Bristol Myers Squibb's Surprising Profit Surge

Bristol Myers Squibb exceeded third-quarter profit expectations with $3.7 billion earnings, due to strong sales in established and new drugs. Revenue climbed 8%, hitting $11.89 billion. However, the company faces future challenges such as generic competition and Medicare price negotiations. Plans include the launch of a new injection for Opdivo.

Bristol Myers Squibb has reported better-than-expected earnings for the third quarter, attributing its financial success to robust sales of both established and newer drugs. Notably, blood thinner Eliquis and cancer treatments Revlimid and Breyanzi led to this upward trajectory.

The U.S. drug manufacturer earned $3.7 billion in the latest quarter, or $1.80 per share, surpassing analyst expectations pegged at $1.49. Total revenue rose by 8% to reach $11.89 billion, comfortably beating the projected $11.28 billion.

Chief Financial Officer David Elkins recognized the significance of the legacy portfolio in stabilizing the company's finances. Despite challenges such as impending generic competition and new Medicare negotiations, Bristol Myers remains optimistic, looking forward to the launch of an under-the-skin version of its cancer drug Opdivo by early 2025.

(With inputs from agencies.)