Bristol Myers Squibb’s stock is up, says Revlimid sales are declining

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Shares of Bristol Myers Squibb BMY, -0.30% were up 1.2% in premarket trading on Wednesday, the day after the company shared better-than-expected results for the third quarter of the year. Bristol had earnings of $1.6 billion, or 75 cents per share, in the third quarter of 2022, up from $1.5 billion, or 69 cents per share, in the same quarter in 2021. Adjusted earnings per share were $1.99, against a FactSet consensus of $1.83. The drug maker reported revenue of $11.2 billion in the third quarter of the year, down from $11.6 billion in the same three months of last year. The FactSet consensus was $11.2 billion. Bristol attributed the revenue slide to foreign-exchange impacts and declining sales of its cancer-drug Revlimid as generic versions of the drug have come to market. The drug brought in $2.4 billion in revenue for the quarter, down from $3.3 billion in the same quarter a year ago. The blood-thinner Eliquis continues to be one of Bristol’s leading therapies, generating $2.6 billion in sales. The company reiterated guidance for the year, saying it still expects EPS of $7.74 to $7.74 in 2022. Bristol’s stock has gained 16.7% this year, while the broader S&P% 500 SPX, -0.87% has declined 19.0%.

This article was originally published by Marketwatch.com. Read the original article here.

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