CEO Christopher Boerner warned at the J.P. Morgan Healthcare Conference in January 2024, two months into his tenure as chief exec of Bristol Myers Squibb, that the company would navigate a few years of losses of exclusivity for key products between 2025 and 2030, with a return to revenue growth later in the decade. That scenario played out on 6 February when BMS reported good 2024 revenue growth, but its 2025 guidance suggests a nearly $3bn year-over-year decline.
Key Takeaways
- BMS reported above-consensus Q4 and full-year 2024 revenue, but guided to lower-than-expected revenue in 2025 as new product sales rise but not enough to fully offset losses of exclusivity.
- The company also announced a further $2bn in cost cuts on top of last year’s $1.5bn cost-cutting plan to make BMS more efficient as it delivers data to support launches later in this decade
The company reported $12.3bn in fourth quarter revenue and $48.3bn in full-year 2024 revenue, which were up 8% and 7%, respectively, from the like periods in 2023 and above analyst consensus of $11.6bn for Q4. Non-GAAP earnings per share (EPS) were $1.67 for the fourth quarter, above consensus of $1.46. BMS guided to $45.5bn in 2025 revenue and $6.55-$6.85 in non-GAAP EPS, below consensus of $46.3bn and $6
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