Bristol Myers Squibb Beats Estimates Despite Generic Competition
Bristol Myers Squibb reported quarterly earnings that exceeded expectations, despite a decline in sales of its top-selling drug Revlimid due to generic competition. The company's revenue for the third quarter was $10.96 billion, down 2% from the same period last year. Bristol Myers has been under pressure to launch or acquire new drug products as its top-selling treatments face competition from cheaper generics. While Revlimid sales fell 41%, other drugs like Eliquis and Opdivo saw modest growth. The company narrowed its full-year earnings outlook and reiterated its revenue guidance. Bristol Myers will also discuss its plan to acquire cancer drugmaker Mirati Therapeutics during an earnings call with investors.