Bristol Myers beats quarterly profit estimates on blood thinner, cancer drug sales

By Michael Erman and Puyaan Singh

April 30 (Reuters) - Bristol Myers Squibb reported a first-quarter nett that bushed Wall Street expectations connected Thursday, helped by better-than-expected maturation of humor thinner Eliquis ‌and newer crab medicines, sending shares up 4%.

The drugmaker posted adjusted net of $1.58 per stock ‌for the quarter, topping analysts' mean anticipation of $1.42, according to LSEG data. Its gross of $11.49 cardinal bushed expectations of astir $10.9 billion.

Eliquis, marketed ​in concern with Pfizer, generated $4.14 cardinal successful quarterly sales, up 16% from a twelvemonth earlier. Chief Commercialization Officer Adam Lenkowsky said request for the humor thinner remains strong, with caller medicine stock surpassing 75%.

Lenkowsky said successful an interrogation that the drug's beardown show should enactment maturation aboriginal successful the year.

Growth from newer crab medicines, specified ‌as compartment therapy Breyanzi and Camzyos, ⁠helped offset steep declines successful older products facing generic competition, specified arsenic one-time apical seller Revlimid, a humor crab treatment.

Sales from Bristol Myers' maturation portfolio roseate 12% to $6.23 ⁠billion, accounting for much than fractional of full revenue.

However, RBC Capital Markets expert Trung Huynh said the bushed was outweighed by mixed show of immoderate maturation drivers, specified arsenic crab cause Opdivo and anemia attraction Reblozyl.

Huynh added, "we deliberation ​2026 ​quarters substance little than 2H26 catalysts," with the imaginable ​approval of a next-generation crab drug, late-stage survey ‌results from milvexian for irregular heartbeats and Cobenfy successful Alzheimer's agitation.

Bristol Myers sold $2.15 cardinal of its archetypal formulation of Opdivo, down 5% and beneath estimates of $2.33 billion. Finance main David Elkins attributed the diminution to wholesalers reducing their inventory.

"We proceed to show whether (inventory) levels volition normalize implicit the equilibrium of the year," Elkins added.

The institution recorded different $163 cardinal for the subcutaneously injected mentation called Opdivo Qvantig, launched past year.

Bristol Myers ‌reaffirmed its 2026 outlook for gross of $46.0 cardinal to $47.5 cardinal ​and adjusted net of $6.05 to $6.35 per share, with results expected to ​trend toward the higher extremity of the ​range.

CEO Chris Boerner said Bristol Myers is expanding usage of artificial quality crossed probe ‌and improvement to velocity up recognition of imaginable ​drug molecules by astir ​50% and chopped objective improvement rhythm times by 30% implicit time.

Elkins told Reuters ongoing cost-cutting efforts are supporting concern successful newer medicines and dividend growth.