Trending: Bristol Myers Squibb Cuts '24 EPS Outlook, Plans Job Cuts in Cost Saving Efforts
10:19 ET--Bristol Myers Squibb is one of the most mentioned companies in the U.S. across all news items in the past 12 hours, according to Factiva data. The drugmaker reported a first-quarter loss of $11.91 billion, or $5.89 per share, on revenue of $11.87 billion, with the loss reflecting the one-time net impact of acquired in-process research and development and licensing income related to recently closed transactions. Bristol Myers now expects full-year adjusted EPS in the range of 40 cents to 70 cents, down from $7.10 to $7.40 expected previously. The company is looking to save about $1.5 billion by the end of 2025 through a productivity initiative, which will impact about 2,200 jobs this year. Shares are down 7%. Dow Jones & Co. owns Factiva. (zaeem.shoaib@wsj.com)
(END) Dow Jones Newswires
April 25, 2024 10:38 ET (14:38 GMT)
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