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 third-quarter earnings and revenue that blew past Wall Street's expectations thanks to its blockbuster blood thinner Eliquis and a portfolio of drugs it expects to deliver long-term growth.
Bristol Myers previously said it expected sales to rise in the "upper end" of the low single-digit range.
The results come as Bristol Myers moves to cut $1.5 billion in costs by 2025 and funnel that money into key drug brands and research and development programs.
Notably, the Food and Drug Administration approved Bristol Myers Squibb's highly anticipated schizophrenia drug Cobenfy during the quarter.
Persons:
Bristol Myers, Joe Biden's, Bristol Myers Squibb's
Organizations:
Bristol Myers Squibb, LSEG, Food and Drug Administration, Bristol
Locations:
Cambridge, Cambridge , Massachusetts, Eliquis