Bristol Myers Squibb
1Q Revenues: $11.9 billion (+5%)
1Q Loss: $11.9 billion (earnings were $2.3 billion 1Q23)
Comments: Revenue growth in the quarter primarily driven by Eliquis, Reblozyl and Opdualag, partially offset by Opdivo and Revlimid. Eliquis sales were $3.7 billion in the quarter, up 12%. Reblozyl sales were $354 million, up 88%. Opdualag sales were $206 million, up 71%. Opdivo sales were down 10% to $2.0 billion in the quarter and Revlimid sales were down 5% to $1.7 billion.
 
Results include acquired in-process R&D expenses of $12.9 billion in the quarter related to the Karuna Therapeutics acquisition.
 
Bristol Myers Squibb is implementing a Strategic Productivity Initiative aimed at $1.5 billion in cost savings by the end of 2025. This includes laying off more than 2,200 employees.
The restructuring plans included in the company’s 1Q are across the business, including site closures and R&D spending, a reduction of management layers and reducing third-party spending.