By Rob Curran


Bristol-Myers Squibb cut its 2024 earnings projection even as the drug giant posted a narrower-than-anticipated first-quarter loss, reflecting the impact of product acquisitions for a company with a number of popular pharmaceuticals set for patent expiry.

For the first quarter, Bristol-Myers swung to a loss of $11.91 billion, or $5.89a share, from a profit of $2.62 billion, or $1.07 a share, a year earlier.

Stripping out one-time items, the drug giant posted a loss of $4.40 a share, slightly narrower than the average analyst estimate of a loss of $4.42 a share.

First-quarter sales rose 5% to $11.87 billion, handily topping the mean Wall Street peg of $11.45 billion, as tallied by FactSet. Bristol-Myers highlighted strong sales of blood-thinner Eliquis, blood-condition medication Reblozyl and cancer drug Opdualag, partially offset by declines in the sale of cancer drugs Opdivo and Revlimid, once growth engines.

Bristol-Myers cut its earnings projection for the year to a range of 40 cents to 70 cents a share from a prior estimate of a range between $7.10 and $7.40 a share. The adjustment primarily reflects the impact of deals with Karuna Therapeutics and SystImmune.

Bristol-Myers reiterated its target of a low-single digit increase in 2024 revenue.

In an effort to reinvigorate growth, Bristol-Myers aims to cut costs of $1.5 billion by 2025.


Write to Rob Curran at rob.curran@wsj.com


(END) Dow Jones Newswires

04-25-24 0752ET