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Bristol Stresses Cost Control Despite Strong Earnings Quarter

 
• By Joseph Haas

Pharma pledges level operating expenses from 2016 to 2020, despite a planned uptick in 2017 R&D spend. Sales were strong almost across the board for Bristol during the third quarter, but headwinds are coming, especially in immuno-oncology.

Though earnings were strong in the third quarter, Bristol-Myers Squibb Co. used its Oct. 27 sales and earnings call to reassure investors about cost control going forward, with CEO Giovanni Caforio outlining an operating model transformation for the pharma that would keep operating costs level from 2016 to 2020.

Bristol reported third quarter worldwide sales of $4.9bn, up an impressive 21% year-over-year, including 36% revenue growth domestically to $2.8bn....

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