Bristol-Myers Squibb Company (NYSE:BMY) has disclosed its financial results for the first quarter of 2024, citing a 5% increase in revenue to $11.9 billion compared to $11.3 billion for the same period in the previous year.
This growth is attributed to the performance of its growth portfolio, which accelerated by 8% year-over-year (YoY), or 11% when adjusted for foreign exchange impact.
In addition to financial results, the company provided updates on strategic initiatives to strengthen its long-term growth profile, including closing several significant acquisitions and global licensing deals aimed at diversifying its oncology portfolio and expanding into neuroscience.
BMS also announced the execution of a productivity initiative aimed at realizing internal cost savings of approximately $1.5 billion by the end of 2025.
These savings will predominantly be reinvested in innovation and growth-driving opportunities.