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10-Q: Quarterly report

SEC announcement ·  Apr 25 12:40
Summary by Moomoo AI
Bristol-Myers Squibb (BMS) reported a 5% increase in total revenues for the first quarter of 2024, reaching $11.865 billion compared to $11.337 billion in the same period of 2023. However, the company experienced a significant decrease in GAAP diluted earnings per share (EPS), reporting a loss of $5.89 per share in 2024 against a profit of $1.07 per share in 2023. The non-GAAP diluted loss per share was $4.40 for the first quarter of 2024, compared to earnings of $2.05 per share in 2023. The decline in EPS was primarily attributed to higher one-time Acquired IPRD charges from recent acquisitions, particularly the Karuna asset acquisition and SystImmune collaboration. BMS's business development has been robust, with significant advances in the CAR-T cell therapy arena, approvals for multiple myeloma treatments...Show More
Bristol-Myers Squibb (BMS) reported a 5% increase in total revenues for the first quarter of 2024, reaching $11.865 billion compared to $11.337 billion in the same period of 2023. However, the company experienced a significant decrease in GAAP diluted earnings per share (EPS), reporting a loss of $5.89 per share in 2024 against a profit of $1.07 per share in 2023. The non-GAAP diluted loss per share was $4.40 for the first quarter of 2024, compared to earnings of $2.05 per share in 2023. The decline in EPS was primarily attributed to higher one-time Acquired IPRD charges from recent acquisitions, particularly the Karuna asset acquisition and SystImmune collaboration. BMS's business development has been robust, with significant advances in the CAR-T cell therapy arena, approvals for multiple myeloma treatments Abecma and Breyanzi, and expanded approvals for oncology drug Reblozyl. The company completed acquisitions of Karuna, RayzeBio, and Mirati, and entered into strategic collaborations with SystImmune and Cellares to bolster its pipeline and manufacturing capabilities. Looking ahead, BMS is executing a strategic productivity initiative aimed at achieving $1.5 billion in annual cost savings by the end of 2025, with the majority of savings to be reinvested in innovation and growth. The company remains focused on strategic business development, maintaining a strong investment grade credit rating, growing dividends, and reducing debt.

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