Bristol Myers Squibb's Impressive Q2 Performance Boosted by Leading Brands

Bristol Myers Squibb surpassed analyst expectations with a strong Q2, as notable brands Eliquis, Opdivo, and Revlimid drove sales. Despite losing patent protections, revenue rose 1% to $12.3 billion. While Revlimid's sales fell, strategic partnerships and raised forecasts bolster future prospects for the drugmaker.

Bristol Myers Squibb exceeded Wall Street's forecasts for the second quarter, thanks to robust sales from its flagship brands, including blood thinner Eliquis and cancer treatments Opdivo and Revlimid. Shares in the biotech firm jumped over 3% in premarket trading, reaching $47.48.

Despite expectations of a dip in revenue due to patent expirations on key products, the company reported a 1% increase to $12.3 billion, surpassing the analyst projection of $11.4 billion. Earnings fell to $2.9 billion, or $1.46 per share, compared with $4.2 billion, or $2.07, a year ago, still outpacing the anticipated $1.07 per share.

Sales of Eliquis jumped 8% to $3.7 billion, with Opdivo also seeing a 7% rise to $2.6 billion, both exceeding analyst expectations. Despite a 38% drop in Revlimid sales, figures still outperformed forecasts by about $300 million. Further growth is anticipated, bolstered by the recent $11.1 billion collaboration with BioNTech for cutting-edge cancer therapies, positioning Bristol for competitive gains against Merck & Co.

(With inputs from agencies.)