Bristol Myers Squibb said 2024 revenues increased 7%, driven primarily by the Growth Portfolio and Eliquis, partially offset by generic erosion in the Legacy Portfolio. The company said it expects continued generic erosion within the Legacy Portfolio in 2025 primarily due to Revlimid, Sprycel and Pomalyst outside the U.S.

1. 01

   Bristol Myers Squibb said 2024 revenues increased 7%, driven primarily by the Growth Portfolio and Eliquis, partially offset by generic erosion in the Legacy Portfolio. The company said it expects continued generic erosion within the Legacy Portfolio in 2025 primarily due to Revlimid, Sprycel and Pomalyst outside the U.S.

2. 02

   Bristol Myers Squibb said 2024 GAAP EPS decreased $8.27, primarily driven by a one-time, non-deductible Acquired IPRD charge resulting from the Karuna asset acquisition and SystImmune collaboration, which impacted full-year GAAP EPS by approximately $6.28, and the impact of certain specified items, primarily intangible asset impairments. After adjusting for specified items, non-GAAP EPS decreased $6.36, the company said.

3. 03

   Bristol Myers Squibb said it completed acquisitions of Karuna, RayzeBio and Mirati in 2024 and entered into a strategic collaboration with SystImmune to co-develop and co-commercialize iza-bren.

4. 04

   Bristol Myers Squibb said operating cash flow in 2024 increased $1.3 billion compared with 2023, and cash used in investing activities increased $19.1 billion due to payments for the acquisitions of Mirati, RayzeBio and Karuna and the SystImmune collaboration of $20.7 billion. The company issued 2024 Senior Unsecured Notes with an aggregate principal amount of $13.0 billion.

Key figures

Fiscal year ended December 31, 2024

Revenue

$48.3B

Net income

−$8.9B

EPS

−$4.41

Operating cash flow

$15.2B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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