as new drugs post strong sales growth
▼ + stars: | 2024-02-02 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

Bristol Myers Squibb reported quarterly earnings and revenue that topped expectations on Friday as its portfolio of new drugs posted strong sales growth. That group raked in $1.07 billion in sales for the quarter, up 66% from the $645 million for the year-earlier period. While its revenue outlook was in line with Wall Street estimates, it anticipates higher than expected earnings for the year. Analysts surveyed by LSEG expect full-year adjusted earnings of $7 per share and sales growth of 1.9%. Bristol Myers said Eliquis and Opdivo also contributed to the slight sales growth in the fourth quarter.

Persons: Bristol Myers, Revlimid, Eliquis, Opdivo, FactSet Organizations: Bristol Myers Squibb, LSEG, Bristol Myers, Wall, Bristol, Pfizer, Medicare

☆ Stocks making the biggest moves midday: Meta, Apple, Intel, Amazon, Clorox and more
▼ + stars: | 2024-02-02 | by ( Hakyung Kim | ) www.cnbc.com time to read: +4 min

Apple — The iPhone maker's shares inched down 0.3% after Apple provided financial guidance for the current quarter that hinted at weak iPhone sales. Amazon posted $1 in earnings per share on $169.96 billion in revenue, according to LSEG. Analysts polled by LSEG had estimated $8.9 billion in revenue and earnings of $4.18 per share this year. Bristol Myers Squibb — The pharmaceutical stock added 1% after fourth-quarter earnings and revenue at the maker of the Opdivo anti-cancer treatment beat analysts' estimates. ExxonMobil , the largest oil company in the U.S., rose 1% after its fourth-quarter earnings per share topped analysts' estimates.

Persons: LSEG, Cigna, Barbie toymaker, Clorox, —, Alex Harring, Yun Li, Tanaya Macheel, Michelle Fox Organizations: Revenue, Apple, Amazon, Analysts, Bristol Myers Squibb, LSEG . Revenue, Wall, Mattel —, Barington, Mattel, Price, Chevron —, Chevron, LSEG, ExxonMobil, Intel, Street Journal Locations: China, U.S, Ohio

Three names in the industry – Johnson & Johnson , Merck and Bristol Myers Squibb – face a pivotal few weeks ahead. They join Bristol Myers Squibb CEO Chris Boerner, who agreed to the panel's initial invitation to appear. But why is the committee targeting Merck, J&J and Bristol Myers Squibb in the first place? J&J, Merck and Bristol Myers Squib are all suing to halt the talks, which will establish new prices that will go into effect in 2026. Bristol Myers Squibb's Opdivo is an immunotherapy used to treat cancers, including melanoma and lung cancer.

Persons: Annika Kim Constantino, – Johnson, Sen, Bernie Sanders, Joaquin Duato, Robert Davis, Chris Boerner, Sanders, Eli Lilly's, Januvia, Bristol Myers, He's, Biden, Merck's, Myers, Eliquis, Mike Perrone, it's Organizations: CNBC.com, Johnson, Merck, Bristol Myers Squibb, Bristol Myers, Medicare, Bristol, CNBC, pharma Locations: U.S, drugmakers

☆ Big pharma is at a crossroads, as J&J, Merck and others prepare to lose heaps of revenue from blockbuster drugs
▼ + stars: | 2024-01-28 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +12 min

Bristol Myers Squibb's Eliquis is a blood thinner used to prevent clotting, to reduce the risk of stroke. Bristol Myers Squibb's Opdivo is an immunotherapy used to treat cancers, including melanoma and lung cancer. Investors will get updates on Merck and Bristol Myers Squibb's plans for the years ahead when they report earnings on Thursday and Friday, respectively. That's unlike generics, which are cheaper copycats of small-molecule drugs like Bristol Myers Squibb's Eliquis. Bristol Myers Squibb is also testing a new form of Opdivo, which is currently administered into a patient's veins.

