On Thursday, Bristol Myers Squibb & Co ( BMY ) posted third-quarter revenues of $11.89 billion, beating the consensus of $11.28 billion, an increase of 8% year-over-year, or 10% when adjusted for foreign exchange impacts, primarily driven by the Growth Portfolio and Eliquis.

Growth Portfolio worldwide revenues increased to $5.81 billion compared to $4.95 billion a year ago, representing growth of 18% on a reported basis or 20% when adjusted for foreign exchange impacts.

Growth Portfolio revenues were primarily driven by higher demand for Reblozyl, Breyanzi, Camzyos, and Opdualag.

Also Read: Bristol Myers’ $10B Cancer Drug Opdivo Scores Expanded Use FDA Approval For Lung Cancer In Pre And Post-Surgery Setting

Opdivo sales increased 4% to $2.36 billion, and global sales growth reflects increased volume. Abecma sales increased 33% to $124 million.

Anemia drug Reblozyl generated $447 million in third-quarter sales, up 80% from a year ago.

Revenues for the Legacy Portfolio in the third quarter were $6.08 billion compared to $6.02 billion a year ago, representing growth of 1% on a reported basis and adjusted for foreign exchange impacts.

Legacy Portfolio revenues were primarily driven by higher demand for Eliquis, partially offset by a decline in demand for Sprycel due to generic erosion. Eliquis sales reached $3 billion from $2.71 billion a year ago.

The company reported an adjusted EPS of $1.80, compared to an income of $2.00 a year ago, beating the consensus of $1.49. With cost-saving initiatives, the company anticipates internal cost savings of around $1.5 billion in 2025.

Bristol Myers said the launch of its recently approved schizophrenia treatment, Cobenfy, is underway, with the majority of access anticipated by the second half of 2025.

Guidance: Bristol Myers Squibb ( BMY ) forecasts 2024 adjusted EPS of $0.75-$0.95 versus prior guidance of $0.60-$0.90 and consensus of $0.71.

For 2024, the U.S. drugmaker expects 2024 revenue growth of around 6% compared to the upper end of the previously provided low single-digit range.

Price Action: At the last check on Thursday, BMY stock was up 5.18% at $55.39.

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