Bristol Myers Squibb Discloses a Decrease in Net Income for Q2 2024

In Q2 of 2024, Bristol Myers Squibb reported a 19% decline in net income to $1.7 billion from $2.1 billion during the identical time frame in 2023. The main cause of the reduction was a rise in interest costs from newly issued debt that was used to finance recent transactions.

The company’s non-GAAP (generally accepted accounting principles) net earnings increased to $4.2 billion from $3.7 billion the year before, amid the drop in net income.

The amount received from overseas sales decreased by 1% to $3.4 billion. This was mostly caused by Revlimid’s poor performance and a negative 7% influence from foreign exchange, which was somewhat mitigated by the cancer medication Opdivo.

Bristol Myers Squibb board chair and CEO Christopher Boerner stated: “Our second quarter results reflect progress against our strategy to position BMS for long-term, sustainable growth.

He continued: “As we move into the second half of the year, we remain focused on prioritising opportunities with the greatest growth potential and impact for patients, including the anticipated US launch of KarXT. We’re also driving operational excellence throughout the company, becoming more agile and strengthening execution.”