Persons: Johnson, William Blair, Matt Phipps, Bristol Myers, Johnson's, Merck's Keytruda, J's Stelara, Opdivo, Phipps, biosimilars, Eliquis, Biosimilars, Humira, JB Reed, Samsung's, Piper Sandler, Christopher Raymond, AbbVie, Raymond, Chris Schott, Schott, Robert Davis, Keytruda, Davis, JPMorgan's Schott, Bristol Myers Squibb, George Frey, J, Amgen, J confidentially, Mike Perrone, It's, Anna Moneymaker Organizations: New York Stock Exchange, Johnson, NYSE Big, Bristol Myers Squibb, Merck, Biden, William Blair & Company, CNBC, Guggenheim, Bristol, Leerink Partners, Bloomberg, Getty, Bioepis, JPMorgan, JPMorgan Health Care, Moderna, Bristol Myers, Karuna Therapeutics, Hardy, Huntsman Cancer Institute, University of Utah, Reuters, Teva Pharmaceuticals, Pharma, U.S . Department of Health, Human Services Locations: drugmakers, EY, Europe, U.S, Cambridge , Massachusetts, Arda, EY's Americas, Bristol, Salt Lake City , Utah, Washington , DC

☆ 4 stock ideas I brought back from the JPMorgan Healthcare Conference and everything else I learned about the industry
▼ + stars: | 2024-01-15 | by ( Jim Cramer | ) www.cnbc.com time to read: +12 min

We will go over them – but first, let me talk about what I learned at last week's JPMorgan Health Care Conference that I attended in San Francisco, and what it means to your portfolio. We know health care has a lot of angles too it. The previous CEO Roz Brewer was from Starbucks and struggled with the role that Walgreens plays in health care. You have to be following the transformation of Bristol-Myers, which is opening its wallet to buy a host of drug companies, including anti-psychotic firm Karuna. Health care is the way to go.

Persons: Regeneron, Pfizer, Eli Lilly, Dave Ricks, Lilly, donanemab, Lilly's, Zepbound, it's, Abbott, It's, Roche, Merck, Myers, ABT, Robert Ford, Tim Wentworth, He's, Roz Brewer, Wentworth, he'll, Brewer wasn't, Bob Bradway, Amgen, Vas Narasimhan, Sandoz, Karuna, Medtronic, Hugo, Morgan Stanley, Wells, Covid, Cramer's, Jim Cramer, Jim, Las Vegas Brendan Smialowski Organizations: Abbott Labs, Covid, Novartis, Amgen, Walgreens Boots Alliance, JPMorgan Health Care Conference, Humana, Drug Administration, Novo Nordisk, Dickinson Co, Bristol, Myers Squibb, Pfizer, Department, WBA, Walgreens, Starbucks, -, pharma, Merck, Keytruda, Horizon Therapeutics, Federal Trade Commission, Myers, BD, CVS Health, JPMorgan, Cramer's Charitable, CNBC, Consumer, AFP, Getty Locations: San Francisco, GLP, North Carolina, Europe, Cencora, Amgen, West, Bristol, Target, Las Vegas

☆ Bristol Myers Squibb earnings top estimates even as top-selling drug fights generic competition
▼ + stars: | 2023-10-26 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

Bristol Myers Squibb on Thursday reported quarterly adjusted earnings that topped expectations and posted revenue in line with estimates, even as sales of the company's popular blood cancer drug Revlimid plummeted due to generic competition. Bristol Myers also reiterated its full-year revenue guidance of a low single-digit percentage decline. Bristol Myers said both older and new drug products helped offset the lower sales of Revlimid for the third quarter. Eliquis, which Bristol Myers shares with Pfizer , is among the first ten drugs selected to face price negotiations with the federal Medicare program. Bristol Myers will hold an earnings call with investors at 8 a.m. E.T.

Persons: Revlimid, Bristol Myers, –, Eliquis, FactSet, Opdualag Organizations: Bristol Myers Squibb, Bristol, LSEG, Pfizer, FactSet, Therapeutics Locations: Wednesday's

☆ Bristol Myers says it needs another year to hit target for new drugs
▼ + stars: | 2023-10-26 | by ( Michael Erman | ) www.reuters.com time to read: +2 min

Bristol Myers reported that it earned $4.1 billion, or $2 per share, in the third quarter, down from $4.3 billion, or $1.99 a share, a year earlier. Analysts, on average, had expected earnings per share of $1.76. It now expects earnings per share in the range of $7.50 to $7.65, up from its previous target of $7.35 to $7.65. Chief Operating Officer Chris Boerner is expected to become chief executive of Bristol Myers next month, replacing current CEO Giovanni Caforio. Earlier in October, BMS agreed to buy cancer drugmaker Mirati Therapeutics (MRTX.O) for up to $5.8 billion, in an attempt to diversify its oncology business.

