Bristol-Myers Squibb Company (BMY) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenues reached $11.9 billion, up 8% year-over-year (10% ex-FX), driven by strong Growth Portfolio and Eliquis sales, partially offset by generic erosion in Sprycel and Revlimid.

• Neuroscience presence re-established with U.S. approval and launch of Cobenfy, a first-in-class schizophrenia treatment, and multiple new product and indication approvals in oncology and hematology.

• Major 2024 acquisitions, including Karuna, RayzeBio, and Mirati, expanded the neuroscience and oncology pipelines, with a $12.1B one-time charge for Karuna.

• Eight new oncology registrational trials added in the past year, advancing a catalyst-rich pipeline for 2025–2026.

• Strategic focus remains on innovation, operational excellence, cost savings, and disciplined capital allocation for long-term growth.

Financial highlights

• Q3 2024 total revenues were $11.9B (up 8% YoY); U.S. revenues grew 9% to $8.2B, international revenues rose 7% to $3.7B, with a 4% negative FX impact.

• Non-GAAP diluted EPS was $1.80 (down 10%), GAAP EPS was $0.60 (down 35%), both impacted by acquired IPRD charges and higher interest expense.

• Gross margin declined to 75.1% GAAP (from 77.1%) and 76.0% non-GAAP (from 77.3%) due to product mix.

• Operating cash flow for Q3 was $2.8B; nine months: $10.8B; cash and equivalents stood at $8.4B at quarter-end.

• Net debt increased to $41.3B, reflecting acquisition and milestone payments.

Outlook and guidance

• 2024 revenue guidance raised to approximately +5% (or +6% ex-FX); non-GAAP EPS range increased to $0.75–$0.95.

• Gross margin guidance narrowed to 74–75%; operating expenses expected to rise 4–5% in Q4 to support portfolio and pipeline.

• Operating margin target reaffirmed at at least 37% for 2024.

• $1.5B in annual cost savings targeted by end of 2025, with most reinvested in innovation and growth.

• Annual capital expenditures expected at $1.3B for 2024.