Bristol Myers posts strong first quarter sales, axes 2,000 jobs

In its first quarter 2024 results statement, Bristol Myers Squibb (NYSE: BMY) beat expectations on revenues, which increased 5% to $11.9 billion, although it posted a loss per share of $5.89, due to charges from recently-closed deals.

Those deals include a major  oncology collab with China’s SystImmune, focused on antibody-drug conjugates (ADC), and the  $14 billion acquisition of neurology specialist Karuna Therapeutics.

A large-scale “strategic productivity initiative” will be launched at the company, as the cancer giant moves to contain costs and build for future growth.