Bristol Myers Squibb Soars with Strong Eliquis and Cancer Drug Sales

Bristol Myers Squibb exceeded Wall Street forecasts due to robust sales of Eliquis and new cancer drugs, resulting in a substantial profit. The company witnessed a revenue growth of 3% to $11.49 billion, driven by Eliquis and its growth portfolio, while managing to offset losses from older drugs like Revlimid.

Bristol Myers Squibb surpassed Wall Street expectations in the first quarter, largely driven by stronger sales of the blood thinner Eliquis and innovative cancer drugs.

The pharmaceutical giant's adjusted earnings reached $1.58 per share, outpacing analysts' forecasts of $1.42, per LSEG data, with revenue increasing by 3% to $11.49 billion, surpassing projections of $10.9 billion. Collaborating with Pfizer, Eliquis generated $4.14 billion in sales, growing by 16% year-over-year. According to Adam Lenkowsky, Chief Commercialization Officer, demand for Eliquis remains robust, with new prescription share exceeding 75%.

New cancer drugs also bolstered sales, counterbalancing significant declines in revenue from mature drugs like Revlimid encountering generic competition. Bristol Myers' growth segment surged by 12% to $6.23 billion, accounting for more than half of the total revenue.