Bristol-Myers Squibb Co Stock Price, News & Analysis

Bristol Myers Squibb (BMY) reported first quarter revenues of $11.3 billion, a decline of 3% year-over-year, impacted by generic erosion of Revlimid. Adjusted for foreign exchange, the revenue decrease was 1%. The company posted a GAAP earnings per share (EPS) of $1.07, an 81% increase from $0.59 in the prior year, while non-GAAP EPS was $2.05, a 5% rise from $1.96. Revenue from in-line and new products grew 8% to $9.3 billion, or 10% when excluding foreign exchange impacts. The U.S. revenues improved 4% to $8.0 billion. Bristol Myers also adjusted its GAAP EPS guidance for 2023 while affirming its non-GAAP guidance, indicating resilience in its operational strategy despite external pressures.

Bristol Myers Squibb (NYSE: BMY) announces the retirement of Giovanni Caforio as CEO effective November 1, 2023. He will remain as Executive Chairman of the Board. Christopher Boerner, previously Chief Commercialization Officer, has been appointed as the new CEO, effective immediately. Boerner's leadership is anticipated to guide the company through significant growth opportunities. During Caforio's eight-year tenure, the company's revenue nearly tripled, and 12 new medicines were launched, including five first-in-class treatments. The transition is part of ongoing succession planning, aiming for a smooth handover to ensure continuity in strategic execution.