Bristol Myers posts better-than-expected quarterly revenue on strong cancer drug sales
By Michael Erman
(Reuters) -Bristol Myers Squibb reported better-than-expected first-quarter revenue on Thursday and raised its full-year forecast due to growth from its portfolio of drugs that spur a patient's own immune system to fight cancer.
The company's shares have dropped more than 20% over the past month as investor concerns about U.S. President Donald Trump's tariff threats have roiled the markets.
Chief Financial Officer David Elkins said in an interview that the company's global manufacturing footprint puts it in a good position to deal with whatever tariffs may come.
"We have a really resilient supply chain, and we have manufacturing globally," Elkins said. "That gives us a lot of flexibility to move our manufacturing as appropriate."
The U.S. started a probe into the pharmaceutical sector earlier this month as part of a bid to impose tariffs on the industry.
Elkins said it was too early to understand the impact of potential tariffs targeting the pharmaceutical industry, and that Bristol Myers' forecast did not include any assumptions related to them.
Revenue in the quarter fell less sharply than Wall Street analysts had forecast, coming in at $11.2 billion for the quarter, down from $11.9 billion a year earlier. Analysts had expected revenue of around $10.6 billion, according to LSEG data.
Sales of the company's cancer immunotherapy Opdivo were $2.3 billion in the quarter, compared with Wall Street forecasts of just under $2 billion. Sales of its older immunotherapy, Yervoy, were $624 million in the quarter, more than $100 million higher than analysts' forecasts.
The U.S. drugmaker also benefited as sales of some of its older or off-patent drugs like blood thinner Eliquis, which it shares with Pfizer, and blood cancer drug Revlimid fell less than expected.
The company posted earnings of $2.5 billion, or $1.20 a share, roughly in line with Wall Street expectations.
It raised its full-year forecast for revenue to a range of $45.8 billion to $46.8 billion from its previous forecast of $45.5 billion.
It now expects full-year earnings in the range of $6.70 to $7 a share.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
Japan trade negotiator Akazawa says he made progress in US tariff talks
By Tim Kelly TOKYO (Reuters) -Japan had made some progress in a fifth round of trade talks with U.S. officials aimed at ending tariffs that are hurting Japan's economy, Tokyo's chief tariff negotiator said. "Tariffs have already been imposed on autos, auto parts, steel and aluminum, and some of them have doubled to 50% along with 10% general tariff. These are causing daily losses to Japan's economy," Ryosei Akazawa, said in Washington on Friday after talks with officials, including Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick. Akazawa declined to say what progress they had made. The latest round of talks may be the last in-person meeting between senior Japanese and U.S. officials before the Group of Seven (G7) leaders summit that starts on June 15, where U.S. President Donald Trump is expected to meet Japanese Prime Minister Shigeru Ishiba. Japan also faces a 24% tariff rate starting in July unless it can negotiate a deal with Washington. "We want an agreement as soon as possible. The G7 summit is on our radar, and if our leaders meet, we want to show what progress has been made," Akazawa said. "Still we must balance urgency with a need to guard our national interests," he added. Last month Japan's trade negotiator said U.S. defence equipment purchases, shipbuilding technology collaboration, a revision of automobile import standards and an increase in agricultural imports could be bargaining chips in tariff talks. In a bid to reach an agreement with the U.S., Japan is also proposing a mechanism to reduce the auto tariff rate based on how much countries contribute to the U.S. auto industry, the Asahi newspaper reported on Friday. Akazawa said Japan's position has not changed and that the tariffs are not acceptable. Sign in to access your portfolio
Yahoo
an hour ago
- Yahoo
EchoStar prepares potential bankruptcy filing amid FCC review, WSJ reports
(Reuters) -EchoStar is considering a Chapter 11 bankruptcy filing as the telecommunications services firm vies to shield its cache of wireless spectrum licenses from the threat of revocation by federal regulators, the Wall Street Journal reported on Friday, citing people familiar with the matter. The company declined to comment on the report. Last month, the Federal Communications Commission (FCC) notified EchoStar it was investigating the company's compliance with certain federal obligations to provide 5G service in the U.S., questioning EchoStar's buildout extension and mobile-satellite service. FCC's actions have severely limited the company's ability to make strategic decisions regarding the growth and investment of its Boost Mobile business, according to a regulatory filing by the company last month. EchoStar has previously disclosed that it missed roughly $500 million in interest payments, citing uncertainty around the ongoing FCC review. U.S. satellite TV provider DirecTV terminated its agreement to acquire EchoStar's satellite television business last year, which includes rival Dish TV, over a failed debt-exchange offer.
Yahoo
an hour ago
- Yahoo
Japan trade negotiator Akazawa says he made progress in US tariff talks
By Tim Kelly TOKYO (Reuters) -Japan had made some progress in a fifth round of trade talks with U.S. officials aimed at ending tariffs that are hurting Japan's economy, Tokyo's chief tariff negotiator said. "Tariffs have already been imposed on autos, auto parts, steel and aluminum, and some of them have doubled to 50% along with 10% general tariff. These are causing daily losses to Japan's economy," Ryosei Akazawa, said in Washington on Friday after talks with officials, including Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick. Akazawa declined to say what progress they had made. The latest round of talks may be the last in-person meeting between senior Japanese and U.S. officials before the Group of Seven (G7) leaders summit that starts on June 15, where U.S. President Donald Trump is expected to meet Japanese Prime Minister Shigeru Ishiba. Japan also faces a 24% tariff rate starting in July unless it can negotiate a deal with Washington. "We want an agreement as soon as possible. The G7 summit is on our radar, and if our leaders meet, we want to show what progress has been made," Akazawa said. "Still we must balance urgency with a need to guard our national interests," he added. Last month Japan's trade negotiator said U.S. defence equipment purchases, shipbuilding technology collaboration, a revision of automobile import standards and an increase in agricultural imports could be bargaining chips in tariff talks. In a bid to reach an agreement with the U.S., Japan is also proposing a mechanism to reduce the auto tariff rate based on how much countries contribute to the U.S. auto industry, the Asahi newspaper reported on Friday. Akazawa said Japan's position has not changed and that the tariffs are not acceptable. Sign in to access your portfolio
