Bristol Myers Squibb beats on revenue, launches $1.5 billion cost cuts as it posts quarterly loss

CNBC April 25, 2024
Annika Kim Constantino

Key Points

– Bristol Myers Squibb reported first-quarter revenue that topped expectations as its blockbuster blood thinner Eliquis and several new drugs posted sales growth.

– The pharmaceutical giant posted a quarterly loss, however, due to one-time charges associated with its recently closed deals.

– The company said it is executing a “strategic productivity initiative” that will drive roughly $1.5 billion in cost savings by the end of 2025.

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.

But the pharmaceutical company swung to a quarterly loss due to one-time charges related to its recently closed deals. It also said it plans to cut...

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