Bristol Myers Squibb (NYSE:BMY) on Friday reported second-quarter earnings and revenue that topped expectations and raised its full-year guidance as the drugmaker moves to slash costs.
The pharmaceutical giant raised its full-year revenue forecast to an increase in the “upper end” of the low single-digit range. That compares to its previous guidance in April of a low single-digit increase in sales.
The company also raised its 2024 adjusted earnings guidance to 60 cents to 90 cents per share, up from a previous forecast of 40 cents to 70 cents per share.
The results come as Bristol Myers moves to cut $1.5 billion in costs by 2025 and reinvest that money into key drug brands and research and development programs. In April, the company said that will involve laying off more than 2,000 employees, culling some drug programs and consolidating its sites, among other efforts.
The pharmaceutical giant’s revenue rose 9% from the same period a year ago to $12.2 billion.
Bristol Myers posted net income of $1.68 billion, or 83 cents per share, for the second quarter. That compares to net income of $2.07 billion, or 99 cents per share, for the year-earlier period.
The second-quarter sales increase came primarily from the company’s blockbuster blood thinner Eliquis and a portfolio of drugs it expects to help it deliver long-term growth. Among those treatments is the cancer drug Opdivo, which raked in higher-than-expected sales for the quarter.
BMY shares began Friday popped $3.74, or 8.3%, to $49.01.