Persons: David Elkins, Bristol Myers, Chris Boerner, Giovanni Caforio, Michael Erman, Sriparna Roy, Leslie Adler Organizations: Bristol Myers Squibb, BMS, Bristol, Therapeutics, Thomson Locations: The New Jersey

☆ Bristol Myers' injectable form of Opdivo meets main goal in kidney cancer trial
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +2 min

Test tubes are seen in front of a displayed Bristol Myers Squibb logo in this illustration taken, May 21, 2021. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 19 (Reuters) - Bristol Myers Squibb (BMY.N) said on Thursday the injectable form of its blockbuster cancer drug Opdivo met the main goal in trial that had patients with a type of kidney cancer. "We believe this new option, given as a single injection administered in less than five minutes, could transform the treatment experience for both patients and physicians," Gina Fusaro, an executive at Bristol Myers Squibb, said. The trial also showed a non-inferior response rate to the subcutaneous drug, compared to its intravenous form. Bristol Myers now plans to discuss with regulators the next steps for submission and approval of subcutaneous injections for multiple types of cancers.

Persons: Bristol Myers, Dado Ruvic, Opdivo, Gina Fusaro, Roche, Johnson, Helen Torley, Leroy Leo, Anil D'Silva, Shinjini, Shounak Organizations: Bristol, Bristol Myers Squibb, REUTERS, Therapeutics, U.S, Thomson Locations: Bengaluru

☆ Focus: Drugmakers go under the skin, skirting early US Medicare price negotiations
▼ + stars: | 2023-07-28 | by ( Michael Erman | ) www.reuters.com time to read: +5 min

Each year, Medicare will add more drugs to the list, the names of which have not yet been disclosed. Faspro, launched in 2020, already accounts for more than 80% of Darzalex revenue, which is due to rise to $9.5 billion this year. Merck previously told Reuters it expects this version of Keytruda could replace the more time consuming infusion for most patients. Keytruda revenue is expected to top $24 billion this year and could exceed $30 billion as soon as 2026, according to analyst estimates. The company has said its expects revenue from subcutaneous drugs containing hyaluronidase to drive its growth going forward.

Persons: Srdjan, Johnson, drugmakers, Bristol Myers, Roche, Biden’s, Michael DiFiore, DiFiore, Joseph Wolk, Faspro, Halozyme, Helen Torley, hyaluronidase, Michael Erman, Patrick Wingrove, Caroline Humer, Bill Berkrot Organizations: U.S, REUTERS, Wall Street, Merck & Co, Halozyme Therapeutics, Reuters, Bristol, Bristol Myers Squibb, Medicare, U.S . Centers, Medicaid Services, J, Reuters Graphics Merck, Merck, Thomson Locations: Ljubljana, Darzalex, Diego

☆ Bristol Myers posts lower Q1 sales as Revlimid falls
▼ + stars: | 2023-04-27 | by ( Michael Erman | ) www.reuters.com time to read: +2 min

April 27 (Reuters) - Drugmaker Bristol Myers Squibb (BMY.N) on Thursday said its first-quarter sales fell from last year, hurt by generic competition for its cancer drug Revlimid. The drugmaker also announced on Wednesday evening that its Chief Executive Officer Giovanni Caforio plans to step down from the role in November, to be replaced by the company's current Chief Commercialization Officer Chris Boerner. Analysts, on average, expected sales of $11.49 billion in the quarter, according to Refinitiv data. Bristol Myers said it earned around $2.05 a share in the quarter, excluding one-time items. Sales of Revlimid, which began facing generic competition last year, fell to $1.75 billion in the quarter, down 37% from $2.8 billion last year.

☆ Bristol Myers CEO Caforio steps down
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

[1/2] A sign stands outside a Bristol Myers Squibb facility in Cambridge, Massachusetts, U.S., May 20, 2021. REUTERS/Brian Snyder/File PhotoCompanies Bristol-Myers Squibb Co FollowApril 26 (Reuters) - Bristol Myers Squibb Co (BMY.N) said on Wednesday CEO Giovanni Caforio, who has been in the role since 2015, has decided to step down from his position. Outgoing CEO Giovanni will continue as executive chairman of the company's board. Bristol Myers is due to report first-quarter financial results on Thursday. Bristol Myers shares rose 0.39% to $68.29 in after-hours trading.

☆ A series of mega-blockbuster drugs are on the horizon. How to invest in the trend
▼ + stars: | 2022-10-08 | by ( Christina Cheddar Berk | ) www.cnbc.com time to read: +4 min

"That said, the biggest drugs usually feature one, or best case two, of these attributes." Seven drugs on Meacham's list are already in the market, and have already hit the $10 billion or more benchmark. That means some of these drugs may be already hitting the end of their peak sales period. Meacham has previously said that one of the drugs in this bucket, Eli Lilly's tirzepatide, could be the first $100 billion drug . But many investors are hopeful about its potential as an obesity treatment .

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