Bristol-Myers Squibb (BMS) reported a 2% decrease in total revenues year-over-year, from $46.159 billion in 2022 to $45.006 billion in 2023. The decline was primarily attributed to lower sales of Revlimid due to generic competition and increased free drug distribution through the BMS Patient Assistance Foundation. Despite the revenue dip, GAAP diluted earnings per share (EPS) rose from $2.95 to $3.86, driven by deferred income tax benefits, lower equity investment losses, and other specified items. Non-GAAP EPS saw a slight decrease from $7.70 to $7.51, mainly due to lower revenues and product mix, partially offset by higher royalty and interest income. In the U.S., revenues fell by 1%, while international revenues saw a 6% decrease. BMS's business development in 2023 included significant regulatory approvals for various...Show More

Bristol-Myers Squibb (BMS) reported a 2% decrease in total revenues year-over-year, from $46.159 billion in 2022 to $45.006 billion in 2023. The decline was primarily attributed to lower sales of Revlimid due to generic competition and increased free drug distribution through the BMS Patient Assistance Foundation. Despite the revenue dip, GAAP diluted earnings per share (EPS) rose from $2.95 to $3.86, driven by deferred income tax benefits, lower equity investment losses, and other specified items. Non-GAAP EPS saw a slight decrease from $7.70 to $7.51, mainly due to lower revenues and product mix, partially offset by higher royalty and interest income. In the U.S., revenues fell by 1%, while international revenues saw a 6% decrease. BMS's business development in 2023 included significant regulatory approvals for various treatments, expansion of commercial CAR-T manufacturing, and strategic acquisitions such as Mirati, Karuna, and RayzeBio. The company's future plans focus on driving near-term growth, advancing the pipeline, and executing disciplined business development, with a commitment to innovation in core therapeutic areas. BMS also aims to increase its registrational portfolio and expand treatment options across diseases, leveraging its research platforms and commercial model success.