Fri, Jul 26, 4:05 PM (43 days ago)
Bristol-Myers Squibb's Q2 2024 financial report shows a 9% increase in revenues to $12.2 billion, driven by strong performance in their Growth Portfolio, particularly Opdivo, Reblozyl, and new launches like Krazati and Augtyro. U.S. sales grew by 13%, while international sales were impacted by negative foreign exchange effects. The company reported a GAAP EPS of $0.83, down from $0.99 in Q2 2023, primarily due to higher costs associated with recent acquisitions and intangible asset impairments. Non-GAAP EPS rose to $2.07 from $1.75, aided by higher revenues and cost controls. Significant acquisitions include Karuna, RayzeBio, and Mirati, funded by $13 billion in new debt. The company maintains a robust pipeline with multiple new drug approvals and ongoing trials. Despite increased expenses, BMS remains financially stable with a focus on innovation and strategic growth.