On October 26, 2023, Bristol-Myers Squibb Co (BMY, Financial) released its third quarter financial results for 2023. The company reported revenues of $11.0 billion, a decrease of 2%, or 3% when adjusted for foreign exchange, due to lower sales of Revlimid. This was partially offset by the company's new product portfolio and in-line products.
Financial Highlights
Bristol-Myers Squibb Co (BMY, Financial) reported GAAP earnings per share of $0.93 and non-GAAP EPS of $2.00. The company's U.S. revenues decreased 4% to $7.6 billion in the quarter primarily due to lower sales of Revlimid. International revenues increased 2% to $3.3 billion in the quarter. On a GAAP basis, gross margin decreased from 79.0% to 77.1% and on a Non-GAAP basis, decreased from 79.8% to 77.3% primarily due to product mix and lower hedge settlement gains.
Key Financial Tables
The company's total revenues for Q3 2023 were $10,966 million, a decrease of 2% compared to $11,218 million in Q3 2022. GAAP earnings per share increased by 24% to $0.93, while non-GAAP earnings per share saw a slight increase of 1% to $2.00.
Company Performance and Future Outlook
Bristol-Myers Squibb Co (BMY, Financial) reported revenue growth for in-line products and new product portfolio of 8%, or 7% when adjusted for foreign exchange. The company also achieved key clinical and regulatory milestones across multiple therapeutic areas and strengthened its oncology portfolio with the planned acquisition of targeted oncology company Mirati Therapeutics.
The company adjusted its 2023 GAAP EPS guidance and raised the midpoint of its non-GAAP EPS guidance range. It also updated its medium-term financial targets.
Other Pertinent Details
Bristol-Myers Squibb Co (BMY, Financial) recently achieved significant regulatory and clinical milestones, including a U.S. regulatory approval for Reblozyl in first-line, MDS-associated anemia. The company also announced initial data from a Phase 3 trial evaluating a perioperative regimen including Opdivo in non-small cell lung cancer, as well as positive Phase 2 results evaluating its potential first-in-class LPA1 antagonist in progressive pulmonary fibrosis.
Explore the complete 8-K earnings release (here) from Bristol-Myers Squibb Co for further details.
