Thu, 06 Feb 2025

Thu, 06 Feb 2025 Bristol Myers Squibb plans $2 billion in cost cuts by 2027, issues weak guidance

The company also issued a 2025 guidance that fell short of expectations, as some of the company's older drugs face competition from cheaper generics.
The cost-cutting effort is part of Bristol Myers' ongoing efforts to navigate market challenges, including the loss of exclusivity for several top-selling treatments. In its latest quarterly results, the company reported revenue and adjusted earnings that exceeded expectations, driven by strong sales of Eliquis and its growth portfolio of drugs. However, Bristol Myers also issued guidance for 2025 that fell short of Wall Street's expectations, citing competition from cheaper generics and a negative impact from foreign exchange.
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