12:08 PM EDT, 04/25/2024 (MT Newswires) -- (Updates with stock price movement in the headline and first paragraph and details on job cuts in the seventh paragraph.)

Bristol-Myers Squibb ( BMY ) shares fell nearly 8% in recent trading on Thursday after the company reported Q1 loss earlier in the day.

The company reported a Q1 non-GAAP loss of $4.40 per diluted share, compared with non-GAAP earnings of $2.05 a year earlier.

Analysts surveyed by Capital IQ expected a normalized loss of $4.42.

Revenue for the quarter ended March 31 was $11.87 billion, compared with $11.34 billion a year earlier.

Analysts surveyed by Capital IQ expected $11.45 billion.

The company said it expects 2024 non-GAAP EPS of $0.40 to $0.70. Analysts polled by Capital IQ expect $0.66.

Chief Finance Officer David Elkins said during the company's Q1 earnings call that about 2,200 employees will be impacted by changes to the organization as Bristol-Myers aims for $1.5 billion in cost savings by the end of 2025.

Price: 45.12, Change: -3.75, Percent Change: -7.66