Several major pharmaceutical companies have reported their quarterly earnings, with mixed results. CME Group reported earnings per share (EPS) of $2.5 against forecasts of $2.45 and revenue of $1.5 billion, surpassing the expected $1.48 billion, with a market cap of $78.05 billion. AstraZeneca's EPS was $1.03, beating estimates of $0.9644, with revenue reaching $12.68 billion against forecasts of $11.79 billion and a market cap of $231.67 billion. Sanofi, however, missed its revenue forecast with $10.46 billion compared to the expected $11.47 billion, though its EPS of $1.78 exceeded the forecast of $0.93, with a market cap of $122.12 billion. Merck reported a strong quarter with an EPS of $2.07, outperforming the forecast of $1.93, and revenue of $15.8 billion against a forecast of $15.22 billion, with a market cap of $321.69 billion. Bristol-Myers Squibb reported an adjusted EPS loss of $4.40, slightly better than the expected loss of $4.44, and revenue of $11.9 billion, above the forecast of $11.46 billion, with a market cap of $99.03 billion. The company also announced plans for $1.5 billion in cost cuts, including laying off about 2,200 employees, which is approximately 6% of its workforce.
Bristol Myers to cut 6% of workforce, trim drug pipeline https://t.co/Cvz9YCFCcB by @NedPagliarulo $BMY
BMS is instituting a massive restructuring, with $1.5B in planned cuts through '25, and 2,200 layoffs this year. Will reinvest in best assets. One asset execs just touted: Breyanzi. Sources tell me that staffers working on Breyanzi were laid off. https://t.co/eYBaKmmcMj
Bristol-Myers Squibb $BMY stock slips despite earnings beat https://t.co/vonacAvbfj https://t.co/ffowsDgZW3
Bristol Myers posts quarterly loss, revenue rises 5% https://t.co/4uKXkzRuzB https://t.co/jLJT6EjxnS
Bristol Myers Cuts Full-Year Earnings Forecast, Launches Cost Cuts https://t.co/AU5Ju2mmnu
$BMY says that, as part of a larger cost-cutting plan that will already include around 2,200 layoffs, the company has cut a dozen pipeline programs
MORE PHARMA RIF: Bristol Myers plans $1.5B in cost cuts, including 2,200 jobs, as CEO promises more βagileβ company As I was saying earlierβ¦. https://t.co/uv5x8dTYlT https://t.co/wnwkAsvkJm
Bristol Myers Squibb shares fall amid sluggish sales of some newer drugs https://t.co/4OdZpf1ROw
Merck $MRK hikes outlook for 2024 as Q1 print beats analyst estimates https://t.co/W0QCVZ02nr https://t.co/MyrDci6DNl
Bristol Myers is cutting about 2,200 jobs (6% of workforce), the company says -- part of a $1.5B cost cut program announced Thursday with earnings: https://t.co/Yh9bKb5rXr
Bristol Myers Squibb beats on revenue, launches $1.5 billion cost cuts as it posts quarterly loss https://t.co/yS4VZpZwnP
*BRISTOL MYERS TO CUT WORKFORCE BY 2,200 OVER NEXT YEAR @business cc @dailyjobcuts
This morning, Bristol Myers Squibb said its sales were higher than expected, but also that it is laying off 6% of employees. I spoke with CEO Chris Boerner about the future of the company, which he says has its best pipeline, well, maybe ever and will become one of the fastestβ¦
π° S(and)P Global $SPGI EPS. vs Forecast 4.01 / 3.65 π’ Rev. vs Forecast 3.49B / 3.41B π’ Market Cap: 129.4B
$KDP | Keurig Dr Pepper Q1 Earnings: - Adj EPS $0.38 (Est. $0.35) π’ - Sales $3.470B (Est. $3.407B)π’
π° Bristol-Myers Squibb $BMY EPS. vs Forecast -4.4 / -4.47 π’ Rev. vs Forecast 11.9B / 11.46B π’ Market Cap: 99.03B
$BMY | Bristol-Myers Squibb Q1 24 Earnings: - Adj EPS: Loss $4.40 (est Loss $4.44) - Revenue: $11.87B (est $11.45B) - Now Sees YR Adj EPS 40C-70C, INCL IPRD & Deal Impacts
Bristol Myers plans $1.5 billion in cost cuts as CEO promises more 'agile' company $BMY https://t.co/94vlJbRw9i
Merck beats earnings expectations, raises outlook on strong Keytruda and vaccine sales https://t.co/3qQxvtbu0I
$MRK Q1 Adj EPS $2.07 beats $1.88 Est. Sales $15.77B beat $15.19B Est. KEYTRUDA Sales $6.9B. β 20%
$MRK | Merck & Co Q1 24 Earnings: -Adj EPS: $2.07 (exp $1.86) -Revenue: $15.78B (exp $15.23B) -Keytruda Revenue: $6.95B (exp $6.7B) -Sees FY Revenue $63.1B To $64.3B (prev $62.7B To $64.2B)
π° Merck(and)Co $MRK EPS. vs Forecast 2.07 / 1.93 π’ Rev. vs Forecast 15.8B / 15.22B π’ Market Cap: 321.69B
$MRK | Merck Q1 Earnings: - Adj EPS $2.07 (Est. $1.88) π’ - Sales $15.775B (Est. $15.196B) π’ https://t.co/fiE4NehPVr
Merck & Co. raises its annual profit and revenue forecast as the blockbuster cancer drug Keytruda continued to dominate the treatment landscape https://t.co/uhFZ3n4mFo
MERCK & CO Q1 ADJUSTED EPS USD 2.07 VS. IBES ESTIMATE USD 1.88 || Q1 EPS USD 1.87 || OUTLOOK FY ADJUSTED EPS USD 8.53-8.65 || OUTLOOK FY REVENUE USD 63,100-64,300 MILLION || Q1 REVENUE USD 15,775 MILLION VS. IBES ESTIMATE USD 15,196 MILLION
π° Sanofi ADR $SNY EPS. vs Forecast 1.78 / 0.93 π’ Rev. vs Forecast 10.46B / 11.47B π΄ Market Cap: 122.12B
π° AstraZeneca ADR $AZN EPS. vs Forecast 1.03 / 0.9644 π’ Rev. vs Forecast 12.68B / 11.79B π’ Market Cap: 231.67B
π° CME Group $CME EPS. vs Forecast 2.5 / 2.45 π’ Rev. vs Forecast 1.5B / 1.48B π’ Market Cap: 78.05B