Results show new Bristol Myers CEO has work to do

27 July 2023

Outgoing Bristol Myers Squibb (NYSE: BMY) chief executive Giovanni Caforio will not be leaving his successor in an enviable position.

Tumbling revenues for Revlimid (lenalidomide) and Eliquis (apixaban) create a challenging environment for current chief operating officer Christopher Boerner, who takes over as CEO in November.

In the company’s second quarter 2023 results statement, Bristol Myers said revenues fell 6% to $11.2 billion, below most analysts’ expectations, with earnings per share coming in at $0.99.

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