Bristol-Myers Squibb (BMS) has been attracting significant investor attention recently due to several key developments and strategic moves. The US FDA has approved BMS's Breyanzi for follicular lymphoma, a notable development and victory in terms of product approvals. However, it also faced a setback with a failed bid to beat AstraZeneca in a stage 3 lung cancer trial. Revenues surged but were coupled with the announcement of a $1.5 billion cost-cutting strategy including a 2,200 job cut due to a string of expensive acquisitions driving the company to a quarterly loss. Despite these challenges, CEO Christopher Boerner outlined plans for long-term growth drivers and a strategy overhaul. BMS enters into a $380 million agreement with Cellares for CAR-T cell manufacturing technology and receives an FDA nod for expanding Breyanzi label. However, sales of some new drugs appear sluggish. Unsettling investors, BMS charts out optimistic plans to launch 16 new products through 2030.
Bristol-Myers Squibb News Analytics from Thu, 14 Dec 2023 08:00:00 GMT to Fri, 17 May 2024 12:04:00 GMT -
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