Bristol-Myers Squibb Company (BMY) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenues reached $12.2B, up 9% year-over-year (11% ex-FX), driven by strong Growth Portfolio and Eliquis performance, partially offset by Revlimid declines.

• Growth Portfolio revenues rose 18% year-over-year (21% ex-FX), now comprising 46% of total sales, with standout gains in oncology, hematology, and immunology.

• Achieved multiple regulatory approvals and clinical milestones, including Breyanzi, Sotyktu, Augtyro, and expanded indications for key products.

• Completed major acquisitions (Karuna, RayzeBio, Mirati), expanding the pipeline in neuroscience and oncology.

• Launched a $1.5B cost-saving initiative to fund innovation and drive growth, with most savings to be reinvested.

Financial highlights

• Q2 2024 total revenues: $12.2B, up 9% year-over-year; Growth Portfolio sales up 18% to $5.6B (21% ex-FX); Legacy Portfolio up 2% to $6.6B.

• Non-GAAP EPS was $2.07 (up from $1.75); GAAP EPS was $0.83 (down from $0.99); GAAP net income was $1.7B, non-GAAP net earnings $4.2B.

• Operating cash flow was $2.3B in Q2; total cash $7.0B at quarter-end.

• Net debt increased to $45.4B as of June 30, 2024, mainly due to acquisitions.

• Gross margin (non-GAAP) improved to 75.6%; GAAP gross margin decreased to 73.2% due to one-time impairment.

Outlook and guidance

• 2024 non-GAAP guidance raised: total revenues expected at the upper end of low single-digit growth; non-GAAP EPS guidance $0.60–$0.90.

• Non-GAAP gross margin expected between 74% and 75%; operating margin target at least 37%.

• Growth Portfolio expected to maintain ~16% growth rate in the second half; Q4 anticipated to be strong.

• Revlimid full-year sales now expected at the higher end of $4.5–5B.

• Guidance excludes future acquisitions, divestitures, and unquantified specified items.